Concert Pharmaceuticals (NASDAQ:CNCE) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Monday, Zacks.com reports. The firm presently has a $8.50 price target on the biotechnology company’s stock. Zacks Investment Research‘s price target points to a potential upside of 13.64% from the company’s current price.
According to Zacks, “Concert Pharmaceuticals Inc. is a biopharmaceutical company. It is focused on applying its DCE Platform (R) to create novel small molecule drugs. The Company manufactures drugs in various therapeutic areas such as hot flashes, HIV, renal hepatic, neuropathic pain, MRSA infection, and schizophrenia, multiple tumors, and hyperparathyroidism. Concert Pharmaceuticals Inc. is based in United States. “
Several other analysts also recently weighed in on CNCE. BidaskClub downgraded Concert Pharmaceuticals from a “hold” rating to a “sell” rating in a research report on Saturday, September 28th. Mizuho reissued a “buy” rating and set a $18.00 target price on shares of Concert Pharmaceuticals in a research note on Friday, November 8th. Stifel Nicolaus cut shares of Concert Pharmaceuticals from a “buy” rating to a “hold” rating and cut their price target for the stock from $18.00 to $8.00 in a report on Friday, September 27th. HC Wainwright reduced their price target on shares of Concert Pharmaceuticals from $29.00 to $25.00 and set a “buy” rating on the stock in a research note on Thursday, October 3rd. Finally, ValuEngine lowered shares of Concert Pharmaceuticals from a “buy” rating to a “hold” rating in a report on Monday, November 4th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and eight have given a buy rating to the company’s stock. Concert Pharmaceuticals presently has a consensus rating of “Buy” and an average target price of $15.94.
Concert Pharmaceuticals (NASDAQ:CNCE) last issued its quarterly earnings results on Thursday, November 7th. The biotechnology company reported ($0.72) earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.85) by $0.13. Concert Pharmaceuticals had a negative return on equity of 55.06% and a negative net margin of 7,291.37%. The firm had revenue of $0.01 million during the quarter, compared to analyst estimates of $0.35 million. As a group, analysts predict that Concert Pharmaceuticals will post -3.21 earnings per share for the current fiscal year.
In other news, Director Heek Christi Van bought 5,000 shares of the firm’s stock in a transaction on Tuesday, October 8th. The stock was acquired at an average cost of $5.90 per share, with a total value of $29,500.00. Following the transaction, the director now directly owns 5,000 shares in the company, valued at approximately $29,500. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 11.00% of the company’s stock.
Several institutional investors and hedge funds have recently bought and sold shares of CNCE. Aperio Group LLC purchased a new position in shares of Concert Pharmaceuticals during the second quarter valued at $43,000. California Public Employees Retirement System lifted its stake in Concert Pharmaceuticals by 5.8% in the third quarter. California Public Employees Retirement System now owns 154,500 shares of the biotechnology company’s stock worth $908,000 after acquiring an additional 8,500 shares during the period. DekaBank Deutsche Girozentrale grew its holdings in Concert Pharmaceuticals by 64.4% during the 2nd quarter. DekaBank Deutsche Girozentrale now owns 14,800 shares of the biotechnology company’s stock worth $174,000 after acquiring an additional 5,800 shares in the last quarter. Vanguard Group Inc. grew its holdings in Concert Pharmaceuticals by 5.2% during the 2nd quarter. Vanguard Group Inc. now owns 1,007,995 shares of the biotechnology company’s stock worth $12,096,000 after acquiring an additional 49,502 shares in the last quarter. Finally, Bank of America Corp DE increased its position in Concert Pharmaceuticals by 587.5% during the 2nd quarter. Bank of America Corp DE now owns 762,606 shares of the biotechnology company’s stock valued at $9,151,000 after purchasing an additional 651,684 shares during the period. 65.88% of the stock is currently owned by institutional investors and hedge funds.
About Concert Pharmaceuticals
Concert Pharmaceuticals, Inc operates as a clinical stage biopharmaceutical company. The company discovers and develops novel small molecule drugs for use in the treatment autoimmune and inflammatory diseases, and central nervous systems disorders. Its product candidates include AVP-786, a combination of deudextromethorphan and an ultra-low dose of quinidine, which is in Phase 3 clinical trials for the treatment of neurologic and psychiatric disorders, including agitation associated with Alzheimer's disease; CTP-730, a deuterated analog of apremilast that has completed the Phase 1 clinical trials for the treatment of inflammation or cancer; JZP-386, a once-nightly oxybate product; and CTP-543, which is in Phase 1 clinical trials for use in the treatment of alopecia areata.
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