Adamis Pharmaceuticals (NASDAQ:ADMP) Downgraded by Zacks Investment Research

Adamis Pharmaceuticals (NASDAQ:ADMP) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report released on Thursday, Zacks.com reports.

According to Zacks, “Adamis Pharmaceuticals Corporation, formerly Cellegy Pharmaceuticals, Inc., is a specialty pharmaceutical company engaged engages in the research, development, and commercialization of prescription medicines for the treatment of viral infections. Adamis Pharmaceuticals is composed of two wholly owned subsidiaries, Adamis Labs and Adamis Viral Therapies. Adamis Labs is a commercial stage specialty pharmaceutical company targeting high-prescribing physicians in the allergy, respiratory and pediatric medicine market segments. To complement and add to the sales efforts of Adamis Labs, Adamis Viral Therapies is focused on the development of patented, highly-valued proprietary vaccine technology that Adamis believes has the potential to prevent or treat infections such as influenza or chronic hepatitis. Adamis also provides packaging for pharmaceutical and nutraceutical products. The company is headquartered in Del Mar, California. “

NASDAQ:ADMP traded up $0.01 on Thursday, hitting $0.82. 1,716,320 shares of the stock were exchanged, compared to its average volume of 10,158,349. The stock has a market capitalization of $121.85 million, a price-to-earnings ratio of -1.28 and a beta of 1.27. Adamis Pharmaceuticals has a 52 week low of $0.40 and a 52 week high of $2.34. The company’s 50-day moving average price is $1.03 and its 200 day moving average price is $1.00.

Several hedge funds have recently made changes to their positions in ADMP. Greenlight Capital Inc. acquired a new position in shares of Adamis Pharmaceuticals in the 2nd quarter valued at approximately $1,100,000. Virtu Financial LLC acquired a new position in shares of Adamis Pharmaceuticals in the 1st quarter valued at approximately $326,000. Barclays PLC acquired a new position in shares of Adamis Pharmaceuticals in the 1st quarter valued at approximately $30,000. Verdence Capital Advisors LLC boosted its position in Adamis Pharmaceuticals by 145.6% during the 2nd quarter. Verdence Capital Advisors LLC now owns 143,382 shares of the specialty pharmaceutical company’s stock worth $158,000 after acquiring an additional 85,000 shares during the last quarter. Finally, BlackRock Inc. boosted its position in Adamis Pharmaceuticals by 45.2% during the 2nd quarter. BlackRock Inc. now owns 2,742,498 shares of the specialty pharmaceutical company’s stock worth $3,016,000 after acquiring an additional 854,184 shares during the last quarter. 10.86% of the stock is owned by institutional investors.

Adamis Pharmaceuticals Company Profile

Adamis Pharmaceuticals Corp. is a biopharmaceutical company, which engages in the discovery, development, and sale of pharmaceutical, specialty biopharmaceutical, and other drug products. The company provides products in various therapeutic areas, including allergy, respiratory, opioid overdose, and erectile dysfunction markets.

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