Royalty Pharma (NASDAQ:RPRX) Reaches New 52-Week High – Still a Buy?

Shares of Royalty Pharma PLC (NASDAQ:RPRX) reached a new 52-week high during mid-day trading on Monday. The stock traded as high as $65.01 and last traded at $65.1190, with a volume of 101,514 shares. The stock had previously closed at $63.86.

Wall Street Analyst Weigh In

Several equities research analysts have commented on RPRX shares. Wall Street Zen lowered Royalty Pharma from a “strong-buy” rating to a “buy” rating in a research note on Saturday, September 26th. The Goldman Sachs Group restated a “buy” rating and issued a $66.00 target price on shares of Royalty Pharma in a research report on Thursday, August 6th. TD Cowen raised their target price on Royalty Pharma from $65.00 to $68.00 and gave the company a “buy” rating in a research report on Tuesday, September 8th. Weiss Ratings raised Royalty Pharma from a “buy (b-)” rating to a “buy (b)” rating in a research note on Monday, September 14th. Finally, Morgan Stanley boosted their price target on Royalty Pharma from $65.00 to $67.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 7th. Eight analysts have rated the stock with a Buy rating. According to data from MarketBeat, the stock presently has an average rating of “Buy” and a consensus price target of $61.57.

Royalty Pharma Price Performance

The company’s 50 day moving average price is $59.96 and its two-hundred day moving average price is $52.74.

Royalty Pharma (NASDAQ:RPRX) last announced its quarterly earnings data on Wednesday, August 5th. The biopharmaceutical company reported $1.32 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.27 by $0.05. The business had revenue of $674.14 million for the quarter, compared to analysts’ expectations of $758.93 million. As a group, research analysts anticipate that Royalty Pharma PLC will post 5.29 EPS for the current year.

Royalty Pharma Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, December 10th. Stockholders of record on Friday, November 13th will be issued a dividend of $0.2350 per share. This represents a $0.94 annualized dividend and a dividend yield of 1.4%. The ex-dividend date is Friday, November 13th.

Insider Activity at Royalty Pharma

In related news, EVP Marshall Urist sold 4,126 shares of the stock in a transaction that occurred on Monday, October 5th. The stock was sold at an average price of $57.10, for a total value of $235,594.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Christopher Hite sold 100,000 shares of Royalty Pharma stock in a transaction that occurred on Tuesday, September 22nd. The stock was sold at an average price of $58.53, for a total value of $5,853,000.00. Following the transaction, the executive vice president owned 270,401 shares in the company, valued at approximately $15,826,570.53. The trade was a 27.00% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders have sold 208,252 shares of company stock worth $12,324,407. Insiders own 18.84% of the company’s stock.

Hedge Funds Weigh In On Royalty Pharma

A number of institutional investors and hedge funds have recently added to or reduced their stakes in RPRX. Hsbc Holdings PLC increased its stake in shares of Royalty Pharma by 2,562.2% in the 1st quarter. Hsbc Holdings PLC now owns 1,544,018 shares of the biopharmaceutical company’s stock worth $74,000,000 after acquiring an additional 1,486,020 shares during the last quarter. Renaissance Technologies LLC purchased a new position in shares of Royalty Pharma during the 1st quarter worth $37,941,000. Bank of America Corp DE boosted its position in shares of Royalty Pharma by 29.0% during the 1st quarter. Bank of America Corp DE now owns 3,495,846 shares of the biopharmaceutical company’s stock valued at $167,696,000 after acquiring an additional 786,921 shares during the last quarter. Carmignac Gestion acquired a new position in shares of Royalty Pharma during the 1st quarter valued at about $30,279,000. Finally, Congress Asset Management Co. acquired a new position in shares of Royalty Pharma during the 3rd quarter valued at about $30,761,000. Institutional investors and hedge funds own 54.35% of the company’s stock.

Royalty Pharma Company Profile

Royalty Pharma plc (NASDAQ:RPRX) is a biopharmaceutical royalty investment company that provides funding to life sciences companies, academic institutions, and other organizations in exchange for rights to future payments tied to approved or development-stage medicines. Its business model gives innovators access to capital while allowing Royalty Pharma to participate in the long-term commercial success of pharmaceutical products.

The company acquires and manages royalty interests across a broad range of therapeutic areas, including immunology, oncology, neuroscience, rare diseases, and infectious diseases.