Eton Pharmaceuticals (NASDAQ:ETON) Sets New 12-Month High – Still a Buy?

Eton Pharmaceuticals, Inc. (NASDAQ:ETON)’s stock price reached a new 52-week high on Tuesday . The company traded as high as $42.88 and last traded at $42.99, with a volume of 35227 shares trading hands. The stock had previously closed at $41.07.

Analyst Ratings Changes

ETON has been the subject of a number of research reports. Canaccord Genuity Group started coverage on Eton Pharmaceuticals in a research report on Thursday, July 16th. They set a “buy” rating and a $60.00 price objective for the company. Zacks Research downgraded Eton Pharmaceuticals from a “hold” rating to a “strong sell” rating in a research note on Monday, July 13th. Wall Street Zen raised shares of Eton Pharmaceuticals from a “buy” rating to a “strong-buy” rating in a research report on Saturday, June 13th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Eton Pharmaceuticals in a research note on Friday, July 17th. Finally, HC Wainwright raised their price objective on shares of Eton Pharmaceuticals from $52.00 to $57.00 and gave the stock a “buy” rating in a report on Friday, May 15th. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, Eton Pharmaceuticals currently has an average rating of “Moderate Buy” and an average price target of $45.75.

Eton Pharmaceuticals Price Performance

The firm has a 50 day moving average price of $34.14 and a 200 day moving average price of $25.11. The company has a quick ratio of 0.88, a current ratio of 1.21 and a debt-to-equity ratio of 0.62. The stock has a market cap of $1.19 billion, a P/E ratio of -622.48 and a beta of 0.86.

Eton Pharmaceuticals (NASDAQ:ETON) last announced its quarterly earnings data on Thursday, May 14th. The company reported $0.05 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.10 by ($0.05). Eton Pharmaceuticals had a negative net margin of 1.70% and a negative return on equity of 5.68%. The company had revenue of $24.27 million for the quarter, compared to the consensus estimate of $22.31 million. On average, analysts forecast that Eton Pharmaceuticals, Inc. will post 0.75 EPS for the current fiscal year.

Insider Activity

In other news, Director Jennifer Mckie Adams sold 50,000 shares of the company’s stock in a transaction dated Wednesday, June 17th. The stock was sold at an average price of $32.48, for a total value of $1,624,000.00. Following the completion of the transaction, the director owned 50,000 shares of the company’s stock, valued at $1,624,000. This represents a 50.00% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider David Krempa sold 42,797 shares of Eton Pharmaceuticals stock in a transaction that occurred on Friday, May 22nd. The shares were sold at an average price of $33.39, for a total value of $1,428,991.83. Following the sale, the insider directly owned 25,249 shares in the company, valued at $843,064.11. This trade represents a 62.89% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 150,000 shares of company stock worth $4,853,921 over the last 90 days. Company insiders own 16.49% of the company’s stock.

Hedge Funds Weigh In On Eton Pharmaceuticals

Hedge funds have recently modified their holdings of the stock. Opaleye Management Inc. increased its holdings in Eton Pharmaceuticals by 0.3% in the 2nd quarter. Opaleye Management Inc. now owns 2,860,000 shares of the company’s stock valued at $40,755,000 after acquiring an additional 7,930 shares during the last quarter. EcoR1 Capital LLC raised its position in shares of Eton Pharmaceuticals by 7.0% during the 1st quarter. EcoR1 Capital LLC now owns 2,171,938 shares of the company’s stock valued at $53,603,000 after buying an additional 141,394 shares in the last quarter. Vanguard Group Inc. raised its stake in shares of Eton Pharmaceuticals by 2.4% in the third quarter. Vanguard Group Inc. now owns 1,344,115 shares of the company’s stock valued at $29,208,000 after acquiring an additional 31,942 shares during the period. State Street Corp lifted its holdings in shares of Eton Pharmaceuticals by 14.5% in the 4th quarter. State Street Corp now owns 501,925 shares of the company’s stock worth $8,488,000 after acquiring an additional 63,480 shares during the last quarter. Finally, Millennium Management LLC boosted its stake in shares of Eton Pharmaceuticals by 156.3% during the 1st quarter. Millennium Management LLC now owns 355,929 shares of the company’s stock worth $4,620,000 after purchasing an additional 217,042 shares during the period. Hedge funds and other institutional investors own 27.86% of the company’s stock.

Eton Pharmaceuticals Company Profile

Eton Pharmaceuticals, Inc is a specialty pharmaceutical company focused on developing, manufacturing and commercializing generic and proprietary pharmaceutical products for patients with rare and underserved diseases. Headquartered in West Palm Beach, Florida, the company leverages its expertise in hormone therapies and complex molecules to address treatment areas where patient need is high and competition is limited. Since its founding in 2016, Eton has sought to build a diversified portfolio that combines established generic medicines with targeted branded offerings.

The company’s product lineup includes thyroid hormone replacements such as desiccated thyroid and liothyronine, as well as pyrimethamine tablets indicated for toxoplasmosis.