Loxo Oncology (NASDAQ:LOXO) had its target price lifted by stock analysts at Citigroup to $178.00 in a research note issued to investors on Friday, The Fly reports. The firm presently has a “buy” rating on the biopharmaceutical company’s stock. Citigroup’s target price suggests a potential upside of 6.25% from the company’s previous close.
A number of other brokerages also recently issued reports on LOXO. BidaskClub upgraded Loxo Oncology from a “hold” rating to a “buy” rating in a research report on Tuesday, January 23rd. Morgan Stanley downgraded Loxo Oncology from an “overweight” rating to an “equal weight” rating and set a $103.00 price objective on the stock. in a research report on Wednesday, March 21st. They noted that the move was a valuation call. Zacks Investment Research downgraded Loxo Oncology from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, May 8th. BTIG Research reiterated a “buy” rating and issued a $156.00 price objective on shares of Loxo Oncology in a research report on Thursday. Finally, ValuEngine upgraded Loxo Oncology from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, May 2nd. One analyst has rated the stock with a hold rating, ten have issued a buy rating and three have issued a strong buy rating to the company. Loxo Oncology presently has a consensus rating of “Buy” and a consensus target price of $155.89.
NASDAQ:LOXO opened at $167.53 on Friday. The firm has a market cap of $4.20 billion, a price-to-earnings ratio of -31.55 and a beta of 2.32. Loxo Oncology has a 1 year low of $138.92 and a 1 year high of $143.55.
In related news, insider Naarden Jacob Van sold 3,082 shares of the stock in a transaction on Tuesday, May 15th. The stock was sold at an average price of $137.42, for a total value of $423,528.44. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Joshua H. Bilenker sold 15,000 shares of the stock in a transaction on Tuesday, May 15th. The shares were sold at an average price of $136.51, for a total value of $2,047,650.00. The disclosure for this sale can be found here. In the last three months, insiders sold 62,646 shares of company stock worth $8,331,001. 44.40% of the stock is owned by insiders.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in LOXO. Quantbot Technologies LP increased its stake in Loxo Oncology by 770.1% in the first quarter. Quantbot Technologies LP now owns 931 shares of the biopharmaceutical company’s stock valued at $107,000 after acquiring an additional 824 shares during the last quarter. IFP Advisors Inc increased its stake in Loxo Oncology by 509.6% in the first quarter. IFP Advisors Inc now owns 1,012 shares of the biopharmaceutical company’s stock valued at $117,000 after acquiring an additional 846 shares during the last quarter. QS Investors LLC bought a new position in Loxo Oncology in the fourth quarter valued at $118,000. Xact Kapitalforvaltning AB bought a new position in Loxo Oncology in the fourth quarter valued at $208,000. Finally, Cambridge Investment Research Advisors Inc. increased its stake in Loxo Oncology by 26.8% in the fourth quarter. Cambridge Investment Research Advisors Inc. now owns 2,917 shares of the biopharmaceutical company’s stock valued at $246,000 after acquiring an additional 617 shares during the last quarter.
About Loxo Oncology
Loxo Oncology, Inc, a biopharmaceutical company, develops and sells medicines for patients with genetically defined cancers in the United States. Its lead product candidate comprises larotrectinib, an oral selective inhibitor of tropomyosin receptor kinase (TRK), which is in adult Phase 1 trial, a pediatric Phase 1/2 trial, and an adult/adolescent Phase 2 trial for the treatment of patients with tumor types, such as lung, head and neck, melanoma, colorectal, sarcoma, and breast cancer.
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