HC Wainwright reaffirmed their buy rating on shares of Concert Pharmaceuticals (NASDAQ:CNCE) in a research note released on Friday morning, AnalystRatings.com reports. They currently have a $29.00 price objective on the biotechnology company’s stock.
“Our price target of $29/share is comprised of $10.39 from CTP-543 in AA + $3.81 from AVP-786 in AD + $8.60 in schizophrenia + $5.75 in cash and is based on a discounted cash flow analysis (2019-2026) using a 12% discount rate and 1% growth rate, in line with the expected discount and growth parameters of a development stage biotechnology company. Risks to our investment thesis and target price include: (1) failure in clinical studies; (2) failure to secure regulatory approval; and (3) smaller than anticipated commercial opportunity due to market size, competition, and pricing.”,” the firm’s analyst commented.
A number of other research analysts have also weighed in on the company. ValuEngine raised Concert Pharmaceuticals from a hold rating to a buy rating in a research note on Thursday, August 1st. BidaskClub downgraded Concert Pharmaceuticals from a hold rating to a sell rating in a report on Wednesday, July 24th. SunTrust Banks initiated coverage on Concert Pharmaceuticals in a report on Monday, June 24th. They set a buy rating and a $30.00 price objective for the company. Mizuho restated a buy rating and set a $23.00 price objective on shares of Concert Pharmaceuticals in a report on Friday, May 17th. Finally, Zacks Investment Research downgraded Concert Pharmaceuticals from a hold rating to a sell rating in a report on Tuesday, May 7th. Two investment analysts have rated the stock with a sell rating and eight have issued a buy rating to the company’s stock. The stock currently has a consensus rating of Buy and an average price target of $21.29.
Concert Pharmaceuticals (NASDAQ:CNCE) last issued its quarterly earnings results on Thursday, August 1st. The biotechnology company reported ($0.78) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.92) by $0.14. Concert Pharmaceuticals had a negative return on equity of 46.93% and a negative net margin of 7,303.34%. The company had revenue of $0.05 million for the quarter, compared to analyst estimates of $0.30 million. On average, analysts forecast that Concert Pharmaceuticals will post -3.78 EPS for the current fiscal year.
In related news, major shareholder Bvf Partners L. P/Il sold 386,289 shares of the stock in a transaction on Monday, June 10th. The stock was sold at an average price of $10.70, for a total value of $4,133,292.30. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 11.00% of the company’s stock.
A number of hedge funds and other institutional investors have recently made changes to their positions in CNCE. Aperio Group LLC acquired a new stake in shares of Concert Pharmaceuticals during the second quarter valued at about $43,000. Great West Life Assurance Co. Can acquired a new stake in shares of Concert Pharmaceuticals during the fourth quarter valued at about $48,000. BNP Paribas Arbitrage SA grew its stake in shares of Concert Pharmaceuticals by 63,200.0% during the first quarter. BNP Paribas Arbitrage SA now owns 4,431 shares of the biotechnology company’s stock valued at $53,000 after acquiring an additional 4,424 shares in the last quarter. Metropolitan Life Insurance Co. NY grew its stake in shares of Concert Pharmaceuticals by 452.1% during the fourth quarter. Metropolitan Life Insurance Co. NY now owns 7,553 shares of the biotechnology company’s stock valued at $95,000 after acquiring an additional 6,185 shares in the last quarter. Finally, State Board of Administration of Florida Retirement System acquired a new stake in shares of Concert Pharmaceuticals during the second quarter valued at about $128,000. Hedge funds and other institutional investors own 74.97% of the company’s stock.
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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