Endocyte Trading Up 13.6% on Strong Earnings (ECYT)
Endocyte (NASDAQ:ECYT) shares were up 13.6% during mid-day trading on Wednesday after the company announced better than expected quarterly earnings, StockRatingsNetwork.com reports. The stock traded as high as $6.96 and last traded at $6.95, with a volume of 2,390,832 shares traded. The stock had previously closed at $6.12.
The company reported $0.52 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.10 by $0.42. The company had revenue of $49.17 million for the quarter, compared to the consensus estimate of $26.62 million. Endocyte’s revenue was up 198.4% compared to the same quarter last year.
A number of analysts have recently weighed in on ECYT shares. Analysts at Chardan Capital reiterated a “buy” rating on shares of Endocyte in a research note on Wednesday. Separately, analysts at Brean Capital initiated coverage on shares of Endocyte in a research note on Tuesday, July 8th. They set a “buy” rating and a $22.00 price target on the stock. Finally, analysts at Zacks upgraded shares of Endocyte from a “neutral” rating to an “outperform” rating in a research note on Monday, July 7th. They now have a $7.90 price target on the stock. Three equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $24.34.
The stock’s 50-day moving average is $6.50 and its 200-day moving average is $11.97. The company’s market cap is $296.3 million.
Endocyte, Inc (NASDAQ:ECYT) is a biopharmaceutical company.
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