Achaogen Inc. (AKAO) Trading 3.5% Higher
Shares of Achaogen Inc. (NASDAQ:AKAO) shot up 3.5% during mid-day trading on Tuesday . The stock traded as high as $4.24 and last traded at $4.19, with a volume of 76,864 shares traded. The stock had previously closed at $4.05.
Several research firms have recently issued reports on AKAO. Zacks Investment Research lowered Achaogen from a “buy” rating to a “hold” rating in a report on Thursday, August 11th. Needham & Company LLC reissued a “hold” rating on shares of Achaogen in a report on Tuesday, August 9th. Finally, Wedbush raised Achaogen from a “neutral” rating to an “outperform” rating and increased their target price for the stock from $7.00 to $10.00 in a report on Tuesday, June 14th.
The stock has a 50 day moving average of $3.98 and a 200-day moving average of $3.64. The company’s market cap is $112.05 million.
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Achaogen (NASDAQ:AKAO) last issued its quarterly earnings results on Monday, August 8th. The biopharmaceutical company reported ($0.87) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.67) by $0.20. The business had revenue of $9.14 million for the quarter, compared to the consensus estimate of $5.58 million. Achaogen had a negative return on equity of 118.45% and a negative net margin of 209.23%. The business’s revenue was down 24.1% compared to the same quarter last year. During the same quarter last year, the business posted ($0.05) earnings per share. On average, equities research analysts anticipate that Achaogen Inc. will post ($2.71) earnings per share for the current year.
A number of hedge funds have recently modified their holdings of the company. NEA Management Company LLC acquired a new stake in shares of Achaogen during the second quarter worth approximately $17,870,000. Point72 Asset Management L.P. raised its stake in shares of Achaogen by 241.4% in the second quarter. Point72 Asset Management L.P. now owns 890,000 shares of the biopharmaceutical company’s stock worth $3,373,000 after buying an additional 629,309 shares during the period. Opaleye Management Inc. acquired a new stake in shares of Achaogen during the first quarter worth approximately $704,000. Polar Capital LLP acquired a new stake in shares of Achaogen during the second quarter worth approximately $379,000. Finally, Renaissance Technologies LLC raised its stake in shares of Achaogen by 174.0% in the first quarter. Renaissance Technologies LLC now owns 64,400 shares of the biopharmaceutical company’s stock worth $178,000 after buying an additional 40,900 shares during the period. Institutional investors and hedge funds own 56.84% of the company’s stock.
Achaogen, Inc is a clinical-stage biopharmaceutical company. The Company is engaged in the discovery, development and commercialization of antibacterials to treat multi-drug resistant (MDR) gram-negative infections. The Company is developing plazomicin, its lead product candidate, for the treatment of serious bacterial infections due to MDR Enterobacteriaceae, including carbapenem-resistant enterobacteriaceae (CRE).
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