Endocyte Inc. (ECYT) Upgraded by Zacks Investment Research to “Buy”
Endocyte Inc. (NASDAQ:ECYT) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Wednesday. The firm presently has a $3.75 target price on the biopharmaceutical company’s stock. Zacks Investment Research’s target price indicates a potential upside of 19.43% from the company’s current price.
According to Zacks, “Endocyte is a development-stage biopharmaceutical company, focused on bringing targeted therapies for the treatment of cancer and inflammatory diseases to market. The company uses its proprietary technology platform to develop various new small-molecule drug conjugates for a range of diseases. Endocyte's efforts to develop its pipeline are impressive. In addition, the company is working on the development of companion imaging agents that help to identify patients who are most likely to benefit from its product. However, with no approved product in its portfolio at the moment, Endocyte has to depend heavily on its partners for top-line growth. Moreover, vintafolide, in combination with docetaxel, demonstrated higher rates of hematologic and peripheral neuropathy adverse events in a phase IIb study. Consequently, Endocyte shifted its focus to the development of its second-generation folate targeted agent, EC1456, in second-line NSCLC.”
Separately, Credit Suisse Group AG reissued a “buy” rating on shares of Endocyte in a report on Tuesday, July 12th. Five analysts have rated the stock with a buy rating, Endocyte currently has an average rating of “Buy” and an average price target of $8.19.
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Endocyte (NASDAQ:ECYT) traded down 4.27% on Wednesday, reaching $3.14. The company’s stock had a trading volume of 257,655 shares. The firm’s 50-day moving average price is $3.11 and its 200-day moving average price is $3.38. Endocyte has a 52-week low of $2.65 and a 52-week high of $5.63. The stock’s market cap is $132.71 million.
Endocyte (NASDAQ:ECYT) last released its quarterly earnings data on Thursday, August 4th. The biopharmaceutical company reported ($0.25) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.26) by $0.01. Endocyte had a negative return on equity of 24.71% and a negative net margin of 58,957.14%. During the same quarter in the prior year, the business posted ($0.25) EPS. On average, equities analysts expect that Endocyte will post ($1.12) earnings per share for the current year.
A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Concannon Wealth Management LLC raised its position in shares of Endocyte by 6.5% in the second quarter. Concannon Wealth Management LLC now owns 32,639 shares of the biopharmaceutical company’s stock valued at $105,000 after buying an additional 2,000 shares in the last quarter. Nationwide Fund Advisors increased its stake in shares of Endocyte by 31.4% in the second quarter. Nationwide Fund Advisors now owns 33,417 shares of the biopharmaceutical company’s stock valued at $107,000 after buying an additional 7,989 shares in the last quarter. ProShare Advisors LLC increased its stake in shares of Endocyte by 1.7% in the second quarter. ProShare Advisors LLC now owns 36,028 shares of the biopharmaceutical company’s stock valued at $116,000 after buying an additional 585 shares in the last quarter. Stifel Financial Corp purchased a new stake in shares of Endocyte during the second quarter valued at approximately $127,000. Finally, Cribstone Capital Management LLC increased its stake in shares of Endocyte by 45.5% in the second quarter. Cribstone Capital Management LLC now owns 47,349 shares of the biopharmaceutical company’s stock valued at $152,000 after buying an additional 14,808 shares in the last quarter. 36.48% of the stock is owned by institutional investors and hedge funds.
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