Concert Pharmaceuticals, Inc. (CNCE) Now Covered by Analysts at HC Wainwright
Equities researchers at HC Wainwright started coverage on shares of Concert Pharmaceuticals, Inc. (NASDAQ:CNCE) in a report released on Monday, MarketBeat.com reports. The brokerage set a “buy” rating and a $20.00 price target on the biotechnology company’s stock. HC Wainwright’s target price points to a potential upside of 42.55% from the stock’s current price.
The analysts wrote, “de-risked platform for drug discovery” along with a lead clinical asset for alopecia areata.Over the past five years, the company has leveraged its proprietary platform as a source for external partnerships and has had four validating partnership deals, the analyst continued. The most recent partnership related to the acquisition of CTP-656 which is under FTC review before the final close date in October.While there is “little clarity” into the review process of CTP-656, investors should believe in the “fundamental value of a deuterated potentiator to the many players still eager to assemble the best-in-class triple combo for cystic fibrosis,” Fein stated.CTP-543The recent clinical hold lift of Concert’s CTP-543, a deuterated ruxolitinib (a JAK1/2 inhibitor), for the treatment of adults with moderate-to-severe AA, should be viewed as the removal of an overhang and clears a path for a phase 2a readout in the bottom half of 2018, Fein also noted.”We suspect that this clinical hold may [have] less to do with endogenous factors (e.g., the compound or trial itself), and more to do with exogenous factors (e.g., the evolving sphere of research around AA field and JAK inhibitor research broadly),” he wrote. “As such, we applaud management’s attitude in starting an open and conciliatory dialogue with the agency early on to prevent any possible negative downstream scenarios and allow the data to speak for itself.”
Other research analysts have also issued research reports about the company. Stifel Nicolaus reiterated a “buy” rating and issued a $31.00 price target on shares of Concert Pharmaceuticals in a report on Wednesday, April 5th. BidaskClub lowered Concert Pharmaceuticals from a “buy” rating to a “hold” rating in a report on Wednesday, July 12th. Aegis reiterated a “buy” rating and issued a $25.00 price target on shares of Concert Pharmaceuticals in a report on Monday, June 12th. ValuEngine upgraded Concert Pharmaceuticals from a “sell” rating to a “hold” rating in a report on Friday, June 23rd. Finally, Zacks Investment Research lowered Concert Pharmaceuticals from a “buy” rating to a “sell” rating in a report on Monday, May 8th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and five have assigned a buy rating to the company’s stock. Concert Pharmaceuticals has a consensus rating of “Buy” and an average price target of $25.17.
Shares of Concert Pharmaceuticals (NASDAQ:CNCE) traded up 15.47% during trading on Monday, reaching $16.20. The company’s stock had a trading volume of 350,805 shares. The company’s 50 day moving average price is $13.68 and its 200 day moving average price is $13.43. Concert Pharmaceuticals has a 12 month low of $7.11 and a 12 month high of $19.11. The firm’s market cap is $365.50 million.
Concert Pharmaceuticals (NASDAQ:CNCE) last announced its quarterly earnings results on Tuesday, May 2nd. The biotechnology company reported ($0.60) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.54) by $0.06. The firm had revenue of $0.02 million during the quarter. Concert Pharmaceuticals had a negative return on equity of 55.30% and a negative net margin of 36,357.25%. On average, equities analysts predict that Concert Pharmaceuticals will post ($2.70) earnings per share for the current year.
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Several hedge funds and other institutional investors have recently bought and sold shares of the stock. American International Group Inc. raised its position in Concert Pharmaceuticals by 7.1% in the first quarter. American International Group Inc. now owns 10,156 shares of the biotechnology company’s stock worth $173,000 after buying an additional 677 shares in the last quarter. Geode Capital Management LLC raised its position in Concert Pharmaceuticals by 0.6% in the first quarter. Geode Capital Management LLC now owns 142,740 shares of the biotechnology company’s stock worth $2,435,000 after buying an additional 838 shares in the last quarter. Rockefeller Financial Services Inc. raised its position in Concert Pharmaceuticals by 19.6% in the first quarter. Rockefeller Financial Services Inc. now owns 10,289 shares of the biotechnology company’s stock worth $176,000 after buying an additional 1,689 shares in the last quarter. Bank of New York Mellon Corp raised its position in Concert Pharmaceuticals by 4.1% in the first quarter. Bank of New York Mellon Corp now owns 124,144 shares of the biotechnology company’s stock worth $2,118,000 after buying an additional 4,873 shares in the last quarter. Finally, Highbridge Capital Management LLC raised its position in Concert Pharmaceuticals by 46.4% in the fourth quarter. Highbridge Capital Management LLC now owns 15,677 shares of the biotechnology company’s stock worth $161,000 after buying an additional 4,967 shares in the last quarter. Institutional investors own 62.80% of the company’s stock.
About Concert Pharmaceuticals
Concert Pharmaceuticals, Inc is a clinical-stage biopharmaceutical company. The Company is engaged in the discovery and development of small molecule drugs. The Company operates through the development of pharmaceutical products on its own behalf or in collaboration with others. The Company’s deuterated chemical entity platform (DCE Platform), has potential across various therapeutic areas.
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