Zacks Investment Research Downgrades Cerus Corporation (CERS) to Sell
Cerus Corporation (NASDAQ:CERS) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued to investors on Tuesday.
According to Zacks, “Cerus Corporation is developing medical products based on a platform technology that prevents nucleic acid replication. The company’s initial application of this technology is the development of systems to inactivate viruses, bacteria and other pathogens in blood components used for transfusion. The company is also focusing research and development efforts on other potential health care applications for this platform technology, including pathogen inactivation of source plasma used for fractionation, improving the outcomes of stem cell transplantation. “
A number of other research firms also recently commented on CERS. BidaskClub upgraded Cerus Corporation from a “sell” rating to a “hold” rating in a report on Tuesday, August 8th. Cantor Fitzgerald reiterated a “buy” rating and set a $7.00 target price on shares of Cerus Corporation in a report on Wednesday, June 7th. Finally, ValuEngine cut Cerus Corporation from a “sell” rating to a “strong sell” rating in a report on Saturday, June 17th. Three equities research analysts have rated the stock with a sell rating and four have assigned a buy rating to the company. Cerus Corporation has an average rating of “Hold” and a consensus price target of $7.25.
Shares of Cerus Corporation (NASDAQ:CERS) traded up 1.39% on Tuesday, hitting $2.91. 1,164,151 shares of the company were exchanged. The firm’s market cap is $317.59 million. The company has a 50-day moving average price of $2.58 and a 200 day moving average price of $2.93. Cerus Corporation has a 52-week low of $1.93 and a 52-week high of $6.30.
Cerus Corporation (NASDAQ:CERS) last posted its quarterly earnings results on Thursday, August 3rd. The biotechnology company reported ($0.16) earnings per share (EPS) for the quarter, meeting the Zacks’ consensus estimate of ($0.16). Cerus Corporation had a negative return on equity of 120.31% and a negative net margin of 164.39%. The firm had revenue of $9.53 million during the quarter, compared to the consensus estimate of $9.14 million. During the same quarter in the previous year, the business earned ($0.18) earnings per share. The firm’s quarterly revenue was up 3.0% compared to the same quarter last year. Analysts predict that Cerus Corporation will post ($0.68) EPS for the current fiscal year.
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In related news, insider Laurence M. Corash acquired 92,796 shares of the business’s stock in a transaction on Friday, August 11th. The shares were bought at an average cost of $2.45 per share, with a total value of $227,350.20. Following the completion of the transaction, the insider now directly owns 1,375,711 shares of the company’s stock, valued at approximately $3,370,491.95. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 7.40% of the stock is currently owned by corporate insiders.
Several institutional investors and hedge funds have recently modified their holdings of the business. First Manhattan Co. boosted its position in shares of Cerus Corporation by 31.3% in the second quarter. First Manhattan Co. now owns 42,000 shares of the biotechnology company’s stock worth $105,000 after buying an additional 10,000 shares during the period. UBS Asset Management Americas Inc. grew its stake in shares of Cerus Corporation by 59.3% in the second quarter. UBS Asset Management Americas Inc. now owns 48,377 shares of the biotechnology company’s stock valued at $121,000 after buying an additional 18,000 shares in the last quarter. Russell Investments Group Ltd. acquired a new stake in shares of Cerus Corporation in the first quarter valued at about $137,000. Voya Investment Management LLC grew its stake in shares of Cerus Corporation by 22.0% in the second quarter. Voya Investment Management LLC now owns 58,633 shares of the biotechnology company’s stock valued at $147,000 after buying an additional 10,570 shares in the last quarter. Finally, Ardsley Advisory Partners acquired a new stake in shares of Cerus Corporation in the second quarter valued at about $200,000. Institutional investors own 58.33% of the company’s stock.
About Cerus Corporation
Cerus Corporation is a biomedical products company. The Company is engaged in developing and commercializing the INTERCEPT Blood System for blood safety. The Company operates through blood safety segment. The Company’s INTERCEPT Blood System is based on its technology for controlling biological replication, and is designed to reduce blood-borne pathogens in donated blood components intended for transfusion.
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