Catalyst Pharmaceuticals, Inc. (CPRX) Downgraded by Zacks Investment Research
Catalyst Pharmaceuticals, Inc. (NASDAQ:CPRX) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued to investors on Wednesday.
According to Zacks, “Catalyst Pharma expects to report top-line results from its second phase III study of Firdapse for the treatment of Lambert-Eaton myasthenic syndrome (LEMS) in the second half of 2017 and resubmit a new drug application (NDA) before the end of 2017. Earlier in 2016, the company received a refusal to file letter from the FDA in connection with the NDA for Firdapse. The company suffered a setback when it received a refusal to file letter for Firdapse from the FDA. Meanwhile, the company is also developing Firdapse for additional indications. The company’s share price movement shows that the stock has outperformed the Zacks classified Medical-Drugs industry year to date. However, Catalyst has a limited number of candidates in its pipeline and is highly dependent on Firdapse’s approval for growth.”
Several other analysts have also weighed in on the company. SunTrust Banks, Inc. restated a “buy” rating and issued a $5.00 price objective on shares of Catalyst Pharmaceuticals in a report on Tuesday, September 5th. Roth Capital set a $5.00 price objective on Catalyst Pharmaceuticals and gave the company a “buy” rating in a report on Thursday, August 10th. Finally, Piper Jaffray Companies set a $6.00 price objective on Catalyst Pharmaceuticals and gave the company a “buy” rating in a report on Monday, August 7th. One investment analyst has rated the stock with a sell rating and four have given a buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average target price of $5.50.
Catalyst Pharmaceuticals (CPRX) remained flat at $2.72 on Wednesday. The company’s stock had a trading volume of 271,859 shares. The company’s market cap is $229.99 million. The stock has a 50-day moving average of $2.60 and a 200-day moving average of $2.41. Catalyst Pharmaceuticals has a 12-month low of $0.94 and a 12-month high of $3.20.
Catalyst Pharmaceuticals (NASDAQ:CPRX) last announced its quarterly earnings results on Wednesday, August 9th. The biopharmaceutical company reported ($0.05) earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.06) by $0.01. Equities analysts predict that Catalyst Pharmaceuticals will post ($0.23) EPS for the current year.
In other news, insider Patrick J. Mcenany acquired 20,000 shares of the business’s stock in a transaction dated Tuesday, September 5th. The stock was acquired at an average price of $2.58 per share, for a total transaction of $51,600.00. Following the completion of the acquisition, the insider now directly owns 4,471,026 shares in the company, valued at approximately $11,535,247.08. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 8.79% of the company’s stock.
Several institutional investors have recently made changes to their positions in CPRX. Bank of New York Mellon Corp raised its position in shares of Catalyst Pharmaceuticals by 3.6% during the first quarter. Bank of New York Mellon Corp now owns 69,176 shares of the biopharmaceutical company’s stock worth $135,000 after purchasing an additional 2,404 shares during the period. Oxford Asset Management raised its position in shares of Catalyst Pharmaceuticals by 138.1% during the first quarter. Oxford Asset Management now owns 58,940 shares of the biopharmaceutical company’s stock worth $115,000 after purchasing an additional 34,181 shares during the period. JPMorgan Chase & Co. acquired a new stake in shares of Catalyst Pharmaceuticals during the first quarter worth $155,000. Vanguard Group Inc. raised its position in shares of Catalyst Pharmaceuticals by 0.5% during the first quarter. Vanguard Group Inc. now owns 3,007,935 shares of the biopharmaceutical company’s stock worth $5,865,000 after purchasing an additional 15,600 shares during the period. Finally, Geode Capital Management LLC raised its position in shares of Catalyst Pharmaceuticals by 0.3% during the first quarter. Geode Capital Management LLC now owns 462,677 shares of the biopharmaceutical company’s stock worth $902,000 after purchasing an additional 1,446 shares during the period. 40.15% of the stock is currently owned by institutional investors.
Catalyst Pharmaceuticals Company Profile
Catalyst Pharmaceuticals, Inc, formerly Catalyst Pharmaceutical Partners, Inc, is a development-stage biopharmaceutical company. The Company is focused on developing and commercializing therapies for people with rare debilitating diseases. The Company has three drugs in development: Firdapse, CPP-109 and CPP-115.
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