Achaogen (AKAO) Cut to “Sell” at Zacks Investment Research

Achaogen (NASDAQ:AKAO) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report issued on Wednesday.

According to Zacks, “Achaogen, Inc. is a clinical-stage biopharmaceutical company. It is focused on the discovery, development, and commercialization of novel antibacterials to treat multi-drug resistant, or 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. Achaogen, Inc. is headquartered in South San Francisco, California. “

A number of other brokerages have also recently commented on AKAO. Stifel Nicolaus dropped their target price on shares of Achaogen from $30.00 to $27.00 and set a “buy” rating on the stock in a report on Thursday, November 9th. HC Wainwright reiterated a “buy” rating and issued a $25.00 price target on shares of Achaogen in a research note on Thursday, November 9th. Mizuho reiterated a “buy” rating and issued a $28.00 price target on shares of Achaogen in a research note on Thursday, November 9th. Guggenheim initiated coverage on shares of Achaogen in a research note on Tuesday, October 24th. They issued a “buy” rating and a $17.00 price target on the stock. Finally, SunTrust Banks dropped their price target on shares of Achaogen to $27.00 and set a “buy” rating on the stock in a research note on Wednesday, January 3rd. Two analysts have rated the stock with a sell rating, two have assigned a hold rating and ten have assigned a buy rating to the stock. The stock presently has an average rating of “Buy” and an average price target of $25.62.

Shares of Achaogen (NASDAQ AKAO) traded up $0.13 during mid-day trading on Wednesday, hitting $10.98. 426,300 shares of the stock were exchanged, compared to its average volume of 1,367,760. Achaogen has a 1 year low of $9.83 and a 1 year high of $27.79. The company has a market cap of $466.33, a PE ratio of -3.27 and a beta of 1.27. The company has a current ratio of 6.99, a quick ratio of 6.99 and a debt-to-equity ratio of 0.08.

In other news, major shareholder Robert W. Duggan purchased 95,012 shares of the company’s stock in a transaction that occurred on Monday, December 18th. The shares were bought at an average price of $11.13 per share, for a total transaction of $1,057,483.56. Following the purchase, the insider now directly owns 5,602,752 shares in the company, valued at approximately $62,358,629.76. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, major shareholder Robert W. Duggan purchased 50,000 shares of the company’s stock in a transaction that occurred on Friday, January 5th. The stock was purchased at an average price of $11.51 per share, for a total transaction of $575,500.00. Following the purchase, the insider now owns 5,617,752 shares in the company, valued at $64,660,325.52. The disclosure for this purchase can be found here. In the last quarter, insiders purchased 160,012 shares of company stock worth $1,796,334. 8.36% of the stock is currently owned by company insiders.

A number of institutional investors and hedge funds have recently bought and sold shares of AKAO. State Street Corp lifted its stake in Achaogen by 302.6% during the 2nd quarter. State Street Corp now owns 1,677,097 shares of the biopharmaceutical company’s stock valued at $36,444,000 after acquiring an additional 1,260,509 shares during the period. Point72 Asset Management L.P. lifted its stake in Achaogen by 55.7% during the 3rd quarter. Point72 Asset Management L.P. now owns 2,255,899 shares of the biopharmaceutical company’s stock valued at $35,982,000 after acquiring an additional 806,899 shares during the period. BlackRock Inc. lifted its stake in Achaogen by 28.6% during the 4th quarter. BlackRock Inc. now owns 2,837,846 shares of the biopharmaceutical company’s stock valued at $30,478,000 after acquiring an additional 630,547 shares during the period. Renaissance Technologies LLC lifted its stake in Achaogen by 3,318.6% during the 4th quarter. Renaissance Technologies LLC now owns 642,700 shares of the biopharmaceutical company’s stock valued at $6,903,000 after acquiring an additional 623,900 shares during the period. Finally, Prosight Management LP bought a new position in Achaogen during the 4th quarter valued at about $6,132,000. Institutional investors and hedge funds own 86.56% of the company’s stock.

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About Achaogen

Achaogen, Inc is a late-stage biopharmaceutical company. The Company is engaged in the discovery, development and commercialization of antibacterial treatments against multi-drug resistant (MDR) gram-negative infections. The Company is involved in researching and developing plazomicin, its lead product candidate, for the treatment of serious bacterial infections, including complicated urinary tract infection (cUTI), blood stream infections and other infections due to MDR Enterobacteriaceae, including carbapenem-resistant Enterobacteriaceae (CRE).

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