Flex Pharma (FLKS) Downgraded to “Hold” at Jefferies Financial Group

Flex Pharma (NASDAQ:FLKS) was downgraded by analysts at Jefferies Financial Group from a “buy” rating to a “hold” rating in a research report issued on Wednesday, The Fly reports.

Other equities analysts have also recently issued reports about the stock. Zacks Investment Research upgraded shares of Flex Pharma from a “hold” rating to a “buy” rating and set a $6.00 target price for the company in a research report on Wednesday, April 18th. HC Wainwright restated a “buy” rating and issued a $40.00 target price on shares of Flex Pharma in a research report on Thursday, May 3rd. Cantor Fitzgerald restated a “hold” rating and issued a $6.00 target price on shares of Flex Pharma in a research report on Wednesday, March 7th. ValuEngine upgraded shares of Flex Pharma from a “sell” rating to a “hold” rating in a research report on Saturday, June 2nd. Finally, LADENBURG THALM/SH SH cut shares of Flex Pharma from a “buy” rating to a “neutral” rating and set a $12.00 target price for the company. in a research report on Wednesday. Five analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. Flex Pharma presently has an average rating of “Hold” and a consensus target price of $15.20.

Flex Pharma traded down $3.10, reaching $1.08, during trading on Wednesday, according to MarketBeat.com. The company’s stock had a trading volume of 13,902 shares, compared to its average volume of 36,093. The company has a market capitalization of $75.48 million, a P/E ratio of -0.54 and a beta of 2.87. Flex Pharma has a 12 month low of $2.68 and a 12 month high of $8.98.

Flex Pharma (NASDAQ:FLKS) last posted its quarterly earnings data on Wednesday, May 2nd. The biotechnology company reported ($0.46) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.50) by $0.04. The firm had revenue of $0.18 million during the quarter, compared to the consensus estimate of $0.30 million. Flex Pharma had a negative net margin of 2,842.07% and a negative return on equity of 104.48%. research analysts forecast that Flex Pharma will post -1.7 earnings per share for the current fiscal year.

A number of hedge funds have recently added to or reduced their stakes in FLKS. Sphera Funds Management LTD. increased its position in Flex Pharma by 70.7% during the 4th quarter. Sphera Funds Management LTD. now owns 241,211 shares of the biotechnology company’s stock worth $4,339,000 after purchasing an additional 99,911 shares in the last quarter. JPMorgan Chase & Co. increased its position in Flex Pharma by 10,889.2% during the 1st quarter. JPMorgan Chase & Co. now owns 37,583 shares of the biotechnology company’s stock worth $188,000 after purchasing an additional 37,241 shares in the last quarter. Renaissance Technologies LLC increased its position in Flex Pharma by 67.1% during the 4th quarter. Renaissance Technologies LLC now owns 89,900 shares of the biotechnology company’s stock worth $314,000 after purchasing an additional 36,100 shares in the last quarter. Granite Point Capital Management L.P. increased its position in Flex Pharma by 80.8% during the 4th quarter. Granite Point Capital Management L.P. now owns 71,520 shares of the biotechnology company’s stock worth $250,000 after purchasing an additional 31,961 shares in the last quarter. Finally, Millennium Management LLC increased its position in Flex Pharma by 75.9% during the 1st quarter. Millennium Management LLC now owns 60,126 shares of the biotechnology company’s stock worth $301,000 after purchasing an additional 25,941 shares in the last quarter. Institutional investors and hedge funds own 27.80% of the company’s stock.

About Flex Pharma

Flex Pharma, Inc, a biotechnology company, develops and commercializes products for the treatment of muscle cramps, spasms, and spasticity associated with neurological conditions and exercise in the United States. It operates in two segments, Consumer Operations and Drug Development. The company's lead drug candidate is FLX-787, a single molecule, chemically synthesized, and dual transient receptor potential V1/A1 ion channel activator, which is in exploratory Phase 2 clinical trial in Australia for the treatment of patients with multiple sclerosis; and two Phase 2 clinical trials in the United States for the treatment of patients with motor neuron disease in amyotrophic lateral sclerosis.

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