NGM Biopharmaceuticals’ (NYSE:NGM) quiet period will expire on Tuesday, May 14th. NGM Biopharmaceuticals had issued 6,666,667 shares in its IPO on April 4th. The total size of the offering was $106,666,672 based on an initial share price of $16.00. During the company’s quiet period, insiders and underwriters that worked on the IPO are restricted from issuing any research reports or earnings estimates for the company because of SEC regulations. Following the expiration of the company’s quiet period, it’s expected that the brokerages that served as underwriters on the stock will initiate research coverage on the company.
Several brokerages recently commented on NGM. Cowen began coverage on NGM Biopharmaceuticals in a research note on Monday, April 29th. They issued an “outperform” rating and a $25.00 price target on the stock. Goldman Sachs Group began coverage on NGM Biopharmaceuticals in a research note on Monday, April 29th. They issued a “buy” rating and a $22.00 price target on the stock. Finally, Citigroup began coverage on NGM Biopharmaceuticals in a research note on Monday, April 29th. They issued a “buy” rating and a $29.00 price target on the stock.
Shares of NGM opened at $14.88 on Tuesday. NGM Biopharmaceuticals has a 52-week low of $14.50 and a 52-week high of $18.75.
In other NGM Biopharmaceuticals news, major shareholder Merck & Co., Inc. acquired 4,121,683 shares of the business’s stock in a transaction on Monday, April 8th. The stock was purchased at an average price of $16.00 per share, for a total transaction of $65,946,928.00. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Suzanne Sawochka Hooper acquired 7,000 shares of the business’s stock in a transaction on Monday, April 8th. The stock was acquired at an average price of $16.00 per share, with a total value of $112,000.00. The disclosure for this purchase can be found here.
NGM Biopharmaceuticals Company Profile
NGM Biopharmaceuticals, Inc, a clinical-stage biopharmaceutical company, engages in the discovery and development of novel therapeutics for the treatment of cardio-metabolic, liver, oncologic, and ophthalmic diseases. The company's product candidates include NGM282, an engineered variant of the FGF19 human hormone in Phase 2 clinical trials for the treatment of non-alcoholic steatohepatitis (NASH); NGM313, an agonistic antibody that selectively activates fibroblast growth factor receptor 1c-beta-klotho, which is in Phase 1b early proof-of-concept clinical trials for use in the treatment of type 2 diabetes and NASH; and NGM386 and NGM395, which are engineered variants of the GDF15 human hormone for use in the treatment of obesity.
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