Conatus Pharmaceuticals Inc. (NASDAQ:CNAT)’s share price dropped NaN on Thursday following a weaker than expected earnings announcement. The stock traded as low as $4.14 and last traded at $0.00. Approximately 522,118 shares were traded during mid-day trading, an increase of Infinity from the average daily volume of 0 shares. The biotechnology company reported ($0.13) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.05) by ($0.08). The company had revenue of $9.57 million for the quarter, compared to analysts’ expectations of $16.06 million. During the same period in the prior year, the company posted ($0.31) EPS.
A number of research firms have weighed in on CNAT. HC Wainwright reduced their price objective on shares of Conatus Pharmaceuticals from $18.00 to $17.00 and set a “buy” rating for the company in a research report on Thursday. Seaport Global Securities restated a “buy” rating and set a $16.00 price objective on shares of Conatus Pharmaceuticals in a research report on Friday, October 6th. Zacks Investment Research upgraded shares of Conatus Pharmaceuticals from a “sell” rating to a “hold” rating in a research report on Tuesday, October 3rd. Finally, Stifel Nicolaus restated a “buy” rating and set a $10.00 price objective on shares of Conatus Pharmaceuticals in a research report on Thursday, August 3rd. Two research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus target price of $16.00.
A number of large investors have recently bought and sold shares of CNAT. Acadian Asset Management LLC raised its position in Conatus Pharmaceuticals by 641.1% during the second quarter. Acadian Asset Management LLC now owns 1,097,945 shares of the biotechnology company’s stock worth $6,324,000 after acquiring an additional 949,785 shares during the period. State Street Corp acquired a new position in Conatus Pharmaceuticals during the second quarter worth $2,092,000. Numeric Investors LLC acquired a new position in Conatus Pharmaceuticals during the second quarter worth $1,620,000. Northern Trust Corp raised its position in Conatus Pharmaceuticals by 640.6% during the second quarter. Northern Trust Corp now owns 297,152 shares of the biotechnology company’s stock worth $1,712,000 after acquiring an additional 257,030 shares during the period. Finally, Vanguard Group Inc. raised its position in Conatus Pharmaceuticals by 31.2% during the second quarter. Vanguard Group Inc. now owns 1,006,890 shares of the biotechnology company’s stock worth $5,800,000 after acquiring an additional 239,373 shares during the period. Institutional investors own 33.06% of the company’s stock.
About Conatus Pharmaceuticals
Conatus Pharmaceuticals Inc is a biotechnology company. The Company focuses on the development and commercialization of medicines to treat liver disease. The Company operates through commercialization and development of pharmaceutical products segment. The Company is engaged in developing emricasan, which is an orally active pan-caspase protease inhibitor for the treatment of patients with chronic liver disease.
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