Zacks Investment Research upgraded shares of Pain Therapeutics (NASDAQ:PTIE) from a hold rating to a buy rating in a report issued on Tuesday. Zacks Investment Research currently has $4.25 price target on the biopharmaceutical company’s stock.
According to Zacks, “Pain Therapeutics is developing a new generation of opioid painkillers. Opioids are drugs derived from the poppy plant. The company uses technology to reformulate opioid drugs, such as morphine, into new painkillers with improved clinical benefits. The company has four opioid painkillers in Phase II clinical trials. The company believes its drugs offer enhanced pain relief, fewer adverse side effects and reduced tolerance and addiction compared to existing opioid painkillers. “
Separately, Gabelli cut Pain Therapeutics from a hold rating to a sell rating in a research report on Monday, July 17th.
Pain Therapeutics (PTIE) traded up $0.05 on Tuesday, hitting $3.47. 89,039 shares of the stock were exchanged, compared to its average volume of 1,122,593.
Pain Therapeutics (NASDAQ:PTIE) last issued its quarterly earnings results on Wednesday, November 1st. The biopharmaceutical company reported ($0.40) earnings per share (EPS) for the quarter. equities research analysts forecast that Pain Therapeutics will post -2.2 EPS for the current year.
An institutional investor recently raised its position in Pain Therapeutics stock. Bank of New York Mellon Corp grew its holdings in shares of Pain Therapeutics (NASDAQ:PTIE) by 10.8% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 172,792 shares of the biopharmaceutical company’s stock after purchasing an additional 16,864 shares during the period. Bank of New York Mellon Corp owned approximately 0.38% of Pain Therapeutics worth $154,000 at the end of the most recent reporting period. 36.66% of the stock is currently owned by hedge funds and other institutional investors.
Pain Therapeutics Company Profile
Pain Therapeutics, Inc is a biopharmaceutical company. The Company is focused on drug development efforts on disorders of the nervous system, such as chronic pain. The Company’s lead drug candidate, REMOXY, is an abuse-deterrent, oral formulation of oxycodone (CII). The Company’s other products is FENROCK.
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