Zacks Investment Research upgraded shares of Catalyst Pharmaceuticals, Inc. (NASDAQ:CPRX) from a sell rating to a hold rating in a research report released on Tuesday morning.
According to Zacks, “Catalyst Pharma expects to report top-line results from its second phase III study of Firdapse for the treatment of Lambert-Eaton myasthenic syndrome (LEMS) in the second half of 2017 and resubmit a new drug application (NDA) before the end of 2017. Earlier in 2016, the company received a refusal to file letter from the FDA in connection with the NDA for Firdapse. The company suffered a setback when it received a refusal to file letter for Firdapse from the FDA. Meanwhile, the company is also developing Firdapse for additional indications. The company’s share price movement shows that the stock has outperformed the industry year to date. However, Catalyst has a limited number of candidates in its pipeline and is highly dependent on Firdapse’s approval for growth. Estimates have remained stable ahead of the Q3 earnings results. The company has a positive record of earnings surprises in recent quarters.”
A number of other analysts have also commented on the stock. SunTrust Banks, Inc. reaffirmed a buy rating and set a $5.00 target price on shares of Catalyst Pharmaceuticals in a report on Tuesday, September 5th. Roth Capital set a $5.00 target price on shares of Catalyst Pharmaceuticals and gave the stock a buy rating in a report on Thursday, August 10th. Finally, Piper Jaffray Companies set a $6.00 target price on shares of Catalyst Pharmaceuticals and gave the stock a buy rating in a report on Monday, August 7th. One analyst has rated the stock with a hold rating and four have given a buy rating to the stock. The stock currently has a consensus rating of Buy and a consensus target price of $5.50.
Catalyst Pharmaceuticals (CPRX) traded up $0.06 during trading on Tuesday, hitting $2.98. 847,446 shares of the stock traded hands, compared to its average volume of 554,145. Catalyst Pharmaceuticals has a 52-week low of $0.95 and a 52-week high of $3.20.
Catalyst Pharmaceuticals (NASDAQ:CPRX) last posted its quarterly earnings data on Wednesday, August 9th. The biopharmaceutical company reported ($0.05) earnings per share for the quarter, topping the consensus estimate of ($0.06) by $0.01. sell-side analysts expect that Catalyst Pharmaceuticals will post -0.23 EPS for the current year.
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In other news, insider Patrick J. Mcenany purchased 20,000 shares of the firm’s stock in a transaction dated Tuesday, September 5th. The stock was bought at an average price of $2.58 per share, with a total value of $51,600.00. Following the acquisition, the insider now directly owns 4,471,026 shares of the company’s stock, valued at $11,535,247.08. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 8.79% of the stock is owned by insiders.
A number of hedge funds and other institutional investors have recently made changes to their positions in CPRX. Bank of New York Mellon Corp boosted its stake in Catalyst Pharmaceuticals by 3.6% in the 1st quarter. Bank of New York Mellon Corp now owns 69,176 shares of the biopharmaceutical company’s stock worth $135,000 after purchasing an additional 2,404 shares during the period. JPMorgan Chase & Co. acquired a new position in Catalyst Pharmaceuticals in the 1st quarter worth $155,000. Vanguard Group Inc. boosted its stake in Catalyst Pharmaceuticals by 0.5% in the 1st quarter. Vanguard Group Inc. now owns 3,007,935 shares of the biopharmaceutical company’s stock worth $5,865,000 after purchasing an additional 15,600 shares during the period. Geode Capital Management LLC boosted its stake in Catalyst Pharmaceuticals by 0.3% in the 1st quarter. Geode Capital Management LLC now owns 462,677 shares of the biopharmaceutical company’s stock worth $902,000 after purchasing an additional 1,446 shares during the period. Finally, Renaissance Technologies LLC acquired a new position in Catalyst Pharmaceuticals in the 1st quarter worth $746,000. 40.10% of the stock is owned by hedge funds and other institutional investors.
About Catalyst Pharmaceuticals
Catalyst Pharmaceuticals, Inc, formerly Catalyst Pharmaceutical Partners, Inc, is a development-stage biopharmaceutical company. The Company is focused on developing and commercializing therapies for people with rare debilitating diseases. The Company has three drugs in development: Firdapse, CPP-109 and CPP-115.
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