Granite Point Capital Management L.P. raised its holdings in Five Prime Therapeutics Inc (NASDAQ:FPRX) by 66.7% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 50,000 shares of the biotechnology company’s stock after purchasing an additional 20,000 shares during the quarter. Five Prime Therapeutics comprises approximately 0.4% of Granite Point Capital Management L.P.’s portfolio, making the stock its 26th largest holding. Granite Point Capital Management L.P. owned about 0.17% of Five Prime Therapeutics worth $2,046,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Schwab Charles Investment Management Inc. increased its stake in Five Prime Therapeutics by 25.9% in the third quarter. Schwab Charles Investment Management Inc. now owns 140,751 shares of the biotechnology company’s stock valued at $5,759,000 after purchasing an additional 28,954 shares during the period. Wells Fargo & Company MN increased its stake in Five Prime Therapeutics by 4.1% in the third quarter. Wells Fargo & Company MN now owns 185,382 shares of the biotechnology company’s stock valued at $7,584,000 after purchasing an additional 7,294 shares during the period. Schroder Investment Management Group acquired a new position in Five Prime Therapeutics in the third quarter valued at $988,000. Teachers Retirement System of The State of Kentucky increased its stake in Five Prime Therapeutics by 10.7% in the third quarter. Teachers Retirement System of The State of Kentucky now owns 33,080 shares of the biotechnology company’s stock valued at $1,353,000 after purchasing an additional 3,208 shares during the period. Finally, Sphera Funds Management LTD. acquired a new position in Five Prime Therapeutics in the third quarter valued at $1,636,000. Institutional investors own 83.80% of the company’s stock.
Several brokerages have recently weighed in on FPRX. Zacks Investment Research downgraded shares of Five Prime Therapeutics from a “buy” rating to a “hold” rating in a report on Thursday, November 9th. ValuEngine downgraded shares of Five Prime Therapeutics from a “hold” rating to a “sell” rating in a report on Tuesday, November 7th. BMO Capital Markets lifted their target price on shares of Five Prime Therapeutics from $71.00 to $75.00 and gave the company an “outperform” rating in a report on Tuesday, November 7th. Royal Bank Of Canada lifted their target price on shares of Five Prime Therapeutics from $41.00 to $50.00 and gave the company an “outperform” rating in a report on Monday, November 6th. Finally, Jefferies Group reaffirmed a “buy” rating and issued a $52.00 target price on shares of Five Prime Therapeutics in a report on Tuesday, September 12th. Two equities research analysts have rated the stock with a sell rating, one has given a hold rating and six have issued a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus price target of $64.00.
Shares of Five Prime Therapeutics Inc (FPRX) opened at $24.57 on Wednesday. Five Prime Therapeutics Inc has a fifty-two week low of $21.41 and a fifty-two week high of $59.62.
Five Prime Therapeutics (NASDAQ:FPRX) last issued its earnings results on Monday, November 6th. The biotechnology company reported ($1.54) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($1.35) by ($0.19). The firm had revenue of $8.33 million during the quarter, compared to analysts’ expectations of $16.16 million. Five Prime Therapeutics had a negative net margin of 408.42% and a negative return on equity of 41.57%. The firm’s revenue was up 24.7% on a year-over-year basis. During the same period in the previous year, the firm earned ($0.72) EPS. analysts expect that Five Prime Therapeutics Inc will post -5.56 earnings per share for the current fiscal year.
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Five Prime Therapeutics Profile
Five Prime Therapeutics, Inc is a clinical-stage biotechnology company focused on discovering and developing protein therapeutics. The Company’s product candidates include Cabiralizumab (FPA008), which is an antibody that inhibits colony stimulating factor-1 receptor, that it is studying in clinical trials as a monotherapy in pigmented villonodular synovitis, and in multiple cancers in combination with programmed-death 1 immune checkpoint inhibitor, Opdivo; FPA144, which is an antibody that inhibits fibroblast growth factor receptor 2b, that it is initially developing to treat patients with gastric (stomach) cancer and is in a Phase I clinical trial, and FP-1039, which is a fusion protein that traps and neutralizes cancer-promoting fibroblast growth factors, involved in cancer cell proliferation and new blood vessel formation and is in Phase Ib clinical development to treat patients with malignant pleural mesothelioma.
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