JPMorgan Chase & Co. Reduces Position in Versartis, Inc. (VSAR)

JPMorgan Chase & Co. lowered its stake in Versartis, Inc. (NASDAQ:VSAR) by 21.7% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 907,550 shares of the biopharmaceutical company’s stock after selling 251,637 shares during the quarter. JPMorgan Chase & Co.’s holdings in Versartis were worth $2,315,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of the stock. Artal Group S.A. boosted its holdings in Versartis by 14.3% in the third quarter. Artal Group S.A. now owns 400,000 shares of the biopharmaceutical company’s stock worth $980,000 after purchasing an additional 50,000 shares during the last quarter. First Quadrant L P CA boosted its holdings in Versartis by 1,253.8% in the third quarter. First Quadrant L P CA now owns 120,500 shares of the biopharmaceutical company’s stock worth $295,000 after purchasing an additional 111,599 shares during the last quarter. Lord Abbett & CO. LLC boosted its holdings in Versartis by 26.5% in the second quarter. Lord Abbett & CO. LLC now owns 319,854 shares of the biopharmaceutical company’s stock worth $5,582,000 after purchasing an additional 66,977 shares during the last quarter. The Manufacturers Life Insurance Company boosted its holdings in Versartis by 4.8% in the second quarter. The Manufacturers Life Insurance Company now owns 26,326 shares of the biopharmaceutical company’s stock worth $459,000 after purchasing an additional 1,204 shares during the last quarter. Finally, State Street Corp boosted its holdings in Versartis by 6.9% in the second quarter. State Street Corp now owns 556,718 shares of the biopharmaceutical company’s stock worth $9,716,000 after purchasing an additional 35,957 shares during the last quarter. Institutional investors own 49.18% of the company’s stock.

Several research analysts have weighed in on VSAR shares. Cantor Fitzgerald reiterated an “overweight” rating and issued a $14.00 price target (down from $34.00) on shares of Versartis in a research report on Friday, September 22nd. Piper Jaffray Companies downgraded shares of Versartis from an “overweight” rating to a “neutral” rating and decreased their price target for the stock from $26.00 to $4.00 in a research report on Friday, September 22nd. Morgan Stanley reiterated an “equal weight” rating and issued a $4.00 price target (up from $3.00) on shares of Versartis in a research report on Friday, September 22nd. Citigroup downgraded shares of Versartis from a “buy” rating to a “neutral” rating and decreased their price target for the stock from $23.00 to $3.00 in a research report on Monday, September 25th. Finally, Bank of America downgraded shares of Versartis from a “buy” rating to a “neutral” rating in a research report on Monday, September 25th. One analyst has rated the stock with a sell rating, nine have issued a hold rating and two have given a buy rating to the stock. Versartis has an average rating of “Hold” and an average price target of $5.63.

In other news, Director Srinivas Akkaraju acquired 419,700 shares of the firm’s stock in a transaction dated Friday, December 1st. The shares were purchased at an average cost of $2.13 per share, for a total transaction of $893,961.00. Following the transaction, the director now directly owns 14,955 shares of the company’s stock, valued at $31,854.15. The purchase was disclosed in a legal filing with the SEC, which is available at the SEC website. Insiders have sold a total of 2,769 shares of company stock worth $7,061 over the last 90 days. Insiders own 10.90% of the company’s stock.

Versartis, Inc. (NASDAQ:VSAR) opened at $2.28 on Friday. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.52 and a quick ratio of 1.52. Versartis, Inc. has a 52-week low of $1.60 and a 52-week high of $24.00. The firm has a market cap of $80.57, a P/E ratio of -0.58 and a beta of 2.36.

Versartis (NASDAQ:VSAR) last released its quarterly earnings results on Thursday, October 26th. The biopharmaceutical company reported ($1.40) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.62) by ($0.78). During the same period last year, the company posted ($0.92) EPS. sell-side analysts predict that Versartis, Inc. will post -4.14 EPS for the current fiscal year.

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Versartis Company Profile

Versartis, Inc is an endocrine-focused biopharmaceutical company. The Company is engaged in developing a long-acting form of recombinant human growth hormone, somavaratan (VRS-317), for growth hormone deficiency (GHD), an orphan disease. The Company’s first indication for somavaratan is pediatric GHD.

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Institutional Ownership by Quarter for Versartis (NASDAQ:VSAR)

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