Zacks Investment Research Lowers Tocagen (NASDAQ:TOCA) to Hold

Zacks Investment Research downgraded shares of Tocagen (NASDAQ:TOCA) from a buy rating to a hold rating in a report published on Saturday, Zacks.com reports.

According to Zacks, “Tocagen, Inc. is a clinical-stage, cancer-selective gene therapy company which focuses on retroviral gene therapy platforms. The company’s lead product candidate consists of Toca 511 & Toca FC, initially for the treatment of recurrent high grade glioma, a disease with a significant unmet medical need. Tocagen, Inc. is based in San Diego, United States. “

Several other equities research analysts have also issued reports on the company. ValuEngine lowered Zumiez from a hold rating to a sell rating in a report on Monday, May 13th. Citigroup set a $14.00 price target on Coty and gave the company a hold rating in a report on Thursday, May 30th. Svb Leerink initiated coverage on Tocagen in a report on Monday, April 15th. They set a market perform rating and a $11.00 price target for the company. HC Wainwright lifted their price target on Palatin Technologies from $5.00 to $6.00 and gave the company a buy rating in a report on Thursday, May 9th. Finally, Chardan Capital reiterated a buy rating and set a $10.00 price target on shares of Tocagen in a report on Wednesday, May 22nd. Four equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. The stock currently has an average rating of Buy and a consensus price target of $16.08.

NASDAQ:TOCA opened at $5.79 on Friday. The company has a current ratio of 5.05, a quick ratio of 5.05 and a debt-to-equity ratio of 0.75. Tocagen has a fifty-two week low of $4.13 and a fifty-two week high of $15.80. The firm’s 50-day simple moving average is $5.73. The stock has a market cap of $141.02 million, a PE ratio of -2.37 and a beta of 3.92.

Tocagen (NASDAQ:TOCA) last released its earnings results on Tuesday, May 7th. The company reported ($0.74) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.75) by $0.01. Tocagen had a negative return on equity of 108.08% and a negative net margin of 294.74%. The company had revenue of $0.01 million for the quarter, compared to analysts’ expectations of $2.01 million. Sell-side analysts forecast that Tocagen will post -2.94 EPS for the current year.

In related news, Director Faheem Hasnain bought 43,000 shares of Tocagen stock in a transaction that occurred on Thursday, May 30th. The stock was purchased at an average cost of $4.66 per share, for a total transaction of $200,380.00. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Over the last 90 days, insiders purchased 53,000 shares of company stock valued at $244,880. Corporate insiders own 10.90% of the company’s stock.

Several hedge funds have recently modified their holdings of the company. BlackRock Inc. lifted its holdings in shares of Tocagen by 6.2% during the fourth quarter. BlackRock Inc. now owns 1,501,501 shares of the company’s stock worth $12,327,000 after buying an additional 88,216 shares during the last quarter. JPMorgan Chase & Co. lifted its holdings in shares of Tocagen by 19.0% during the first quarter. JPMorgan Chase & Co. now owns 453,391 shares of the company’s stock worth $4,929,000 after buying an additional 72,539 shares during the last quarter. 683 Capital Management LLC lifted its holdings in shares of Tocagen by 650.0% during the fourth quarter. 683 Capital Management LLC now owns 375,000 shares of the company’s stock worth $3,079,000 after buying an additional 325,000 shares during the last quarter. Northern Trust Corp lifted its holdings in shares of Tocagen by 9.7% during the fourth quarter. Northern Trust Corp now owns 223,113 shares of the company’s stock worth $1,831,000 after buying an additional 19,721 shares during the last quarter. Finally, Geode Capital Management LLC lifted its holdings in shares of Tocagen by 24.2% during the fourth quarter. Geode Capital Management LLC now owns 211,795 shares of the company’s stock worth $1,738,000 after buying an additional 41,261 shares during the last quarter. Institutional investors own 34.88% of the company’s stock.

About Tocagen

Tocagen Inc, a clinical-stage cancer-selective gene therapy company, focuses on developing and commercializing product candidates designed to activate a patient's immune system against their cancer. Its cancer-selective gene therapy platform is built on retroviral replicating vectors (RRVs), which are designed to deliver therapeutic genes into the DNA of cancer cells.

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