Cempra Inc. (NASDAQ:CEMP) shares dropped 2.7% during trading on Tuesday . The company traded as low as $23.03 and last traded at $23.14, with a volume of 588,130 shares. The stock had previously closed at $23.78.

CEMP has been the subject of a number of research reports. WBB Securities reaffirmed a “buy” rating and issued a $40.00 price objective on shares of Cempra in a research note on Monday, May 2nd. Cowen and Company reaffirmed a “buy” rating on shares of Cempra in a research note on Tuesday, May 3rd. Leerink Swann reaffirmed a “hold” rating on shares of Cempra in a research note on Monday, May 2nd. Zacks Investment Research lowered shares of Cempra from a “hold” rating to a “sell” rating in a research note on Tuesday, May 3rd. Finally, Janney Montgomery Scott lowered their price objective on shares of Cempra from $29.00 to $23.00 and set a “neutral” rating for the company in a research note on Monday, May 9th. Three investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus target price of $35.17.

The company’s market capitalization is $1.19 billion. The company’s 50-day moving average is $19.46 and its 200 day moving average is $17.90.

Cempra (NASDAQ:CEMP) last issued its quarterly earnings data on Monday, August 1st. The company reported ($0.51) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.67) by $0.16. During the same period in the previous year, the business posted ($0.57) earnings per share. The business had revenue of $3.42 million for the quarter, compared to analyst estimates of $3.89 million. The firm’s revenue for the quarter was down 33.3% compared to the same quarter last year. On average, equities research analysts anticipate that Cempra Inc. will post ($2.63) earnings per share for the current fiscal year.

A hedge fund recently raised its stake in Cempra stock. California Public Employees Retirement System increased its position in Cempra Inc. (NASDAQ:CEMP) by 427.9% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 117,200 shares of the company’s stock after buying an additional 95,000 shares during the period. California Public Employees Retirement System owned about 0.27% of Cempra worth $3,648,000 as of its most recent SEC filing.

Cempra, Inc is a clinical-stage pharmaceutical company. The Company is focused on developing differentiated antibiotics for the acute care and community settings to meet medical needs in the treatment of bacterial infectious diseases, particularly respiratory tract infections and chronic staphylococcal infections.

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