Versartis Inc. (VSAR) Earns “Sell” Rating from Credit Suisse Group AG
Credit Suisse Group AG reaffirmed their sell rating on shares of Versartis Inc. (NASDAQ:VSAR) in a research note issued to investors on Monday morning. They currently have a $11.00 price objective on the biopharmaceutical company’s stock.
“We are incrementally more optimistic on the VSAR story following last week’s Investor Symposium given the progress the company is making for the well-discussed pediatric indication and also because of what may be an underappreciated opportunity in the adult indication. The stock has had a relatively volatile 12 months (along with much of SMID cap pharma/biotech), but as we start looking ahead to 2017 we see the company as potentially better positioned with the phase 3 data readout in pediatric growth hormone deficiency (GHD) that is expected in 3Q 2017 being the key value driver. The recent Teijen collaboration also puts VSAR in a more secure financial position to see things through on both the pediatric and adult side.”,” Credit Suisse Group AG’s analyst wrote.
Other equities analysts have also recently issued reports about the stock. Canaccord Genuity set a $28.00 price target on shares of Versartis and gave the company a buy rating in a report on Saturday, September 17th. Zacks Investment Research upgraded shares of Versartis from a hold rating to a buy rating and set a $12.00 price target on the stock in a report on Wednesday, August 3rd. Finally, Citigroup Inc. set a $23.00 price target on shares of Versartis and gave the company a buy rating in a report on Thursday, August 11th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and four have given a buy rating to the company. The company presently has an average rating of Hold and a consensus target price of $18.50.
Shares of Versartis (NASDAQ:VSAR) opened at 12.94 on Monday. The stock’s 50 day moving average price is $12.69 and its 200-day moving average price is $10.19. Versartis has a 12 month low of $6.17 and a 12 month high of $14.69. The stock’s market capitalization is $382.26 million.
Versartis (NASDAQ:VSAR) last posted its quarterly earnings results on Thursday, July 28th. The biopharmaceutical company reported ($0.75) EPS for the quarter, beating the consensus estimate of ($0.78) by $0.03. Equities analysts forecast that Versartis will post ($2.76) earnings per share for the current fiscal year.
In related news, CEO Jay Shepard sold 5,442 shares of the company’s stock in a transaction on Monday, August 22nd. The shares were sold at an average price of $12.88, for a total value of $70,092.96. Following the completion of the sale, the chief executive officer now directly owns 155,358 shares in the company, valued at $2,001,011.04. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 11.60% of the stock is currently owned by corporate insiders.
A number of large investors have recently modified their holdings of the company. BlackRock Institutional Trust Company N.A. boosted its stake in shares of Versartis by 1.1% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 408,766 shares of the biopharmaceutical company’s stock worth $3,278,000 after buying an additional 4,385 shares in the last quarter. Spark Investment Management LLC boosted its stake in Versartis by 35.5% in the first quarter. Spark Investment Management LLC now owns 49,440 shares of the biopharmaceutical company’s stock worth $396,000 after buying an additional 12,940 shares during the period. State Street Corp boosted its stake in Versartis by 8.8% in the first quarter. State Street Corp now owns 347,718 shares of the biopharmaceutical company’s stock worth $2,787,000 after buying an additional 28,154 shares during the period. Geode Capital Management LLC boosted its stake in Versartis by 7.7% in the first quarter. Geode Capital Management LLC now owns 140,495 shares of the biopharmaceutical company’s stock worth $1,126,000 after buying an additional 9,987 shares during the period. Finally, Jacobs Levy Equity Management Inc. purchased a new stake in Versartis during the first quarter worth about $916,000. Hedge funds and other institutional investors own 69.09% of the company’s stock.
Versartis Company Profile
Versartis, Inc is an endocrine-focused biopharmaceutical company. The Company is engaged in developing long-acting recombinant human growth hormone (rhGH), somavaratan (VRS-317), for growth hormone deficiency (GHD), an orphan disease. The Company’s product pipeline includes VRS-317 and XTEN Technology.
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