Endocyte Inc. (ECYT) Lifted to “Buy” at Zacks Investment Research
Zacks Investment Research upgraded shares of Endocyte Inc. (NASDAQ:ECYT) from a hold rating to a buy rating in a research report sent to investors on Wednesday morning. They currently have $3.75 price objective on the biopharmaceutical company’s stock.
According to Zacks, “Endocyte is a development-stage biopharmaceutical company, focused on bringing targeted therapies for the treatment of cancer and inflammatory diseases to market. The company uses its proprietary technology platform to develop various new small-molecule drug conjugates for a range of diseases. Endocyte's efforts to develop its pipeline are impressive. In addition, the company is working on the development of companion imaging agents that help to identify patients who are most likely to benefit from its product. However, with no approved product in its portfolio at the moment, Endocyte has to depend heavily on its partners for top-line growth. Moreover, vintafolide, in combination with docetaxel, demonstrated higher rates of hematologic and peripheral neuropathy adverse events in a phase IIb study. Consequently, Endocyte shifted its focus to the development of its second-generation folate targeted agent, EC1456, in second-line NSCLC.”
Separately, Credit Suisse Group AG reaffirmed a buy rating on shares of Endocyte in a research note on Tuesday, July 12th. Five equities research analysts have rated the stock with a buy rating, Endocyte presently has an average rating of Buy and an average price target of $8.19.
Endocyte (NASDAQ:ECYT) opened at 3.14 on Wednesday. The firm’s market capitalization is $132.71 million. Endocyte has a 52-week low of $2.65 and a 52-week high of $5.63. The stock’s 50 day moving average is $3.11 and its 200-day moving average is $3.38.
Endocyte (NASDAQ:ECYT) last posted its quarterly earnings data on Thursday, August 4th. The biopharmaceutical company reported ($0.25) EPS for the quarter, beating analysts’ consensus estimates of ($0.26) by $0.01. Endocyte had a negative net margin of 58,957.14% and a negative return on equity of 24.71%. During the same quarter last year, the firm earned ($0.25) earnings per share. Equities analysts expect that Endocyte will post ($1.12) earnings per share for the current year.
Several hedge funds have recently bought and sold shares of ECYT. BlackRock Fund Advisors raised its stake in Endocyte by 3.5% in the second quarter. BlackRock Fund Advisors now owns 1,561,432 shares of the biopharmaceutical company’s stock worth $5,012,000 after buying an additional 52,481 shares during the period. Vanguard Group Inc. raised its stake in Endocyte by 0.5% in the second quarter. Vanguard Group Inc. now owns 1,296,418 shares of the biopharmaceutical company’s stock worth $4,162,000 after buying an additional 6,144 shares during the period. JPMorgan Chase & Co. raised its stake in Endocyte by 30,170.2% in the second quarter. JPMorgan Chase & Co. now owns 782,485 shares of the biopharmaceutical company’s stock worth $2,512,000 after buying an additional 779,900 shares during the period. Geode Capital Management LLC raised its stake in Endocyte by 2.5% in the first quarter. Geode Capital Management LLC now owns 245,677 shares of the biopharmaceutical company’s stock worth $761,000 after buying an additional 6,022 shares during the period. Finally, Bridgeway Capital Management Inc. raised its stake in Endocyte by 11.9% in the second quarter. Bridgeway Capital Management Inc. now owns 195,800 shares of the biopharmaceutical company’s stock worth $629,000 after buying an additional 20,900 shares during the period. 36.48% of the stock is owned by institutional investors and hedge funds.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Endocyte Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Endocyte Inc. and related companies with MarketBeat.com's FREE daily email newsletter.