Zacks Investment Research Downgrades Paratek Pharmaceuticals, Inc. (PRTK) to Hold
Paratek Pharmaceuticals, Inc. (NASDAQ:PRTK) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued on Tuesday.
According to Zacks, “Paratek Pharmaceuticals, Inc. is a biopharmaceutical company. The Company focuses on the discovery, development, and commercialization of therapeutics that treat infectious disease agents. The Company’s lead product candidate, omadacycline, is a tetracycline-derived antibiotic being developed for use as a first-line monotherapy for serious community-acquired bacterial infections where antibiotic resistance is of concern for treating physicians. Its second product candidate, WC 3035 is a tetracycline-derived compound designed for use in the treatment of acne and rosacea. Paratek Pharmaceuticals, Inc., formerly known as Transcept Pharmaceuticals, Inc., is based in United States. “
Several other research analysts have also commented on the stock. Cantor Fitzgerald reiterated an “overweight” rating and set a $50.00 price objective on shares of Paratek Pharmaceuticals in a research note on Thursday, June 22nd. Raymond James Financial, Inc. initiated coverage on shares of Paratek Pharmaceuticals in a research note on Thursday, May 18th. They set a “strong-buy” rating and a $36.00 price objective for the company. HC Wainwright boosted their price objective on shares of Paratek Pharmaceuticals from $36.00 to $43.00 and gave the stock a “buy” rating in a research note on Tuesday, July 18th. Finally, BidaskClub lowered shares of Paratek Pharmaceuticals from a “strong-buy” rating to a “buy” rating in a research note on Monday, July 24th. Two analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the stock. The company has a consensus rating of “Buy” and a consensus price target of $37.44.
Shares of Paratek Pharmaceuticals (NASDAQ PRTK) opened at 21.55 on Tuesday. The company’s 50 day moving average is $22.99 and its 200 day moving average is $19.72. Paratek Pharmaceuticals has a 12 month low of $9.80 and a 12 month high of $26.10. The company’s market cap is $594.78 million.
Paratek Pharmaceuticals (NASDAQ:PRTK) last posted its quarterly earnings data on Wednesday, August 2nd. The specialty pharmaceutical company reported ($0.64) EPS for the quarter, topping the consensus estimate of ($0.89) by $0.25. The firm had revenue of $7.51 million for the quarter, compared to the consensus estimate of $7.50 million.
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In other Paratek Pharmaceuticals news, CFO Douglas W. Pagan sold 4,595 shares of the company’s stock in a transaction that occurred on Monday, June 19th. The shares were sold at an average price of $25.00, for a total transaction of $114,875.00. Following the transaction, the chief financial officer now owns 51,000 shares in the company, valued at approximately $1,275,000. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Chairman Michael Bigham sold 5,075 shares of the company’s stock in a transaction that occurred on Wednesday, July 5th. The shares were sold at an average price of $23.58, for a total transaction of $119,668.50. Following the transaction, the chairman now owns 109,500 shares in the company, valued at approximately $2,582,010. The disclosure for this sale can be found here. Insiders have sold a total of 21,960 shares of company stock worth $524,342 in the last 90 days. 4.90% of the stock is currently owned by company insiders.
A number of hedge funds and other institutional investors have recently modified their holdings of the stock. C WorldWide Group Holding A S raised its position in shares of Paratek Pharmaceuticals by 449.3% in the second quarter. C WorldWide Group Holding A S now owns 439,400 shares of the specialty pharmaceutical company’s stock worth $10,590,000 after buying an additional 359,400 shares during the last quarter. Pictet Asset Management Ltd. bought a new position in shares of Paratek Pharmaceuticals during the second quarter worth about $6,957,000. Renaissance Technologies LLC raised its position in shares of Paratek Pharmaceuticals by 275.9% in the first quarter. Renaissance Technologies LLC now owns 414,513 shares of the specialty pharmaceutical company’s stock worth $7,979,000 after buying an additional 304,249 shares during the last quarter. MARSHALL WACE ASIA Ltd bought a new position in shares of Paratek Pharmaceuticals during the first quarter worth about $3,258,000. Finally, Marshall Wace North America L.P. bought a new position in shares of Paratek Pharmaceuticals during the first quarter worth about $3,258,000. Institutional investors and hedge funds own 77.36% of the company’s stock.
About Paratek Pharmaceuticals
Paratek Pharmaceuticals, Inc is a clinical-stage biopharmaceutical company. The Company is focused on the development and commercialization of therapeutics based upon tetracycline chemistry. Its product candidates are the antibacterials omadacycline and sarecycline. Omadacycline is an antibiotic being developed for use as an empiric monotherapy option for patients suffering from serious, community-acquired bacterial infections.
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