Catalyst Pharmaceuticals, Inc. (CPRX) Rating Lowered to Sell at Zacks Investment Research
Catalyst Pharmaceuticals, Inc. (NASDAQ:CPRX) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued on Wednesday.
According to Zacks, “Catalyst Pharma expects to report top-line results from its second phase III study of Firdapse for the treatment of Lambert-Eaton myasthenic syndrome (LEMS) in the second half of 2017 and resubmit a new drug application (NDA) before the end of 2017. Earlier in 2016, the company received a refusal to file letter from the FDA in connection with the NDA for Firdapse. The company suffered a setback when it received a refusal to file letter for Firdapse from the FDA. Meanwhile, the company is also developing Firdapse for additional indications. The company’s share price movement shows that the stock has outperformed the Zacks classified Medical-Drugs industry year to date. However, Catalyst has a limited number of candidates in its pipeline and is highly dependent on Firdapse’s approval for growth.”
A number of other brokerages have also recently commented on CPRX. Piper Jaffray Companies set a $6.00 price objective on shares of Catalyst Pharmaceuticals and gave the stock a “buy” rating in a research note on Monday, August 7th. Roth Capital set a $5.00 price objective on shares of Catalyst Pharmaceuticals and gave the stock a “buy” rating in a research note on Thursday, August 10th. Finally, SunTrust Banks, Inc. reissued a “buy” rating and issued a $5.00 price objective on shares of Catalyst Pharmaceuticals in a research note on Tuesday, September 5th. One research analyst has rated the stock with a sell rating and four have assigned a buy rating to the company’s stock. Catalyst Pharmaceuticals has a consensus rating of “Buy” and an average target price of $5.50.
Catalyst Pharmaceuticals (NASDAQ:CPRX) traded up 1.0993% during mid-day trading on Wednesday, reaching $2.7499. 119,930 shares of the company’s stock traded hands. The stock has a 50-day moving average price of $2.60 and a 200-day moving average price of $2.41. The stock’s market capitalization is $232.52 million. Catalyst Pharmaceuticals has a 12-month low of $0.94 and a 12-month high of $3.20.
Catalyst Pharmaceuticals (NASDAQ:CPRX) last issued its quarterly earnings data on Wednesday, August 9th. The biopharmaceutical company reported ($0.05) EPS for the quarter, topping analysts’ consensus estimates of ($0.06) by $0.01. Equities research analysts expect that Catalyst Pharmaceuticals will post ($0.23) EPS for the current year.
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In other news, insider Patrick J. Mcenany purchased 20,000 shares of the company’s stock in a transaction that occurred on Tuesday, September 5th. The stock was purchased at an average cost of $2.58 per share, with a total value of $51,600.00. Following the purchase, the insider now owns 4,471,026 shares in the company, valued at $11,535,247.08. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 8.79% of the stock is currently owned by insiders.
Hedge funds have recently added to or reduced their stakes in the stock. JPMorgan Chase & Co. purchased a new position in shares of Catalyst Pharmaceuticals during the 1st quarter worth about $155,000. Kennedy Capital Management Inc. boosted its stake in shares of Catalyst Pharmaceuticals by 298.5% during the 2nd quarter. Kennedy Capital Management Inc. now owns 918,438 shares of the biopharmaceutical company’s stock worth $2,535,000 after purchasing an additional 687,938 shares during the period. Oxford Asset Management boosted its stake in shares of Catalyst Pharmaceuticals by 138.1% during the 1st quarter. Oxford Asset Management now owns 58,940 shares of the biopharmaceutical company’s stock worth $115,000 after purchasing an additional 34,181 shares during the period. Renaissance Technologies LLC purchased a new position in shares of Catalyst Pharmaceuticals during the 1st quarter worth about $746,000. Finally, AJO LP purchased a new position in shares of Catalyst Pharmaceuticals during the 2nd quarter worth about $1,819,000. 40.15% of the stock is owned by hedge funds and other institutional investors.
About Catalyst Pharmaceuticals
Catalyst Pharmaceuticals, Inc, formerly Catalyst Pharmaceutical Partners, Inc, is a development-stage biopharmaceutical company. The Company is focused on developing and commercializing therapies for people with rare debilitating diseases. The Company has three drugs in development: Firdapse, CPP-109 and CPP-115.
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