Epizyme (EPZM) Upgraded to “Buy” by Zacks Investment Research
Epizyme (NASDAQ:EPZM) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Tuesday. The brokerage currently has a $8.25 target price on the biopharmaceutical company’s stock. Zacks Investment Research‘s target price suggests a potential upside of 22.59% from the company’s previous close.
According to Zacks, “Epizyme’s lead candidate, tazemetostat demonstrated clinically meaningful activity, in patients with epithelioid sarcoma, a difficult-to-treat rare cancer. Based on these positive data, the company is confident of its planned new drug application submission for the indication in the first half of 2019. The candidate also showed meaningful activity in patients with follicular lymphoma, both with and without EZH2 activating mutations. Thus, the company is optimistic about the candidate. However, with no approved product in its portfolio, Epizyme is yet to generate revenues. However, the company is making efforts to develop tazemetostat for a number of hematological malignancies and genetically defined solid tumors. Shares of the company have underperformed the industry year to date.”
Several other brokerages have also recently issued reports on EPZM. Cowen restated a “buy” rating on shares of Epizyme in a research report on Monday, September 24th. BidaskClub upgraded Epizyme from a “sell” rating to a “hold” rating in a research report on Thursday, August 16th. SunTrust Banks boosted their target price on Epizyme to $25.00 and gave the stock a “buy” rating in a research report on Tuesday, September 25th. Leerink Swann initiated coverage on Epizyme in a research report on Monday, September 24th. They set a “market perform” rating and a $11.00 target price on the stock. Finally, Morgan Stanley initiated coverage on Epizyme in a research report on Friday, September 7th. They set a “weight” rating on the stock. Two research analysts have rated the stock with a sell rating, two have given a hold rating and nine have assigned a buy rating to the company. Epizyme has a consensus rating of “Buy” and an average price target of $19.83.
Epizyme (NASDAQ:EPZM) last posted its earnings results on Friday, November 2nd. The biopharmaceutical company reported ($0.54) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.61) by $0.07. As a group, analysts anticipate that Epizyme will post -1.93 earnings per share for the current fiscal year.
In other news, Director David M. Mott purchased 416,667 shares of the stock in a transaction that occurred on Friday, October 5th. The shares were acquired at an average price of $9.00 per share, for a total transaction of $3,750,003.00. Following the acquisition, the director now directly owns 12,088 shares in the company, valued at approximately $108,792. The acquisition was disclosed in a legal filing with the SEC, which is available through this hyperlink. Corporate insiders own 21.50% of the company’s stock.
Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. BB&T Securities LLC grew its holdings in shares of Epizyme by 45.5% in the 2nd quarter. BB&T Securities LLC now owns 16,000 shares of the biopharmaceutical company’s stock worth $216,000 after acquiring an additional 5,000 shares during the period. Bank of New York Mellon Corp lifted its stake in Epizyme by 2.7% in the 2nd quarter. Bank of New York Mellon Corp now owns 225,764 shares of the biopharmaceutical company’s stock valued at $3,058,000 after buying an additional 6,012 shares in the last quarter. Swiss National Bank lifted its stake in Epizyme by 8.0% in the 2nd quarter. Swiss National Bank now owns 90,400 shares of the biopharmaceutical company’s stock valued at $1,225,000 after buying an additional 6,700 shares in the last quarter. Alps Advisors Inc. lifted its stake in Epizyme by 8.5% in the 2nd quarter. Alps Advisors Inc. now owns 100,842 shares of the biopharmaceutical company’s stock valued at $1,366,000 after buying an additional 7,918 shares in the last quarter. Finally, Redmile Group LLC lifted its stake in Epizyme by 0.5% in the 2nd quarter. Redmile Group LLC now owns 2,021,389 shares of the biopharmaceutical company’s stock valued at $27,390,000 after buying an additional 9,400 shares in the last quarter. Institutional investors and hedge funds own 73.27% of the company’s stock.
Epizyme, Inc, a clinical stage biopharmaceutical company, discovers and develops novel epigenetic medicines for patients with cancer and other diseases in the United States. Its product candidates include tazemetostat, an inhibitor of the EZH2, which is in Phase II clinical trial for patients with relapsed or refractory non-hodgkin lymphoma (NHL); Phase II clinical trial for relapsed or refractory patients with mesothelioma; Phase I dose-escalation and expansion study for children with INI1-negative solid tumors; Phase II clinical trials for patients with relapsed or refractory diffuse large B-cell lymphoma (DLBCL); Phase Ib/II clinical trial in elderly patients with DLBCL; and Phase II clinical trial for relapsed or refractory patients with mesothelioma characterized by BAP1 loss-of-function,; and Phase Ib/II clinical trial for the treatment of patients with relapsed or refractory metastatic non-small cell lung cancer, as well as Phase II clinical trial in adult patients with ovarian cancer.
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