Hoth Therapeutics (NASDAQ:HOTH) Upgraded to Buy at Zacks Investment Research

Zacks Investment Research upgraded shares of Hoth Therapeutics (NASDAQ:HOTH) from a hold rating to a buy rating in a research note released on Wednesday, Zacks.com reports. They currently have $1.50 price target on the stock.

According to Zacks, “Hoth Therapeutics Inc. is a development stage biopharmaceutical company. It focused on therapeutics for patients suffering from indications such as atopic dermatitis, also known as eczema. The company’s BioLexa(TM) Platform is a proprietary, patented drug compound platform. Hoth Therapeutics Inc. is based in New York, United States. “

Shares of Hoth Therapeutics stock opened at $1.24 on Wednesday. Hoth Therapeutics has a 52-week low of $1.14 and a 52-week high of $3.50. The company has a 50 day moving average of $1.32 and a 200 day moving average of $1.56. The company has a market capitalization of $29.60 million, a P/E ratio of -2.14 and a beta of 1.06.

Institutional investors have recently modified their holdings of the stock. XTX Topco Ltd purchased a new position in Hoth Therapeutics in the first quarter worth approximately $25,000. Bank of New York Mellon Corp purchased a new stake in shares of Hoth Therapeutics during the 1st quarter worth approximately $52,000. State Street Corp purchased a new stake in shares of Hoth Therapeutics during the 2nd quarter worth approximately $43,000. Goldman Sachs Group Inc. purchased a new stake in shares of Hoth Therapeutics during the 2nd quarter worth approximately $60,000. Finally, Geode Capital Management LLC lifted its position in shares of Hoth Therapeutics by 323.4% during the 2nd quarter. Geode Capital Management LLC now owns 79,571 shares of the company’s stock worth $127,000 after buying an additional 60,779 shares during the last quarter. Institutional investors own 14.18% of the company’s stock.

About Hoth Therapeutics

Hoth Therapeutics, Inc engages in the development of new generation therapies for dermatological disorders. Its product pipeline focuses on potential treatments for indications including atopic dermatitis (also known as eczema), chronic wounds, psoriasis, asthma, and acne. It offers the BioLexa Platform, a proprietary, patented, drug compound platform for the treatment of eczema.

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