Cerevel Therapeutics Holdings, Inc. (NASDAQ:CERE) Sees Significant Decrease in Short Interest

Cerevel Therapeutics Holdings, Inc. (NASDAQ:CEREGet Rating) was the target of a large drop in short interest during the month of July. As of July 31st, there was short interest totalling 5,090,000 shares, a drop of 12.8% from the July 15th total of 5,840,000 shares. Currently, 8.6% of the shares of the company are short sold. Based on an average daily volume of 580,800 shares, the short-interest ratio is currently 8.8 days.

Insider Activity at Cerevel Therapeutics

In other Cerevel Therapeutics news, insider John Renger sold 25,000 shares of the firm’s stock in a transaction that occurred on Tuesday, July 5th. The shares were sold at an average price of $30.00, for a total transaction of $750,000.00. Following the completion of the sale, the insider now directly owns 2,704 shares in the company, valued at $81,120. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In the last ninety days, insiders sold 105,000 shares of company stock worth $3,727,500. Insiders own 4.30% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the company. Nisa Investment Advisors LLC increased its stake in Cerevel Therapeutics by 46.8% in the second quarter. Nisa Investment Advisors LLC now owns 1,380 shares of the biotechnology company’s stock valued at $36,000 after acquiring an additional 440 shares during the last quarter. Teacher Retirement System of Texas increased its stake in Cerevel Therapeutics by 9.5% in the first quarter. Teacher Retirement System of Texas now owns 9,159 shares of the biotechnology company’s stock valued at $321,000 after acquiring an additional 795 shares during the last quarter. Principal Financial Group Inc. increased its stake in Cerevel Therapeutics by 4.4% in the second quarter. Principal Financial Group Inc. now owns 25,309 shares of the biotechnology company’s stock valued at $669,000 after acquiring an additional 1,075 shares during the last quarter. HighTower Advisors LLC increased its stake in Cerevel Therapeutics by 2.3% in the fourth quarter. HighTower Advisors LLC now owns 73,488 shares of the biotechnology company’s stock valued at $2,371,000 after acquiring an additional 1,644 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its stake in Cerevel Therapeutics by 30.3% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 7,134 shares of the biotechnology company’s stock valued at $250,000 after acquiring an additional 1,657 shares during the last quarter.

Cerevel Therapeutics Stock Performance

Shares of NASDAQ CERE traded up $0.18 during midday trading on Wednesday, reaching $32.18. The company’s stock had a trading volume of 45,501 shares, compared to its average volume of 1,182,517. Cerevel Therapeutics has a fifty-two week low of $19.86 and a fifty-two week high of $46.16. The business’s 50 day moving average price is $28.44 and its two-hundred day moving average price is $29.10. The company has a market cap of $4.78 billion, a P/E ratio of -17.08 and a beta of 2.09.

Cerevel Therapeutics (NASDAQ:CEREGet Rating) last released its quarterly earnings results on Monday, August 1st. The biotechnology company reported ($0.62) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.48) by ($0.14). During the same quarter in the prior year, the business posted ($0.42) EPS. Sell-side analysts forecast that Cerevel Therapeutics will post -2.24 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on CERE shares. Mizuho cut their price objective on shares of Cerevel Therapeutics from $30.00 to $27.00 and set a “neutral” rating for the company in a research report on Wednesday, August 3rd. The Goldman Sachs Group cut their price objective on shares of Cerevel Therapeutics from $28.00 to $20.00 and set a “neutral” rating for the company in a research report on Tuesday, May 24th. Two equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $39.00.

Cerevel Therapeutics Company Profile

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Cerevel Therapeutics Holdings, Inc, a clinical-stage biopharmaceutical company, engages in the development of various therapies for neuroscience diseases. It is developing emraclidine, a positive allosteric modulator (PAM) that is in phase 1b clinical trials for the treatment of schizophrenia; and Darigabat, a PAM, which is in Phase 2 proof-of-concept trial in patients with drug-resistant focal onset seizures in epilepsy or focal epilepsy, as well as in phase 1 trial to treat acute anxiety.

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