Royalty Pharma (NASDAQ:RPRX) Sets New 52-Week High on Analyst Upgrade

Royalty Pharma PLC (NASDAQ:RPRX) hit a new 52-week high on Wednesday after Zacks Research upgraded the stock from a hold rating to a strong-buy rating. The stock traded as high as $69.83 and last traded at $69.07, with a volume of 452,424 shares traded. The stock had previously closed at $69.45.

Other equities research analysts have also recently issued reports about the stock. Citigroup lifted their price objective on shares of Royalty Pharma from $70.00 to $78.00 and gave the company a “buy” rating in a research note on Thursday, November 5th. Weiss Ratings raised Royalty Pharma from a “buy (b-)” rating to a “buy (b)” rating in a research note on Monday, September 14th. TD Cowen lifted their target price on shares of Royalty Pharma from $65.00 to $68.00 and gave the stock a “buy” rating in a research report on Tuesday, September 8th. Bank of America reiterated a “buy” rating on shares of Royalty Pharma in a report on Wednesday, August 5th. Finally, Wall Street Zen downgraded shares of Royalty Pharma from a “strong-buy” rating to a “buy” rating in a research report on Saturday, September 26th. One investment analyst has rated the stock with a Strong Buy rating and eight have given a Buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Buy” and an average target price of $63.29.

Insider Activity at Royalty Pharma

In related news, EVP Marshall Urist sold 4,126 shares of the stock in a transaction that occurred on Monday, October 5th. The stock was sold at an average price of $57.10, for a total transaction of $235,594.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Christopher Hite sold 100,000 shares of the stock in a transaction that occurred on Tuesday, September 22nd. The shares were sold at an average price of $58.53, for a total value of $5,853,000.00. Following the completion of the sale, the executive vice president directly owned 270,401 shares of the company’s stock, valued at $15,826,570.53. This represents a 27.00% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders have sold 208,252 shares of company stock valued at $12,324,407. 18.84% of the stock is owned by corporate insiders.

Institutional Trading of Royalty Pharma

Several institutional investors have recently made changes to their positions in RPRX. Bank of America Corp DE grew its stake in shares of Royalty Pharma by 29.0% in the 1st quarter. Bank of America Corp DE now owns 3,495,846 shares of the biopharmaceutical company’s stock valued at $167,696,000 after purchasing an additional 786,921 shares during the period. Amundi raised its holdings in Royalty Pharma by 15.3% during the 1st quarter. Amundi now owns 3,088,773 shares of the biopharmaceutical company’s stock worth $148,168,000 after purchasing an additional 409,394 shares during the last quarter. Dorsey Asset Management LLC lifted its holdings in Royalty Pharma by 0.8% in the first quarter. Dorsey Asset Management LLC now owns 2,276,570 shares of the biopharmaceutical company’s stock valued at $109,207,000 after buying an additional 17,101 shares during the period. Hsbc Holdings PLC boosted its position in shares of Royalty Pharma by 2,562.2% in the 1st quarter. Hsbc Holdings PLC now owns 1,544,018 shares of the biopharmaceutical company’s stock worth $74,000,000 after purchasing an additional 1,486,020 shares during the last quarter. Finally, Robeco Institutional Asset Management B.V. boosted its holdings in Royalty Pharma by 28.2% during the third quarter. Robeco Institutional Asset Management B.V. now owns 1,168,427 shares of the biopharmaceutical company’s stock worth $68,189,000 after buying an additional 256,841 shares during the last quarter. 54.35% of the stock is currently owned by institutional investors and hedge funds.

Royalty Pharma Price Performance

The company’s 50 day simple moving average is $61.41 and its 200 day simple moving average is $54.39. The stock has a market cap of $39.66 billion, a P/E ratio of 57.48, a P/E/G ratio of 1.39 and a beta of 0.37. The company has a debt-to-equity ratio of 0.77, a current ratio of 1.29 and a quick ratio of 1.29.

Royalty Pharma Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 10th. Investors of record on Friday, November 13th will be issued a dividend of $0.2350 per share. This represents a $0.94 dividend on an annualized basis and a dividend yield of 1.4%. The ex-dividend date is Friday, November 13th. Royalty Pharma’s dividend payout ratio (DPR) is presently 78.33%.

About Royalty Pharma

Royalty Pharma plc is a biopharmaceutical royalty company that provides funding to companies and inventors in exchange for royalty interests in medicines. It acquires existing royalties and helps finance drug development and commercialization through royalty-based transactions and other forms of funding. The company’s portfolio includes royalty interests in medicines across a range of therapeutic areas, spanning both approved treatments and products in development. Royalty Pharma generally earns revenue when these medicines are sold; it does not operate as a conventional drug manufacturer or commercialize medicines itself.