Achaogen Inc (AKAO) Earns Buy Rating from Needham & Company LLC
Needham & Company LLC restated their buy rating on shares of Achaogen Inc (NASDAQ:AKAO) in a research report sent to investors on Wednesday. Needham & Company LLC currently has a $29.00 target price on the biopharmaceutical company’s stock.
“Achaogen mgmt provided a 4Q16 corporate update yesterday. Company remains on track for plazomicin NDA submission 2H17. Details around manufacturing/ CMC were provided, including role for Pfizer McPherson facility in fill/ finish. An FDA Warning Letter was issued to Pfizer last month for matters unrelated to plazomicin at facility. We assume resolution is likely before PDUFA date in 2018. We await additional information on new oral beta-lactam/ BLI cUTI program (C-Scape), but believe commercial opportunity for oral drug in this indication is one of most attractive areas in antibiotic space.”,” Needham & Company LLC’s analyst commented.
Several other analysts have also weighed in on the stock. Aegis reiterated a buy rating and set a $39.00 target price on shares of Achaogen in a research report on Wednesday, March 15th. Stifel Nicolaus lifted their target price on shares of Achaogen from $27.00 to $28.00 and gave the company a buy rating in a research report on Wednesday, March 15th. Zacks Investment Research lowered shares of Achaogen from a buy rating to a hold rating in a research report on Wednesday, March 8th. Wedbush lifted their price target on shares of Achaogen from $23.00 to $28.00 and gave the company an outperform rating in a report on Monday, March 6th. Finally, Vetr downgraded shares of Achaogen from a strong-buy rating to a buy rating and set a $25.80 price target for the company. in a report on Wednesday, February 22nd. One analyst has rated the stock with a hold rating and nine have given a buy rating to the company. Achaogen has an average rating of Buy and an average target price of $25.98.
Shares of Achaogen (NASDAQ:AKAO) opened at 22.64 on Wednesday. The company’s 50-day moving average is $21.99 and its 200-day moving average is $11.44. The company’s market capitalization is $648.70 million. Achaogen has a one year low of $2.59 and a one year high of $27.79.
Achaogen (NASDAQ:AKAO) last issued its earnings results on Tuesday, March 14th. The biopharmaceutical company reported ($1.04) earnings per share for the quarter, missing the consensus estimate of ($0.49) by $0.55. Achaogen had a negative net margin of 147.80% and a negative return on equity of 143.44%. The business had revenue of $10.73 million for the quarter, compared to analyst estimates of $13.33 million. During the same quarter last year, the firm posted ($0.61) earnings per share. Achaogen’s revenue was up 130.3% on a year-over-year basis. Equities analysts predict that Achaogen will post ($2.25) earnings per share for the current year.
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Institutional investors have recently made changes to their positions in the stock. Redmile Group LLC purchased a new position in shares of Achaogen during the third quarter valued at about $155,000. FNY Partners Fund LP purchased a new position in shares of Achaogen during the fourth quarter valued at about $158,000. State Street Corp purchased a new position in shares of Achaogen during the fourth quarter valued at about $242,000. Ellington Management Group LLC purchased a new position in shares of Achaogen during the fourth quarter valued at about $391,000. Finally, Baker BROS. Advisors LP purchased a new position in shares of Achaogen during the third quarter valued at about $479,000. 44.47% of the stock is owned by hedge funds and other institutional investors.
Achaogen Company Profile
Achaogen, Inc is a clinical-stage biopharmaceutical company. The Company is engaged in the discovery, development and commercialization of antibacterials to treat multi-drug resistant (MDR) gram-negative infections. The Company is developing plazomicin, its lead product candidate, for the treatment of serious bacterial infections due to MDR Enterobacteriaceae, including carbapenem-resistant enterobacteriaceae (CRE).
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