Royalty Pharma (NASDAQ:RPRX) Raised to “Strong-Buy” at Zacks Research

Royalty Pharma (NASDAQ:RPRX) was upgraded by research analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a research report issued on Wednesday, Zacks reports.

Other equities research analysts have also recently issued research reports about the stock. Morgan Stanley raised their price objective on shares of Royalty Pharma from $65.00 to $67.00 and gave the company an “overweight” rating in a research report on Wednesday, October 7th. Citigroup upped their target price on shares of Royalty Pharma from $70.00 to $78.00 and gave the stock a “buy” rating in a research report on Thursday, November 5th. Bank of America reissued a “buy” rating on shares of Royalty Pharma in a research note on Wednesday, August 5th. The Goldman Sachs Group reissued a “buy” rating and issued a $66.00 price target on shares of Royalty Pharma in a report on Thursday, August 6th. Finally, JPMorgan Chase & Co. raised their price target on shares of Royalty Pharma from $58.00 to $62.00 and gave the company an “overweight” rating in a report on Friday, August 7th. One analyst has rated the stock with a Strong Buy rating and eight have issued a Buy rating to the stock. According to data from MarketBeat.com, Royalty Pharma currently has an average rating of “Buy” and a consensus target price of $63.29.

Royalty Pharma Stock Performance

Royalty Pharma stock opened at $68.97 on Wednesday. The stock has a 50-day simple moving average of $61.41 and a 200 day simple moving average of $54.39. The stock has a market capitalization of $39.66 billion, a price-to-earnings ratio of 57.48, a P/E/G ratio of 1.39 and a beta of 0.37. The company has a quick ratio of 1.29, a current ratio of 1.29 and a debt-to-equity ratio of 0.77. Royalty Pharma has a 12-month low of $37.31 and a 12-month high of $70.37.

Insider Activity

In other Royalty Pharma news, EVP Marshall Urist sold 4,126 shares of the business’s stock in a transaction dated 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 legal filing with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Christopher Hite sold 100,000 shares of the company’s stock in a transaction dated Tuesday, September 22nd. The shares were sold at an average price of $58.53, for a total transaction of $5,853,000.00. Following the transaction, the executive vice president owned 270,401 shares in the company, valued at approximately $15,826,570.53. The trade was a 27.00% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders sold 208,252 shares of company stock worth $12,324,407. 18.84% of the stock is owned by company insiders.

Institutional Investors Weigh In On Royalty Pharma

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

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.