Catalyst Pharmaceuticals, Inc. (CPRX) Downgraded to “Sell” at Zacks Investment Research
Zacks Investment Research lowered shares of Catalyst Pharmaceuticals, Inc. (NASDAQ:CPRX) from a hold rating to a sell rating in a research note issued to investors on Wednesday morning.
According to Zacks, “Catalyst Pharma expects to report top-line results from its second phase III study of Firdapse for the treatment of Lambert-Eaton myasthenic syndrome (LEMS) in the second half of 2017 and resubmit a new drug application (NDA) before the end of 2017. Earlier in 2016, the company received a refusal to file letter from the FDA in connection with the NDA for Firdapse. The company suffered a setback when it received a refusal to file letter for Firdapse from the FDA. Meanwhile, the company is also developing Firdapse for additional indications. The company’s share price movement shows that the stock has outperformed the Zacks classified Medical-Drugs industry year to date. However, Catalyst has a limited number of candidates in its pipeline and is highly dependent on Firdapse’s approval for growth.”
Several other research firms have also recently weighed in on CPRX. Piper Jaffray Companies set a $6.00 target price on shares of Catalyst Pharmaceuticals and gave the company a buy rating in a research note on Monday, August 7th. Roth Capital set a $5.00 target price on shares of Catalyst Pharmaceuticals and gave the company a buy rating in a research note on Thursday, August 10th. Finally, SunTrust Banks, Inc. reiterated a buy rating and issued a $5.00 target price on shares of Catalyst Pharmaceuticals in a research note on Tuesday, September 5th. One analyst has rated the stock with a sell rating and four have assigned a buy rating to the company. The stock has an average rating of Buy and a consensus price target of $5.50.
Shares of Catalyst Pharmaceuticals (NASDAQ CPRX) traded down 2.94% during mid-day trading on Wednesday, hitting $2.64. The stock had a trading volume of 385,117 shares. The firm’s 50 day moving average price is $2.60 and its 200-day moving average price is $2.41. The company’s market cap is $223.22 million. Catalyst Pharmaceuticals has a one year low of $0.94 and a one year high of $3.20.
Catalyst Pharmaceuticals (NASDAQ:CPRX) last released its earnings results on Wednesday, August 9th. The biopharmaceutical company reported ($0.05) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.06) by $0.01. On average, equities research analysts anticipate that Catalyst Pharmaceuticals will post ($0.23) earnings per share for the current fiscal year.
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In other Catalyst Pharmaceuticals news, insider Patrick J. Mcenany purchased 20,000 shares of the company’s stock in a transaction that occurred on Tuesday, September 5th. The stock was purchased at an average price of $2.58 per share, with a total value of $51,600.00. Following the completion of the transaction, the insider now directly owns 4,471,026 shares of the company’s stock, valued at approximately $11,535,247.08. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Corporate insiders own 8.79% of the company’s stock.
Hedge funds and other institutional investors have recently bought and sold shares of the company. JPMorgan Chase & Co. acquired a new stake in shares of Catalyst Pharmaceuticals during the first quarter worth approximately $155,000. Kennedy Capital Management Inc. increased its holdings in shares of Catalyst Pharmaceuticals by 298.5% during the second quarter. Kennedy Capital Management Inc. now owns 918,438 shares of the biopharmaceutical company’s stock worth $2,535,000 after buying an additional 687,938 shares in the last quarter. Oxford Asset Management increased its holdings in shares of Catalyst Pharmaceuticals by 138.1% during the first quarter. Oxford Asset Management now owns 58,940 shares of the biopharmaceutical company’s stock worth $115,000 after buying an additional 34,181 shares in the last quarter. Renaissance Technologies LLC acquired a new stake in shares of Catalyst Pharmaceuticals during the first quarter worth approximately $746,000. Finally, AJO LP acquired a new stake in shares of Catalyst Pharmaceuticals during the second quarter worth approximately $1,819,000. 40.15% of the stock is owned by institutional investors.
About Catalyst Pharmaceuticals
Catalyst Pharmaceuticals, Inc, formerly Catalyst Pharmaceutical Partners, Inc, is a development-stage biopharmaceutical company. The Company is focused on developing and commercializing therapies for people with rare debilitating diseases. The Company has three drugs in development: Firdapse, CPP-109 and CPP-115.
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