Citigroup Raises Catalyst Pharmaceuticals (NASDAQ:CPRX) Price Target to $33.00

Catalyst Pharmaceuticals (NASDAQ:CPRX) had its price objective raised by analysts at Citigroup from $31.00 to $33.00 in a report issued on Friday,Benzinga reports. The brokerage presently has a “buy” rating on the biopharmaceutical company’s stock. Citigroup’s price target would indicate a potential upside of 54.28% from the stock’s previous close.

CPRX has been the subject of several other reports. Weiss Ratings reiterated a “hold (c+)” rating on shares of Catalyst Pharmaceuticals in a research note on Wednesday, October 8th. Wall Street Zen upgraded shares of Catalyst Pharmaceuticals from a “hold” rating to a “buy” rating in a research report on Sunday, October 12th. Oppenheimer reissued an “outperform” rating and set a $33.00 target price on shares of Catalyst Pharmaceuticals in a research note on Friday. Finally, Zacks Research lowered Catalyst Pharmaceuticals from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, August 19th. Two analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat, the company presently has an average rating of “Buy” and a consensus target price of $33.14.

Catalyst Pharmaceuticals Stock Up 1.9%

Shares of CPRX opened at $21.39 on Friday. The company has a market capitalization of $2.62 billion, a price-to-earnings ratio of 12.96, a PEG ratio of 0.84 and a beta of 0.79. Catalyst Pharmaceuticals has a 52 week low of $19.05 and a 52 week high of $26.58. The stock’s 50-day moving average price is $20.50 and its 200-day moving average price is $21.79.

Catalyst Pharmaceuticals (NASDAQ:CPRX) last announced its quarterly earnings results on Monday, September 25th. The biopharmaceutical company reported $0.28 earnings per share for the quarter. Catalyst Pharmaceuticals had a return on equity of 40.78% and a net margin of 37.36%.The company had revenue of $53.11 million during the quarter. As a group, equities analysts anticipate that Catalyst Pharmaceuticals will post 1.9 EPS for the current fiscal year.

Catalyst Pharmaceuticals declared that its board has initiated a stock buyback plan on Wednesday, October 1st that authorizes the company to buyback $200.00 million in outstanding shares. This buyback authorization authorizes the biopharmaceutical company to purchase up to 8.3% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s leadership believes its stock is undervalued.

Insider Activity at Catalyst Pharmaceuticals

In other Catalyst Pharmaceuticals news, insider Steve Miller sold 115,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 26th. The stock was sold at an average price of $20.28, for a total transaction of $2,332,200.00. Following the completion of the sale, the insider directly owned 949,663 shares in the company, valued at approximately $19,259,165.64. The trade was a 10.80% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Richard J. Daly sold 22,970 shares of the stock in a transaction that occurred on Tuesday, August 26th. The shares were sold at an average price of $20.62, for a total value of $473,641.40. Following the transaction, the chief executive officer directly owned 226,794 shares of the company’s stock, valued at $4,676,492.28. The trade was a 9.20% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 243,970 shares of company stock worth $4,927,241 in the last ninety days. 10.40% of the stock is owned by company insiders.

Institutional Trading of Catalyst Pharmaceuticals

A number of institutional investors have recently made changes to their positions in CPRX. Principal Financial Group Inc. boosted its position in shares of Catalyst Pharmaceuticals by 2.8% during the first quarter. Principal Financial Group Inc. now owns 617,506 shares of the biopharmaceutical company’s stock worth $14,975,000 after buying an additional 17,018 shares during the period. Redhawk Wealth Advisors Inc. lifted its stake in Catalyst Pharmaceuticals by 24.7% during the 2nd quarter. Redhawk Wealth Advisors Inc. now owns 67,778 shares of the biopharmaceutical company’s stock worth $1,471,000 after acquiring an additional 13,407 shares in the last quarter. Swedbank AB purchased a new stake in shares of Catalyst Pharmaceuticals during the first quarter worth $14,941,000. Raymond James Financial Inc. raised its stake in shares of Catalyst Pharmaceuticals by 33.5% in the first quarter. Raymond James Financial Inc. now owns 440,523 shares of the biopharmaceutical company’s stock valued at $10,683,000 after acquiring an additional 110,543 shares in the last quarter. Finally, Wesbanco Bank Inc. boosted its holdings in Catalyst Pharmaceuticals by 194.7% in the second quarter. Wesbanco Bank Inc. now owns 56,000 shares of the biopharmaceutical company’s stock valued at $1,215,000 after purchasing an additional 37,000 shares during the period. 79.22% of the stock is owned by institutional investors and hedge funds.

About Catalyst Pharmaceuticals

Catalyst Pharmaceuticals, Inc, a commercial-stage biopharmaceutical company, focuses on developing and commercializing therapies for people with rare debilitating, chronic neuromuscular, and neurological diseases in the United States. It offers Firdapse, an amifampridine phosphate tablets for the treatment of patients with lambert-eaton myasthenic syndrome (LEMS); and Ruzurgi for the treatment of pediatric LEMS patients.