Flex Pharma (FLKS) Stock Price Down 7.1%
Flex Pharma Inc (NASDAQ:FLKS) dropped 7.1% on Thursday . The company traded as low as $0.49 and last traded at $0.52. Approximately 1,105,162 shares changed hands during trading, an increase of 70% from the average daily volume of 648,414 shares. The stock had previously closed at $0.56.
FLKS has been the subject of a number of recent analyst reports. ValuEngine upgraded shares of Flex Pharma from a “hold” rating to a “buy” rating in a research report on Thursday, November 1st. Zacks Investment Research upgraded shares of Flex Pharma from a “sell” rating to a “hold” rating in a research report on Friday, September 21st. Four investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company. The company currently has a consensus rating of “Hold” and an average target price of $14.30.
The stock has a market cap of $10.09 million, a price-to-earnings ratio of -0.26 and a beta of 1.85.
In other Flex Pharma news, major shareholder Christoph H. Westphal sold 3,212,861 shares of Flex Pharma stock in a transaction dated Tuesday, October 16th. The shares were sold at an average price of $0.92, for a total transaction of $2,955,832.12. Following the completion of the sale, the insider now directly owns 3,941,118 shares in the company, valued at $3,625,828.56. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 7.62% of the stock is owned by company insiders.
Institutional investors and hedge funds have recently made changes to their positions in the business. JPMorgan Chase & Co. increased its position in shares of Flex Pharma by 10,889.2% during the first quarter. JPMorgan Chase & Co. now owns 37,583 shares of the biotechnology company’s stock valued at $188,000 after acquiring an additional 37,241 shares during the last quarter. Millennium Management LLC grew its holdings in shares of Flex Pharma by 75.9% in the first quarter. Millennium Management LLC now owns 60,126 shares of the biotechnology company’s stock valued at $301,000 after purchasing an additional 25,941 shares in the last quarter. Finally, Renaissance Technologies LLC grew its holdings in shares of Flex Pharma by 84.3% in the second quarter. Renaissance Technologies LLC now owns 236,958 shares of the biotechnology company’s stock valued at $223,000 after purchasing an additional 108,358 shares in the last quarter. Institutional investors and hedge funds own 19.65% of the company’s stock.
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Flex Pharma Company Profile (NASDAQ:FLKS)
Flex Pharma, Inc, a biotechnology company, develops and commercializes products for the treatment of muscle cramps, spasms, and spasticity associated with neurological conditions and exercise in the United States. It operates in two segments, Consumer Operations and Drug Development. The company's lead drug candidate is FLX-787, a single molecule, chemically synthesized, and dual transient receptor potential V1/A1 ion channel activator, which is in exploratory Phase 2 clinical trial in Australia for the treatment of patients with multiple sclerosis; and two Phase 2 clinical trials in the United States for the treatment of patients with motor neuron disease in amyotrophic lateral sclerosis.
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