NeuroDerm Ltd. (NDRM) Sees Significant Growth in Short Interest
NeuroDerm Ltd. (NASDAQ:NDRM) saw a large increase in short interest in September. As of September 15th, there was short interest totalling 1,221,573 shares, an increase of 28.1% from the August 31st total of 953,489 shares. Based on an average trading volume of 530,756 shares, the short-interest ratio is currently 2.3 days. Currently, 6.0% of the company’s stock are sold short.
Several brokerages have issued reports on NDRM. Zacks Investment Research cut shares of NeuroDerm from a “hold” rating to a “sell” rating in a report on Wednesday. Raymond James Financial, Inc. cut shares of NeuroDerm from an “outperform” rating to a “market perform” rating and set a $39.00 target price on the stock. in a report on Monday, July 24th. Jefferies Group LLC reiterated a “buy” rating and set a $42.00 target price on shares of NeuroDerm in a report on Monday, August 14th. Roth Capital cut shares of NeuroDerm from a “buy” rating to a “neutral” rating and increased their target price for the stock from $33.00 to $39.00 in a report on Wednesday, August 2nd. Finally, BidaskClub upgraded shares of NeuroDerm from a “sell” rating to a “hold” rating in a report on Tuesday, July 25th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and five have given a buy rating to the company. The stock presently has an average rating of “Hold” and an average target price of $45.86.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Menora Mivtachim Holdings LTD. grew its position in NeuroDerm by 18.6% in the 2nd quarter. Menora Mivtachim Holdings LTD. now owns 808,073 shares of the biotechnology company’s stock valued at $24,161,000 after acquiring an additional 126,517 shares in the last quarter. Wells Fargo & Company MN grew its position in shares of NeuroDerm by 55,181.2% during the second quarter. Wells Fargo & Company MN now owns 373,148 shares of the biotechnology company’s stock worth $11,157,000 after buying an additional 372,473 shares in the last quarter. Senzar Asset Management LLC grew its position in shares of NeuroDerm by 10.4% during the second quarter. Senzar Asset Management LLC now owns 357,400 shares of the biotechnology company’s stock worth $10,686,000 after buying an additional 33,700 shares in the last quarter. Nexthera Capital LP grew its position in shares of NeuroDerm by 13.6% during the second quarter. Nexthera Capital LP now owns 327,240 shares of the biotechnology company’s stock worth $9,784,000 after buying an additional 39,240 shares in the last quarter. Finally, OppenheimerFunds Inc. acquired a new position in shares of NeuroDerm during the first quarter worth about $7,588,000. 52.39% of the stock is owned by institutional investors.
NeuroDerm (NASDAQ NDRM) opened at 38.95 on Thursday. The company’s market capitalization is $1.03 billion. The firm’s 50-day moving average is $38.74 and its 200 day moving average is $31.16. NeuroDerm has a one year low of $15.20 and a one year high of $38.95.
NeuroDerm Company Profile
NeuroDerm Ltd. is an Israel-based clinical-stage pharmaceutical company. The Company is engaged in developing treatments for central nervous system (CNS) disorders, primarily Parkinson’s disease, as well as other CNS diseases. The Company’s Parkinson’s disease product candidates are drug-device combination products, with devices and varying levodopa (LD)/carbidopa (CD) or apomorphine concentrations and dosages.
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