Zacks Investment Research upgraded shares of PhaseBio Pharmaceuticals (NASDAQ:PHAS) from a hold rating to a buy rating in a research report sent to investors on Wednesday, Zacks.com reports. Zacks Investment Research currently has $4.25 price target on the stock.
According to Zacks, “PhaseBio Pharmaceuticals Inc. is a clinical-stage biopharmaceutical company. It focuses on the development and commercialization of novel therapies to treat orphan diseases with an initial focus on cardiopulmonary indications. The company’s product consists of PB2452, a novel reversal agent for the antiplatelet drug ticagrelor and PB1046, a once-weekly fusion protein for the treatment of pulmonary arterial hypertension, which are in clinical stage. PhaseBio Pharmaceuticals Inc. is based in Malvern, United States. “
Several other research firms have also commented on PHAS. Needham & Company LLC lowered their price target on shares of PhaseBio Pharmaceuticals from $16.00 to $15.00 and set a buy rating on the stock in a research report on Thursday, June 17th. HC Wainwright reiterated a buy rating on shares of PhaseBio Pharmaceuticals in a research report on Monday, August 16th.
PhaseBio Pharmaceuticals (NASDAQ:PHAS) last issued its earnings results on Thursday, August 12th. The company reported ($0.60) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.46) by ($0.14). The business had revenue of $10.34 million for the quarter. On average, sell-side analysts forecast that PhaseBio Pharmaceuticals will post -2.57 EPS for the current fiscal year.
In other PhaseBio Pharmaceuticals news, Director Clay Thorp purchased 10,000 shares of the stock in a transaction dated Wednesday, August 18th. The shares were acquired at an average cost of $3.00 per share, for a total transaction of $30,000.00. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 9.00% of the stock is owned by corporate insiders.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. UBS Group AG boosted its position in PhaseBio Pharmaceuticals by 523.1% during the first quarter. UBS Group AG now owns 8,150 shares of the company’s stock worth $28,000 after acquiring an additional 6,842 shares during the last quarter. Parametric Portfolio Associates LLC acquired a new stake in PhaseBio Pharmaceuticals during the second quarter worth approximately $38,000. Barclays PLC boosted its position in PhaseBio Pharmaceuticals by 159.1% during the first quarter. Barclays PLC now owns 12,754 shares of the company’s stock worth $45,000 after acquiring an additional 7,831 shares during the last quarter. Occudo Quantitative Strategies LP acquired a new stake in PhaseBio Pharmaceuticals during the second quarter worth approximately $55,000. Finally, Cubist Systematic Strategies LLC acquired a new stake in PhaseBio Pharmaceuticals during the second quarter worth approximately $71,000. Hedge funds and other institutional investors own 63.42% of the company’s stock.
PhaseBio Pharmaceuticals Company Profile
PhaseBio Pharmaceuticals, Inc is a clinical-stage biopharmaceutical company, which engages in the development and commercialization of novel therapies for cardiopulmonary diseases. The firm’s pipeline includes: bentracimab (PB2452), a novel reversal agent for the antiplatelet therapy ticagrelor; pemziviptadil (PB1046), a once-weekly vasoactive intestinal peptide receptor agonist for the treatment of pulmonary arterial hypertension; and PB6440, an oral agent for the treatment of resistant hypertension.
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