Royalty Pharma (NASDAQ:RPRX) Cut to Hold at Zacks Investment Research

Zacks Investment Research lowered shares of Royalty Pharma (NASDAQ:RPRX) from a buy rating to a hold rating in a research note published on Wednesday morning, Zacks.com reports.

According to Zacks, “Royalty Pharma plc is a funder of biopharmaceutical industry. The compnay’s portfolio includes royalties on commercial products, including AbbVie and J&J’s Imbruvica, Astellas and Pfizer’s Xtandi, Biogen’s Tysabri, Gilead’s HIV franchise, Merck’s Januvia, Novartis’ Promacta and Vertex’s Kalydeco, Symdeko and Trikafta, and development-stage product candidates. Royalty Pharma plc is based in NEW YORK. “

A number of other brokerages also recently weighed in on RPRX. Morgan Stanley cut their price target on shares of Royalty Pharma from $51.00 to $46.00 and set an equal weight rating for the company in a report on Monday, August 16th. Tigress Financial began coverage on shares of Royalty Pharma in a research note on Friday, July 30th. They issued a buy rating and a $50.00 price objective for the company.

Shares of Royalty Pharma stock opened at $38.50 on Wednesday. The company has a 50 day moving average of $38.90 and a 200-day moving average of $41.56. Royalty Pharma has a 1-year low of $34.80 and a 1-year high of $53.23. The company has a current ratio of 9.53, a quick ratio of 9.53 and a debt-to-equity ratio of 0.56. The company has a market cap of $23.38 billion, a PE ratio of 24.06, a price-to-earnings-growth ratio of 1.13 and a beta of 1.00.

Royalty Pharma (NASDAQ:RPRX) last issued its quarterly earnings results on Wednesday, August 11th. The biopharmaceutical company reported $0.71 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.70 by $0.01. Royalty Pharma had a net margin of 43.43% and a return on equity of 13.02%. The company had revenue of $475.00 million during the quarter, compared to the consensus estimate of $474.52 million. Research analysts forecast that Royalty Pharma will post 2.84 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, September 15th. Investors of record on Friday, August 20th were paid a $0.17 dividend. This represents a $0.68 annualized dividend and a yield of 1.77%. The ex-dividend date of this dividend was Thursday, August 19th. Royalty Pharma’s payout ratio is 42.24%.

In other news, EVP George W. Lloyd sold 13,362 shares of the stock in a transaction on Monday, July 26th. The shares were sold at an average price of $39.78, for a total transaction of $531,540.36. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Rory B. Riggs sold 167,448 shares of the stock in a transaction on Monday, June 28th. The stock was sold at an average price of $42.11, for a total transaction of $7,051,235.28. Following the sale, the director now owns 679,760 shares of the company’s stock, valued at $28,624,693.60. The disclosure for this sale can be found here. In the last three months, insiders sold 918,301 shares of company stock valued at $39,051,396. 25.86% of the stock is owned by insiders.

Several institutional investors and hedge funds have recently bought and sold shares of the company. Virtu Financial LLC acquired a new stake in shares of Royalty Pharma during the second quarter worth $977,000. Bank of America Corp DE boosted its stake in Royalty Pharma by 11.7% during the second quarter. Bank of America Corp DE now owns 1,592,556 shares of the biopharmaceutical company’s stock worth $65,278,000 after acquiring an additional 166,677 shares in the last quarter. Parametric Portfolio Associates LLC boosted its stake in Royalty Pharma by 30.4% during the second quarter. Parametric Portfolio Associates LLC now owns 239,517 shares of the biopharmaceutical company’s stock worth $9,818,000 after acquiring an additional 55,889 shares in the last quarter. Wells Fargo & Company MN boosted its stake in Royalty Pharma by 196.0% during the second quarter. Wells Fargo & Company MN now owns 106,124 shares of the biopharmaceutical company’s stock worth $4,350,000 after acquiring an additional 70,277 shares in the last quarter. Finally, Worldquant Millennium Advisors LLC bought a new position in Royalty Pharma during the second quarter worth $4,723,000. Institutional investors own 40.55% of the company’s stock.

About Royalty Pharma

Royalty Pharma plc operates as a buyer of biopharmaceutical royalties and a funder of innovations in the biopharmaceutical industry in the United States. It is also involved in the identification, evaluation, and acquisition of royalties on various biopharmaceutical therapies. In addition, the company collaborates with innovators from academic institutions, research hospitals and not-for-profits, small and mid-cap biotechnology companies, and pharmaceutical companies.

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