Stifel Nicolaus Reiterates “Buy” Rating for NGM Biopharmaceuticals (NYSE:NGM)
Stifel Nicolaus reissued their buy rating on shares of NGM Biopharmaceuticals (NYSE:NGM) in a research note published on Wednesday morning, AnalystRatings.com reports. They currently have a $26.00 price objective on the stock.
“We are reiterating our Buy rating and $26 target price after NGM reported its 2Q19 financials and business update. We remain positively biased ahead of NGM282’s (aldafermin) Phase 2 cohort 4 interim data expected in 4Q19 (non-invasive biomarkers), but more importantly, aldafermin’s top line results in early 2020 where we believe it has the potential to demonstrate a histological fibrosis benefit in NASH patients in as little as 24 weeks of treatment. The latter remains the key catalyst for the stock, in our view. In the press release, NGM indicated it had completed enrollment for cohort 4 and management also highlighted pipeline progress for some of its earlier stage programs including for NGM621, which is being developed for geographic atrophy, and NGM120 for CACS.”,” Stifel Nicolaus’ analyst wrote.
A number of other brokerages have also issued reports on NGM. Citigroup assumed coverage on NGM Biopharmaceuticals in a research note on Monday, April 29th. They issued a buy rating and a $29.00 price target on the stock. Cowen reaffirmed a buy rating and issued a $25.00 price target on shares of NGM Biopharmaceuticals in a research note on Monday, May 20th. Finally, Goldman Sachs Group assumed coverage on NGM Biopharmaceuticals in a research note on Monday, April 29th. They issued a buy rating and a $22.00 price target on the stock.
NGM Biopharmaceuticals (NYSE:NGM) last issued its quarterly earnings results on Monday, August 12th. The company reported ($0.13) earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.84) by $0.71. The firm had revenue of $25.34 million during the quarter, compared to analyst estimates of $19.00 million.
In other news, Director Peter Svennilson purchased 29,760 shares of the stock in a transaction dated Friday, June 14th. The shares were purchased at an average cost of $14.05 per share, with a total value of $418,128.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director David V. Goeddel purchased 89,866 shares of the stock in a transaction dated Friday, July 26th. The stock was purchased at an average cost of $13.49 per share, for a total transaction of $1,212,292.34. The disclosure for this purchase can be found here. Insiders bought 647,893 shares of company stock worth $8,920,610 over the last ninety days.
Several large investors have recently modified their holdings of the company. Svennilson Peter acquired a new position in NGM Biopharmaceuticals during the second quarter worth $229,762,000. RHO Capital Partners Inc. acquired a new position in NGM Biopharmaceuticals during the second quarter worth $55,144,000. Royal Bank of Canada acquired a new position in NGM Biopharmaceuticals during the second quarter worth $17,691,000. Rock Springs Capital Management LP acquired a new position in NGM Biopharmaceuticals during the second quarter worth $5,140,000. Finally, Jasper Ridge Partners L.P. acquired a new position in NGM Biopharmaceuticals during the second quarter worth $5,109,000.
NGM Biopharmaceuticals Company Profile
NGM Biopharmaceuticals, Inc, a clinical-stage biopharmaceutical company, engages in the discovery and development of novel therapeutics for the treatment of cardio-metabolic, liver, oncologic, and ophthalmic diseases. The company's product candidates include NGM282, an engineered variant of the FGF19 human hormone in Phase 2 clinical trials for the treatment of non-alcoholic steatohepatitis (NASH); NGM313, an agonistic antibody that selectively activates fibroblast growth factor receptor 1c-beta-klotho, which is in Phase 1b early proof-of-concept clinical trials for use in the treatment of type 2 diabetes and NASH; and NGM386 and NGM395, which are engineered variants of the GDF15 human hormone for use in the treatment of obesity.
Recommended Story: Marijuana Stocks Future Looks Bright
Receive News & Ratings for NGM Biopharmaceuticals Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for NGM Biopharmaceuticals and related companies with MarketBeat.com's FREE daily email newsletter.