Teligent (TLGT) Hits New 1-Year Low on Analyst Downgrade
Teligent Inc (NASDAQ:TLGT) hit a new 52-week low on Friday after Canaccord Genuity lowered their price target on the stock from $4.00 to $3.50. Canaccord Genuity currently has a hold rating on the stock. Teligent traded as low as $2.66 and last traded at $2.66, with a volume of 181336 shares changing hands. The stock had previously closed at $2.71.
Separately, Zacks Investment Research cut Teligent from a “hold” rating to a “strong sell” rating in a report on Saturday, November 11th. Three research analysts have rated the stock with a sell rating, two have issued a hold rating and one has assigned a buy rating to the stock. Teligent has an average rating of “Hold” and a consensus target price of $6.83.
Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Voya Investment Management LLC raised its position in Teligent by 16.1% during the 2nd quarter. Voya Investment Management LLC now owns 23,342 shares of the company’s stock valued at $214,000 after purchasing an additional 3,234 shares during the last quarter. Two Sigma Investments LP bought a new position in Teligent during the 4th quarter valued at approximately $123,000. Parametric Portfolio Associates LLC raised its position in Teligent by 85.6% during the 2nd quarter. Parametric Portfolio Associates LLC now owns 34,549 shares of the company’s stock valued at $316,000 after purchasing an additional 15,933 shares during the last quarter. Alliancebernstein L.P. raised its position in Teligent by 19.2% during the 2nd quarter. Alliancebernstein L.P. now owns 37,200 shares of the company’s stock valued at $340,000 after purchasing an additional 6,000 shares during the last quarter. Finally, Wells Fargo & Company MN raised its position in Teligent by 52.4% during the 3rd quarter. Wells Fargo & Company MN now owns 49,264 shares of the company’s stock valued at $331,000 after purchasing an additional 16,937 shares during the last quarter. 69.65% of the stock is owned by institutional investors and hedge funds.
Teligent, Inc is a specialty generic pharmaceutical company. Under the Company’s own label, it markets and sells generic injectable pharmaceutical products in the United States and Canada. In the United States it marketed 16 generic topical pharmaceutical products and four branded generic pharmaceutical products, as of December 31, 2016.
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