Tricida (NASDAQ:TCDA) Shares Gap Up on Insider Buying Activity

Tricida, Inc. (NASDAQ:TCDAGet Rating) gapped up before the market opened on Wednesday following insider buying activity. The stock had previously closed at $11.00, but opened at $11.28. Tricida shares last traded at $11.08, with a volume of 2,633 shares trading hands.

Specifically, major shareholder Brian M. Isern sold 11,804 shares of Tricida stock in a transaction dated Thursday, April 28th. The shares were sold at an average price of $10.61, for a total transaction of $125,240.44. Following the transaction, the insider now directly owns 770,496 shares of the company’s stock, valued at $8,174,962.56. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder Venrock Healthcare Capital Par bought 5,951 shares of Tricida stock in a transaction on Thursday, June 16th. The shares were purchased at an average cost of $9.69 per share, for a total transaction of $57,665.19. Following the completion of the purchase, the insider now directly owns 6,577,189 shares of the company’s stock, valued at $63,732,961.41. The disclosure for this purchase can be found here. Over the last three months, insiders bought 378,344 shares of company stock worth $3,436,092. Insiders own 70.40% of the company’s stock.

A number of brokerages have commented on TCDA. Needham & Company LLC reaffirmed a “buy” rating and set a $18.00 target price (down from $20.00) on shares of Tricida in a research note on Wednesday, March 30th. The Goldman Sachs Group reduced their price target on shares of Tricida from $22.00 to $16.00 and set a “buy” rating on the stock in a research note on Tuesday, May 24th.

The business’s 50 day moving average price is $9.49 and its 200-day moving average price is $9.15. The firm has a market capitalization of $563.67 million, a PE ratio of -3.52 and a beta of 0.92. The company has a debt-to-equity ratio of 584.92, a quick ratio of 5.12 and a current ratio of 5.12.

Tricida (NASDAQ:TCDAGet Rating) last released its quarterly earnings results on Tuesday, March 29th. The company reported ($0.92) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.71) by ($0.21). During the same quarter last year, the firm earned ($1.09) EPS. As a group, analysts anticipate that Tricida, Inc. will post -2.2 earnings per share for the current year.

Several hedge funds have recently made changes to their positions in the stock. Deep Track Capital LP grew its holdings in shares of Tricida by 13.6% in the first quarter. Deep Track Capital LP now owns 2,652,693 shares of the company’s stock valued at $21,805,000 after purchasing an additional 317,550 shares in the last quarter. Frazier Life Sciences Management L.P. acquired a new position in Tricida during the 1st quarter worth approximately $17,115,000. Frazier Management LLC acquired a new position in Tricida during the 4th quarter worth approximately $17,054,000. Bleichroeder LP grew its holdings in Tricida by 5.2% during the 4th quarter. Bleichroeder LP now owns 1,367,353 shares of the company’s stock worth $13,072,000 after acquiring an additional 67,353 shares in the last quarter. Finally, Commodore Capital LP acquired a new position in Tricida during the 4th quarter worth approximately $11,922,000. Hedge funds and other institutional investors own 79.28% of the company’s stock.

About Tricida (NASDAQ:TCDA)

Tricida, Inc operates as a pharmaceutical company. It focuses on the development and commercialization of veverimer (TRC101), a non-absorbed orally-administered polymer that has completed Phase III trial to treat metabolic acidosis in patients with chronic kidney disease by binding and removing acid from the gastrointestinal track.

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