Zacks Research Downgrades Eton Pharmaceuticals (NASDAQ:ETON) to Strong Sell

Eton Pharmaceuticals (NASDAQ:ETON) was downgraded by equities research analysts at Zacks Research from a “hold” rating to a “strong sell” rating in a report issued on Thursday,Zacks.com reports.

A number of other equities research analysts also recently issued reports on ETON. Wall Street Zen raised shares of Eton Pharmaceuticals from a “hold” rating to a “buy” rating in a report on Friday, September 26th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Eton Pharmaceuticals in a report on Wednesday, October 8th. Three investment analysts have rated the stock with a Buy rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $29.67.

Eton Pharmaceuticals Stock Performance

Shares of NASDAQ:ETON traded up $0.06 during trading on Thursday, hitting $16.94. 207,217 shares of the company were exchanged, compared to its average volume of 278,710. The company has a market cap of $454.30 million, a PE ratio of -67.76 and a beta of 1.12. The stock has a 50 day moving average of $18.78 and a 200 day moving average of $17.12. Eton Pharmaceuticals has a 52-week low of $8.43 and a 52-week high of $23.00. The company has a debt-to-equity ratio of 1.19, a current ratio of 1.63 and a quick ratio of 1.25.

Eton Pharmaceuticals (NASDAQ:ETON) last announced its quarterly earnings results on Thursday, November 6th. The company reported ($0.07) earnings per share for the quarter, missing the consensus estimate of $0.13 by ($0.20). Eton Pharmaceuticals had a negative net margin of 9.50% and a negative return on equity of 11.32%. The company had revenue of $22.46 million during the quarter, compared to analysts’ expectations of $20.47 million. As a group, equities research analysts predict that Eton Pharmaceuticals will post -0.14 EPS for the current year.

Insider Transactions at Eton Pharmaceuticals

In related news, CFO James R. Gruber sold 39,082 shares of the stock in a transaction on Tuesday, August 19th. The stock was sold at an average price of $16.16, for a total value of $631,565.12. Following the transaction, the chief financial officer owned 205,299 shares of the company’s stock, valued at $3,317,631.84. This represents a 15.99% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 16.03% of the company’s stock.

Hedge Funds Weigh In On Eton Pharmaceuticals

Hedge funds and other institutional investors have recently modified their holdings of the company. Divisadero Street Capital Management LP purchased a new position in shares of Eton Pharmaceuticals during the 2nd quarter valued at about $7,092,000. Geode Capital Management LLC grew its position in Eton Pharmaceuticals by 98.8% during the second quarter. Geode Capital Management LLC now owns 592,865 shares of the company’s stock valued at $8,450,000 after acquiring an additional 294,617 shares during the last quarter. Soleus Capital Management L.P. bought a new position in Eton Pharmaceuticals during the second quarter valued at approximately $4,061,000. Millennium Management LLC raised its stake in shares of Eton Pharmaceuticals by 156.3% during the first quarter. Millennium Management LLC now owns 355,929 shares of the company’s stock worth $4,620,000 after acquiring an additional 217,042 shares in the last quarter. Finally, Lumbard & Kellner LLC bought a new stake in shares of Eton Pharmaceuticals in the 3rd quarter worth approximately $3,831,000. 27.86% of the stock is currently owned by hedge funds and other institutional investors.

About Eton Pharmaceuticals

Eton Pharmaceuticals, Inc, a specialty pharmaceutical company, focuses on developing, acquiring, and commercializing pharmaceutical products for rare diseases. The company offers ALKINDI SPRINKLE, a replacement therapy for adrenocortical insufficiency in children under 17 years of age; Carglumic Acid for the treatment of acute and chronic hyperammonemia due to N-acetylglutamate Synthase deficiency; Betaine Anhydrous for the treatment of homocystinuria; and Nitisinone for the treatment of tyrosinemia type 1.