Stock analysts at SunTrust Banks assumed coverage on shares of Concert Pharmaceuticals (NASDAQ:CNCE) in a note issued to investors on Monday, Marketbeat Ratings reports. The brokerage set a “buy” rating and a $30.00 price target on the biotechnology company’s stock. SunTrust Banks’ price target would indicate a potential upside of 159.74% from the stock’s current price.
CNCE has been the topic of a number of other reports. Zacks Investment Research upgraded shares of Concert Pharmaceuticals from a “strong sell” rating to a “hold” rating in a research note on Wednesday, May 1st. TheStreet lowered shares of Concert Pharmaceuticals from a “c-” rating to a “d” rating in a research note on Friday, March 1st. HC Wainwright reiterated a “buy” rating on shares of Concert Pharmaceuticals in a research note on Friday, March 1st. Mizuho reiterated a “buy” rating on shares of Concert Pharmaceuticals in a research note on Friday, May 3rd. Finally, BidaskClub lowered shares of Concert Pharmaceuticals from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, March 27th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and seven have given a buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $21.29.
Shares of CNCE opened at $11.55 on Monday. The stock has a market cap of $274.84 million, a price-to-earnings ratio of -4.81 and a beta of 0.85. Concert Pharmaceuticals has a 12-month low of $9.21 and a 12-month high of $19.20. The firm has a 50-day moving average of $10.81. The company has a debt-to-equity ratio of 0.11, a quick ratio of 20.44 and a current ratio of 20.44.
Concert Pharmaceuticals (NASDAQ:CNCE) last issued its quarterly earnings results on Thursday, May 2nd. The biotechnology company reported ($0.93) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.62) by ($0.31). The business had revenue of $1.01 million for the quarter, compared to analysts’ expectations of $16.08 million. Concert Pharmaceuticals had a negative return on equity of 41.72% and a negative net margin of 7,118.04%. As a group, research analysts anticipate that Concert Pharmaceuticals will post -3.86 earnings per share for the current year.
In related news, major shareholder Bvf Partners L. P/Il sold 386,289 shares of the company’s stock in a transaction that occurred on Monday, June 10th. The shares were sold at an average price of $10.70, for a total transaction of $4,133,292.30. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 9.40% of the stock is currently owned by corporate insiders.
Several hedge funds have recently added to or reduced their stakes in CNCE. Perceptive Advisors LLC purchased a new stake in shares of Concert Pharmaceuticals during the fourth quarter worth approximately $22,823,000. RTW Investments LP purchased a new stake in shares of Concert Pharmaceuticals during the fourth quarter worth approximately $9,900,000. Millennium Management LLC increased its stake in shares of Concert Pharmaceuticals by 87.2% during the fourth quarter. Millennium Management LLC now owns 1,011,753 shares of the biotechnology company’s stock worth $12,698,000 after buying an additional 471,312 shares during the period. California Public Employees Retirement System increased its stake in shares of Concert Pharmaceuticals by 67.0% during the first quarter. California Public Employees Retirement System now owns 149,079 shares of the biotechnology company’s stock worth $1,799,000 after buying an additional 59,800 shares during the period. Finally, Dimensional Fund Advisors LP increased its stake in shares of Concert Pharmaceuticals by 5.6% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,129,166 shares of the biotechnology company’s stock worth $14,171,000 after buying an additional 59,671 shares during the period. Hedge funds and other institutional investors own 74.60% of the company’s stock.
About Concert Pharmaceuticals
Concert Pharmaceuticals, Inc operates as a clinical stage biopharmaceutical company. The company discovers and develops novel small molecule drugs for use in the treatment autoimmune and inflammatory diseases, and central nervous systems disorders. Its product candidates include AVP-786, a combination of deudextromethorphan and an ultra-low dose of quinidine, which is in Phase 3 clinical trials for the treatment of neurologic and psychiatric disorders, including agitation associated with Alzheimer's disease; CTP-730, a deuterated analog of apremilast that has completed the Phase 1 clinical trials for the treatment of inflammation or cancer; JZP-386, a once-nightly oxybate product; and CTP-543, which is in Phase 1 clinical trials for use in the treatment of alopecia areata.
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