Share Buyback Program Initiated by Delcath Systems (NASDAQ:DCTH) Board

Delcath Systems (NASDAQ:DCTH) declared that its board has initiated a share buyback program on Thursday, November 20th, RTT News reports. The company plans to buyback $25.00 million in outstanding shares. This buyback authorization authorizes the company to buy up to 8.6% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s leadership believes its stock is undervalued.

Delcath Systems Price Performance

Shares of NASDAQ:DCTH opened at $8.96 on Friday. The business’s 50 day simple moving average is $10.23 and its 200-day simple moving average is $12.02. The firm has a market capitalization of $316.41 million, a price-to-earnings ratio of 179.20 and a beta of 0.81. Delcath Systems has a 12 month low of $8.12 and a 12 month high of $18.23.

Delcath Systems (NASDAQ:DCTH) last released its earnings results on Tuesday, November 4th. The company reported $0.02 earnings per share for the quarter, meeting the consensus estimate of $0.02. The firm had revenue of $20.56 million during the quarter, compared to analyst estimates of $23.22 million. Delcath Systems had a net margin of 3.18% and a return on equity of 6.91%. On average, equities analysts anticipate that Delcath Systems will post -0.79 earnings per share for the current year.

Wall Street Analyst Weigh In

DCTH has been the subject of several analyst reports. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Delcath Systems in a research note on Wednesday. Canaccord Genuity Group reissued a “buy” rating and issued a $21.00 target price on shares of Delcath Systems in a report on Tuesday, October 21st. HC Wainwright set a $30.00 price target on Delcath Systems and gave the stock a “buy” rating in a report on Monday, October 20th. Wall Street Zen lowered shares of Delcath Systems from a “buy” rating to a “hold” rating in a research report on Sunday, October 12th. Finally, BTIG Research restated a “buy” rating and set a $23.00 price objective on shares of Delcath Systems in a research report on Tuesday, November 4th. Five investment analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $22.40.

Insider Buying and Selling

In related news, CEO Gerard J. Michel acquired 11,500 shares of the business’s stock in a transaction that occurred on Tuesday, November 11th. The shares were acquired at an average cost of $8.53 per share, for a total transaction of $98,095.00. Following the completion of the purchase, the chief executive officer directly owned 330,834 shares in the company, valued at $2,822,014.02. This trade represents a 3.60% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 17.40% of the stock is currently owned by corporate insiders.

About Delcath Systems

Delcath Systems, Inc, an interventional oncology company, focuses on the treatment of primary and metastatic liver cancers in the United States and Europe. The company’s lead product candidate is HEPZATO KIT, a melphalan for injection/hepatic delivery system to administer high-dose chemotherapy to the liver while controlling systemic exposure and associated side effects.