Bank of New York Mellon Corp Acquires 13,204 Shares of Concert Pharmaceuticals Inc (CNCE)

Bank of New York Mellon Corp raised its holdings in shares of Concert Pharmaceuticals Inc (NASDAQ:CNCE) by 8.4% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 170,848 shares of the biotechnology company’s stock after acquiring an additional 13,204 shares during the period. Bank of New York Mellon Corp owned about 0.73% of Concert Pharmaceuticals worth $2,876,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of the business. Rhumbline Advisers boosted its stake in shares of Concert Pharmaceuticals by 23.5% during the second quarter. Rhumbline Advisers now owns 21,637 shares of the biotechnology company’s stock valued at $364,000 after purchasing an additional 4,124 shares during the period. Meeder Asset Management Inc. boosted its stake in shares of Concert Pharmaceuticals by 679.4% during the second quarter. Meeder Asset Management Inc. now owns 6,305 shares of the biotechnology company’s stock valued at $106,000 after purchasing an additional 5,496 shares during the period. New York State Common Retirement Fund boosted its stake in shares of Concert Pharmaceuticals by 36.3% during the first quarter. New York State Common Retirement Fund now owns 32,884 shares of the biotechnology company’s stock valued at $753,000 after purchasing an additional 8,753 shares during the period. Federated Investors Inc. PA boosted its stake in shares of Concert Pharmaceuticals by 49.7% during the first quarter. Federated Investors Inc. PA now owns 32,821 shares of the biotechnology company’s stock valued at $752,000 after purchasing an additional 10,898 shares during the period. Finally, Cambria Investment Management L.P. purchased a new stake in shares of Concert Pharmaceuticals during the second quarter valued at approximately $216,000. Institutional investors and hedge funds own 73.25% of the company’s stock.

A number of analysts have recently weighed in on CNCE shares. ValuEngine lowered Concert Pharmaceuticals from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, June 26th. BidaskClub lowered Concert Pharmaceuticals from a “hold” rating to a “sell” rating in a research note on Tuesday, July 17th. Mizuho reissued a “buy” rating and set a $27.00 price objective on shares of Concert Pharmaceuticals in a research note on Thursday, August 2nd. HC Wainwright reaffirmed a “buy” rating on shares of Concert Pharmaceuticals in a research note on Friday, August 3rd. Finally, Janney Montgomery Scott assumed coverage on Concert Pharmaceuticals in a research note on Thursday, September 13th. They issued a “neutral” rating for the company. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and four have given a buy rating to the stock. The company currently has an average rating of “Hold” and an average price target of $26.80.

Shares of CNCE stock opened at $15.44 on Tuesday. Concert Pharmaceuticals Inc has a 52 week low of $12.33 and a 52 week high of $30.71. The firm has a market capitalization of $347.48 million, a P/E ratio of 3.78 and a beta of 1.01.

Concert Pharmaceuticals (NASDAQ:CNCE) last announced its quarterly earnings results on Thursday, August 2nd. The biotechnology company reported ($0.57) EPS for the quarter, topping analysts’ consensus estimates of ($0.62) by $0.05. Concert Pharmaceuticals had a negative return on equity of 19.73% and a net margin of 67.52%. As a group, analysts expect that Concert Pharmaceuticals Inc will post -2.06 EPS for the current fiscal year.

Concert Pharmaceuticals Profile

Concert Pharmaceuticals, Inc operates as a clinical stage biopharmaceutical company. The company discovers and develops novel small molecule drugs for use in the treatment of various pulmonary diseases, including 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, which has completed the Phase 1 clinical trials for the treatment of patients with narcolepsy; and CTP-543, which is in Phase 1 clinical trials for use in the treatment of alopecia areata.

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Institutional Ownership by Quarter for Concert Pharmaceuticals (NASDAQ:CNCE)

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