Concert Pharmaceuticals (NASDAQ:CNCE) Raised to “Buy” at Zacks Investment Research

Concert Pharmaceuticals (NASDAQ:CNCE) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Monday, Zacks.com reports. The firm currently has a $8.75 price target on the biotechnology company’s stock. Zacks Investment Research‘s price target would suggest a potential upside of 4.04% from the company’s previous close.

According to Zacks, “Concert Pharmaceuticals Inc. is a biopharmaceutical company. It is focused on applying its DCE Platform (R) to create novel small molecule drugs. The Company manufactures drugs in various therapeutic areas such as hot flashes, HIV, renal hepatic, neuropathic pain, MRSA infection, and schizophrenia, multiple tumors, and hyperparathyroidism. Concert Pharmaceuticals Inc. is based in United States. “

Several other equities analysts have also recently issued reports on the company. Stifel Nicolaus cut Concert Pharmaceuticals to a “hold” rating and upped their price objective for the company from $8.00 to $11.00 in a research report on Thursday, February 27th. Jefferies Financial Group began coverage on Concert Pharmaceuticals in a report on Monday, March 30th. They set a “buy” rating and a $23.00 price target on the stock. JMP Securities reissued an “outperform” rating on shares of Concert Pharmaceuticals in a report on Wednesday, January 22nd. BidaskClub cut Concert Pharmaceuticals from a “buy” rating to a “hold” rating in a report on Tuesday, January 28th. Finally, HC Wainwright reissued a “buy” rating and set a $25.00 price target on shares of Concert Pharmaceuticals in a report on Friday, January 24th. Two investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus price target of $17.64.

CNCE stock traded up $0.58 during midday trading on Monday, hitting $8.41. The company’s stock had a trading volume of 157,857 shares, compared to its average volume of 199,843. The company has a market cap of $244.53 million, a PE ratio of -2.56 and a beta of 0.92. Concert Pharmaceuticals has a 12 month low of $5.36 and a 12 month high of $13.19. The company has a current ratio of 6.77, a quick ratio of 6.77 and a debt-to-equity ratio of 0.16. The firm’s 50-day moving average is $9.04 and its 200-day moving average is $8.53.

Concert Pharmaceuticals (NASDAQ:CNCE) last released its quarterly earnings data on Thursday, February 27th. The biotechnology company reported ($0.86) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.79) by ($0.07). The business had revenue of $0.01 million during the quarter, compared to the consensus estimate of $0.08 million. Concert Pharmaceuticals had a negative net margin of 7,257.75% and a negative return on equity of 62.01%. Analysts expect that Concert Pharmaceuticals will post -3.11 earnings per share for the current year.

A number of hedge funds have recently modified their holdings of CNCE. Bank of America Corp DE increased its stake in Concert Pharmaceuticals by 22.8% in the 4th quarter. Bank of America Corp DE now owns 1,790,166 shares of the biotechnology company’s stock worth $16,514,000 after buying an additional 332,585 shares in the last quarter. Alyeska Investment Group L.P. bought a new position in shares of Concert Pharmaceuticals during the 4th quarter valued at about $2,939,000. Jacobs Levy Equity Management Inc. boosted its holdings in shares of Concert Pharmaceuticals by 151.3% during the 4th quarter. Jacobs Levy Equity Management Inc. now owns 216,912 shares of the biotechnology company’s stock valued at $2,001,000 after purchasing an additional 130,612 shares during the last quarter. Squarepoint Ops LLC boosted its holdings in shares of Concert Pharmaceuticals by 209.1% during the 3rd quarter. Squarepoint Ops LLC now owns 65,200 shares of the biotechnology company’s stock valued at $383,000 after purchasing an additional 44,104 shares during the last quarter. Finally, Panagora Asset Management Inc. boosted its holdings in shares of Concert Pharmaceuticals by 13.6% during the 4th quarter. Panagora Asset Management Inc. now owns 227,400 shares of the biotechnology company’s stock valued at $2,098,000 after purchasing an additional 27,191 shares during the last quarter. Institutional investors and hedge funds own 53.24% 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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