Zacks Investment Research Lowers NGM Biopharmaceuticals (NASDAQ:NGM) to Sell

Zacks Investment Research cut shares of NGM Biopharmaceuticals (NASDAQ:NGM) from a hold rating to a sell rating in a report published on Wednesday, Zacks.com reports.

According to Zacks, “NGM Biopharmaceuticals Inc. is focused on developing novel therapeutics for underlying cardio-metabolic, liver, oncologic and ophthalmic diseases. The company’s product pipeline consists of NGM282, NGM313, NGM120, NGM217, NGM621, NGM386 and NGM395 which are in clinical stage. NGM Biopharmaceuticals Inc. is based in San Francisco, California. “

A number of other research analysts have also issued reports on the company. Piper Sandler increased their target price on NGM Biopharmaceuticals from $30.00 to $32.00 in a research report on Friday, January 7th. BMO Capital Markets increased their target price on NGM Biopharmaceuticals from $29.00 to $35.00 and gave the company an outperform rating in a research report on Thursday, September 16th. Finally, Raymond James increased their target price on NGM Biopharmaceuticals from $39.00 to $42.00 and gave the company a strong-buy rating in a research report on Friday, November 5th. One research analyst has rated the stock with a sell rating, seven have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock presently has an average rating of Buy and a consensus target price of $33.67.

Shares of NASDAQ:NGM opened at $15.96 on Wednesday. NGM Biopharmaceuticals has a twelve month low of $14.90 and a twelve month high of $32.12. The company’s 50 day moving average is $18.34 and its 200 day moving average is $20.32. The company has a market cap of $1.23 billion, a PE ratio of -9.91 and a beta of 1.78.

NGM Biopharmaceuticals (NASDAQ:NGM) last issued its quarterly earnings results on Thursday, November 4th. The company reported ($0.37) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.34) by ($0.03). The business had revenue of $18.58 million during the quarter, compared to analyst estimates of $18.90 million. NGM Biopharmaceuticals had a negative return on equity of 34.43% and a negative net margin of 157.90%. On average, research analysts anticipate that NGM Biopharmaceuticals will post -1.58 EPS for the current year.

In other news, insider Jin-Long Chen sold 15,000 shares of the company’s stock in a transaction on Monday, December 6th. The stock was sold at an average price of $18.21, for a total value of $273,150.00. The sale was disclosed in a filing with the SEC, which is available through this link. Insiders sold 60,000 shares of company stock worth $1,165,350 in the last three months. 45.90% of the stock is owned by corporate insiders.

A number of hedge funds and other institutional investors have recently modified their holdings of NGM. Royal Bank of Canada lifted its holdings in NGM Biopharmaceuticals by 30.7% during the 2nd quarter. Royal Bank of Canada now owns 2,157 shares of the company’s stock worth $43,000 after buying an additional 507 shares during the last quarter. Virtus ETF Advisers LLC lifted its holdings in NGM Biopharmaceuticals by 5.8% during the 2nd quarter. Virtus ETF Advisers LLC now owns 11,501 shares of the company’s stock worth $227,000 after buying an additional 627 shares during the last quarter. Jasper Ridge Partners L.P. lifted its holdings in NGM Biopharmaceuticals by 0.5% during the 2nd quarter. Jasper Ridge Partners L.P. now owns 310,250 shares of the company’s stock worth $6,118,000 after buying an additional 1,500 shares during the last quarter. Principal Financial Group Inc. lifted its holdings in NGM Biopharmaceuticals by 11.2% during the 2nd quarter. Principal Financial Group Inc. now owns 16,999 shares of the company’s stock worth $335,000 after buying an additional 1,708 shares during the last quarter. Finally, Legal & General Group Plc lifted its holdings in shares of NGM Biopharmaceuticals by 62.5% in the 2nd quarter. Legal & General Group Plc now owns 4,455 shares of the company’s stock worth $87,000 after purchasing an additional 1,713 shares during the last quarter. Hedge funds and other institutional investors own 58.50% of the company’s stock.

About NGM Biopharmaceuticals

NGM Biopharmaceuticals, Inc is a clinical-stage biopharmaceutical company, which engages in the discovery and development of therapeutics for cardio-metabolic, liver, oncologic, and ophthalmic diseases. Its lead product candidate, aldafermin, is designed for the treatment of patients with non-alcoholic steatohepatitis, with liver fibrosis stage 2, 3, or 4.

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