Pharmaceutical gigs (NASDAQ: CNCE – Get a rating) was downgraded by stock analysts to StockNews.com from a “hold” rating to a “sell” rating in a research note released on Tuesday.
Other stock analysts have also recently released reports on the stock. Truist Financial raised its price target on Concert Pharmaceuticals shares from $22.00 to $25.00 and gave the stock a “buy” rating in a Tuesday, September 13 research report. Jonestrading assumed coverage for Concert Pharmaceuticals shares in a Wednesday, August 24 research note. They set a “buy” rating and a target price of $17.00 for the business.
Concert Pharmaceutical Price Performance
NASDAQ CNCE traded at $0.35 on Tuesday, reaching $5.14. 318,047 shares were traded, against an average volume of 461,194. Concert Pharmaceuticals has a 52-week low of $2.57 and a 52-week high of $7.37. The company has a market capitalization of $246.40 million, a price-earnings ratio of -1.60 and a beta of 0.50. The company’s 50-day moving average price is $5.78 and its two-hundred-day moving average price is $5.48.
Institutional investors weigh in on Concert Pharmaceuticals
Several institutional investors and hedge funds have recently changed their holdings in the CNCE. Nantahala Capital Management LLC acquired a new stake in shares of Concert Pharmaceuticals in Q2 worth $6,988,000. Tang Capital Management LLC bought a new position in Concert Pharmaceuticals in Q3 worth $6,720,000. Kynam Capital Management LP increased its stake in Concert Pharmaceuticals by 67.3% in Q3. Kynam Capital Management LP now owns 1,673,041 shares of the biotech company worth $11,209,000 after acquiring an additional 673,041 shares during the period. Assenagon Asset Management SA increased its stake in Concert Pharmaceuticals by 1,618.8% in the 2nd quarter. Assenagon Asset Management SA now owns 548,843 shares of the biotech company worth $2,311,000 after acquiring an additional 516,912 shares during the period. Finally, AWM Investment Company Inc. bought a new position in Concert Pharmaceuticals in Q2 worth $2,125,000. Institutional investors and hedge funds hold 82.77% of the company’s shares.
About Concert Pharmaceuticals
Concert Pharmaceuticals, Inc. operates as a clinical-stage biopharmaceutical company developing novel small molecule drugs for the treatment of autoimmune diseases. The Company’s lead product candidate is CTP-543, which is in a Phase III clinical trial for the treatment of alopecia areata, a serious autoimmune skin condition.
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