Zacks Investment Research upgraded shares of Pain Therapeutics (NASDAQ:PTIE) from a sell rating to a buy rating in a research report released on Thursday. The brokerage currently has $4.00 price target on the biopharmaceutical company’s stock.
According to Zacks, “Pain Therapeutics is developing a new generation of opioid painkillers. Opioids are drugs derived from the poppy plant. The company uses technology to reformulate opioid drugs, such as morphine, into new painkillers with improved clinical benefits. The company has four opioid painkillers in Phase II clinical trials. The company believes its drugs offer enhanced pain relief, fewer adverse side effects and reduced tolerance and addiction compared to existing opioid painkillers. “
A number of other research analysts also recently issued reports on PTIE. ValuEngine downgraded shares of Pain Therapeutics from a sell rating to a strong sell rating in a research report on Friday, June 2nd. Gabelli downgraded shares of Pain Therapeutics from a hold rating to a sell rating in a research report on Monday.
Shares of Pain Therapeutics (NASDAQ:PTIE) traded down 2.86% during midday trading on Thursday, hitting $3.55. 62,033 shares of the stock traded hands. The firm has a 50-day moving average price of $3.95 and a 200-day moving average price of $1.91. The stock’s market capitalization is $23.40 million. Pain Therapeutics has a 52 week low of $3.39 and a 52 week high of $21.00.
Pain Therapeutics (NASDAQ:PTIE) last released its earnings results on Tuesday, April 25th. The biopharmaceutical company reported ($0.42) earnings per share (EPS) for the quarter, meeting the Zacks’ consensus estimate of ($0.42). On average, equities analysts predict that Pain Therapeutics will post $1.29 earnings per share for the current fiscal year.
A hedge fund recently raised its stake in Pain Therapeutics stock. Bank of New York Mellon Corp increased its position in shares of Pain Therapeutics (NASDAQ:PTIE) by 10.8% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 172,792 shares of the biopharmaceutical company’s stock after buying an additional 16,864 shares during the period. Bank of New York Mellon Corp owned about 0.38% of Pain Therapeutics worth $154,000 at the end of the most recent quarter.
About Pain Therapeutics
Pain Therapeutics, Inc is a biopharmaceutical company. The Company is focused on drug development efforts on disorders of the nervous system, such as chronic pain. The Company’s lead drug candidate, REMOXY, is an abuse-deterrent, oral formulation of oxycodone (CII). The Company’s other products is FENROCK.
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