ValuEngine downgraded shares of Concert Pharmaceuticals (NASDAQ:CNCE) from a buy rating to a hold rating in a research note published on Tuesday morning.
Several other brokerages have also recently weighed in on CNCE. Mizuho upgraded Concert Pharmaceuticals from a neutral rating to a buy rating and raised their price objective for the company from $23.00 to $27.00 in a research note on Friday, March 9th. HC Wainwright restated a buy rating and set a $25.00 price objective (up from $21.00) on shares of Concert Pharmaceuticals in a research note on Friday, March 2nd. BidaskClub cut Concert Pharmaceuticals from a buy rating to a hold rating in a research note on Tuesday, January 16th. Zacks Investment Research upgraded Concert Pharmaceuticals from a sell rating to a hold rating in a research note on Thursday, March 8th. Finally, Stifel Nicolaus restated a buy rating and set a $27.00 price objective on shares of Concert Pharmaceuticals in a research note on Friday, January 12th. Three analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Concert Pharmaceuticals currently has an average rating of Buy and an average price target of $25.67.
Shares of NASDAQ:CNCE opened at $18.48 on Tuesday. Concert Pharmaceuticals has a 1-year low of $11.88 and a 1-year high of $30.71.
In other news, Director Richard Aldrich sold 18,054 shares of the firm’s stock in a transaction on Monday, January 29th. The stock was sold at an average price of $20.63, for a total transaction of $372,454.02. Following the completion of the sale, the director now directly owns 286,975 shares of the company’s stock, valued at approximately $5,920,294.25. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider James V. Cassella sold 10,582 shares of the firm’s stock in a transaction on Tuesday, April 17th. The shares were sold at an average price of $20.18, for a total value of $213,544.76. Following the sale, the insider now directly owns 30,000 shares of the company’s stock, valued at $605,400. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 45,582 shares of company stock valued at $937,851. Insiders own 10.10% of the company’s stock.
Several institutional investors have recently made changes to their positions in CNCE. BlackRock Inc. increased its position in shares of Concert Pharmaceuticals by 57.2% during the 4th quarter. BlackRock Inc. now owns 1,786,223 shares of the biotechnology company’s stock valued at $46,210,000 after purchasing an additional 649,808 shares during the last quarter. Millennium Management LLC increased its position in shares of Concert Pharmaceuticals by 225.8% during the 4th quarter. Millennium Management LLC now owns 725,885 shares of the biotechnology company’s stock valued at $18,779,000 after purchasing an additional 503,066 shares during the last quarter. Acadian Asset Management LLC purchased a new stake in shares of Concert Pharmaceuticals during the 4th quarter valued at $7,713,000. Bogle Investment Management L P DE purchased a new stake in shares of Concert Pharmaceuticals during the 4th quarter valued at $7,554,000. Finally, Two Sigma Investments LP purchased a new stake in shares of Concert Pharmaceuticals during the 4th quarter valued at $3,929,000. 72.65% of the stock is owned by hedge funds and other institutional investors.
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 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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