Zacks Investment Research downgraded shares of Flex Pharma Inc. (NASDAQ:FLKS) from a buy rating to a hold rating in a research report sent to investors on Thursday morning.
According to Zacks, “Flex Pharma, Inc. is a biotechnology company. The Company is involved in developing treatments for nocturnal leg cramps and spasms associated with severe neuromuscular conditions. Flex Pharma, Inc. is headquartered in Boston, Massachusetts. “
Several other brokerages have also recently commented on FLKS. Cantor Fitzgerald set a $10.00 price target on Flex Pharma and gave the stock a hold rating in a research report on Wednesday, November 2nd. Piper Jaffray Cos. set a $15.00 price target on Flex Pharma and gave the stock a buy rating in a research report on Wednesday, November 2nd. HC Wainwright reiterated a buy rating and set a $40.00 price target on shares of Flex Pharma in a research report on Saturday, October 15th. Finally, JMP Securities reiterated a buy rating on shares of Flex Pharma in a research report on Thursday, November 3rd. Two equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Flex Pharma presently has an average rating of Buy and a consensus target price of $20.25.
Shares of Flex Pharma (NASDAQ:FLKS) opened at 6.68 on Thursday. Flex Pharma has a 1-year low of $4.55 and a 1-year high of $13.97. The stock’s market cap is $110.42 million. The firm has a 50-day moving average price of $7.09 and a 200-day moving average price of $10.28.
Flex Pharma (NASDAQ:FLKS) last posted its quarterly earnings data on Wednesday, November 2nd. The biotechnology company reported ($0.65) EPS for the quarter, beating the Zacks’ consensus estimate of ($0.72) by $0.07. Equities analysts forecast that Flex Pharma will post ($2.54) EPS for the current year.
In other Flex Pharma news, insider Christoph H. Westphal purchased 8,870 shares of the firm’s stock in a transaction dated Monday, November 7th. The shares were acquired at an average price of $5.70 per share, with a total value of $50,559.00. Following the purchase, the insider now directly owns 3,934,118 shares in the company, valued at approximately $22,424,472.60. The purchase was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Christoph H. Westphal purchased 7,000 shares of the firm’s stock in a transaction dated Tuesday, November 8th. The stock was acquired at an average cost of $7.31 per share, for a total transaction of $51,170.00. Following the purchase, the insider now owns 3,941,118 shares in the company, valued at $28,809,572.58. The disclosure for this purchase can be found here. Company insiders own 43.35% of the company’s stock.
Institutional investors have recently made changes to their positions in the stock. Strs Ohio raised its position in shares of Flex Pharma by 444.4% in the second quarter. Strs Ohio now owns 9,800 shares of the biotechnology company’s stock valued at $100,000 after buying an additional 8,000 shares during the period. Citadel Advisors LLC acquired a new position in shares of Flex Pharma during the second quarter valued at approximately $104,000. Parametric Portfolio Associates LLC acquired a new position in shares of Flex Pharma during the second quarter valued at approximately $109,000. Acadian Asset Management LLC acquired a new position in shares of Flex Pharma during the second quarter valued at approximately $114,000. Finally, Highbridge Capital Management LLC acquired a new position in shares of Flex Pharma during the second quarter valued at approximately $116,000. 33.21% of the stock is currently owned by institutional investors and hedge funds.
Flex Pharma Company Profile
Flex Pharma, Inc is a biotechnology company. The Company develops treatments for nocturnal leg cramps, muscle cramps and spasms associated with severe neuromuscular conditions, and exercise associated muscle cramps (EAMCs). The Company’s product candidates activate certain receptors in primary sensory neurons, which then act through neuronal circuits to reduce the repetitive firing, or hyperexcitability, of alpha-motor neurons in the spinal cord, thereby preventing or reducing the frequency and intensity of muscle cramps and spasms.
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