Endocyte (NASDAQ:ECYT) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Friday.
According to Zacks, “Endocyte incurred narrower-than-expected loss in the first quarter of 2018. In October 2017, Endocyte took initiatives to commercialize PSMA-617 as it acquired the rights for the same. The candidate is being evaluated for the treatment of prostate cancer. The candidate holds more than $1-billion market opportunity and its development is now the main priority of the company. The company expects 2018 to be a critical year of execution, as it will initiate the phase III VISION study forlutetium PSMA-617 radioligand therapy and prostate cancer. The company will also bring its adaptor-controlled chimeric antigen receptor t-cell (CAR T-cell) program into the clinic in the fourth quarter of 2018 which holds great potential. Over a year, shares of the company have outperformed the industry. However, Endocyte has very few candidates in its pipeline with all of them in the early or mid-stages of development.”
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A number of other equities analysts have also recently commented on the company. BidaskClub upgraded Endocyte from a “buy” rating to a “strong-buy” rating in a report on Friday, May 4th. ValuEngine upgraded Endocyte from a “buy” rating to a “strong-buy” rating in a report on Wednesday, May 2nd. Jefferies Group assumed coverage on Endocyte in a report on Friday, April 13th. They issued a “buy” rating for the company. Wells Fargo assumed coverage on Endocyte in a report on Friday, March 9th. They issued an “outperform” rating for the company. Finally, Cowen upgraded Endocyte from a “market perform” rating to an “outperform” rating in a report on Tuesday, February 27th. One equities research analyst has rated the stock with a hold rating, four have assigned a buy rating and two have issued a strong buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus target price of $9.00.
Shares of Endocyte stock traded up $0.30 on Friday, reaching $12.02. The company had a trading volume of 40,909 shares, compared to its average volume of 1,046,151. The stock has a market cap of $827.63 million, a price-to-earnings ratio of -12.10 and a beta of 0.47. Endocyte has a 1 year low of $11.85 and a 1 year high of $12.10.
Endocyte (NASDAQ:ECYT) last announced its earnings results on Wednesday, May 9th. The biopharmaceutical company reported ($0.16) EPS for the quarter, topping the Zacks’ consensus estimate of ($0.19) by $0.03. The firm had revenue of $0.02 million during the quarter. Endocyte had a negative return on equity of 39.72% and a negative net margin of 70,510.81%. equities analysts expect that Endocyte will post -0.76 EPS for the current year.
In related news, VP Christopher P. Leamon sold 5,036 shares of the firm’s stock in a transaction that occurred on Friday, March 9th. The stock was sold at an average price of $9.07, for a total transaction of $45,676.52. Following the completion of the sale, the vice president now directly owns 143,470 shares of the company’s stock, valued at approximately $1,301,272.90. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 14.86% of the stock is currently owned by company insiders.
Hedge funds have recently modified their holdings of the stock. Alambic Investment Management L.P. bought a new stake in shares of Endocyte during the 1st quarter worth approximately $136,000. Quantitative Systematic Strategies LLC bought a new stake in shares of Endocyte during the 1st quarter worth approximately $141,000. AXA bought a new stake in shares of Endocyte during the 4th quarter worth approximately $101,000. Wells Fargo & Company MN lifted its stake in shares of Endocyte by 2,272.7% during the 1st quarter. Wells Fargo & Company MN now owns 33,218 shares of the biopharmaceutical company’s stock worth $303,000 after acquiring an additional 31,818 shares during the last quarter. Finally, Bank of New York Mellon Corp lifted its stake in shares of Endocyte by 46.5% during the 4th quarter. Bank of New York Mellon Corp now owns 51,313 shares of the biopharmaceutical company’s stock worth $219,000 after acquiring an additional 16,283 shares during the last quarter. 29.09% of the stock is owned by hedge funds and other institutional investors.
Endocyte Company Profile
Endocyte, Inc, a biopharmaceutical company, develops targeted therapies for the treatment of cancer and inflammatory diseases in the United States. The company uses its technology to create novel small molecule drug conjugates (SMDCs) and companion imaging agents. It is developing Vintafolide, a SMDC that is in Phase IIb clinical trial to treat non-small cell lung cancer; EC1456, which is in Phase I dose escalation trial for the treatment of advanced solid tumors; and EC1169, a tubulysin therapeutic that is in Phase I dose escalation trial to treat advanced metastatic castration-resistant prostate cancer.
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