Aegerion Pharmaceuticals Inc. (AEGR) Upgraded to “Buy” at Zacks Investment Research
Zacks Investment Research upgraded shares of Aegerion Pharmaceuticals Inc. (NASDAQ:AEGR) from a hold rating to a buy rating in a report issued on Monday. The brokerage currently has $2.00 price objective on the biopharmaceutical company’s stock.
According to Zacks, “Aegerion’s third-quarter results were encouraging, with the company reporting a narrower-than-expected loss and revenues surpassing expectations. Aegerion’s upcoming merger agreement with QLT Inc. is a big positive. It will leverage the company’s development and commercial capabilities to provide transformative treatments to patients suffering from rare but debilitating diseases. The agreement comes at a time when the company's lead drug, Juxtapid, is facing challenges due to the launch of PCSK9 inhibitors in the U.S. The company added another drug, Myalept from AstraZeneca, which boosted its portfolio. However, Aegerion is facing reimbursement hurdles for Myalept as prior authorizations are taking longer than expected and payers are requesting additional data. Moreover, the decision to withdraw Juxtapid from the EU is disappointing.”
Separately, JPMorgan Chase & Co. assumed coverage on Aegerion Pharmaceuticals in a report on Friday, November 11th. They set a hold rating for the company. One analyst has rated the stock with a sell rating, two have assigned a hold rating and three have given a buy rating to the stock. Aegerion Pharmaceuticals currently has an average rating of Hold and an average price target of $10.20.
Aegerion Pharmaceuticals (NASDAQ:AEGR) opened at 1.89 on Monday. The stock’s 50 day moving average price is $2.07 and its 200 day moving average price is $1.82. The firm’s market cap is $55.84 million. Aegerion Pharmaceuticals has a 52 week low of $1.23 and a 52 week high of $10.85.
In other Aegerion Pharmaceuticals news, major shareholder Healthcare Master Fun Broadfin purchased 276,000 shares of the firm’s stock in a transaction dated Monday, September 12th. The shares were bought at an average price of $1.66 per share, for a total transaction of $458,160.00. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 4.60% of the stock is owned by insiders.
Large investors have recently added to or reduced their stakes in the stock. Scopia Capital Management LP purchased a new stake in shares of Aegerion Pharmaceuticals during the third quarter worth approximately $16,940,000. Sarissa Capital Management LP raised its stake in shares of Aegerion Pharmaceuticals by 2.7% in the second quarter. Sarissa Capital Management LP now owns 2,649,000 shares of the biopharmaceutical company’s stock worth $3,947,000 after buying an additional 69,000 shares in the last quarter. Artal Group S.A. bought a new stake in shares of Aegerion Pharmaceuticals during the second quarter worth approximately $1,490,000. Jefferies Group LLC raised its stake in shares of Aegerion Pharmaceuticals by 149.9% in the second quarter. Jefferies Group LLC now owns 745,150 shares of the biopharmaceutical company’s stock worth $1,110,000 after buying an additional 447,027 shares in the last quarter. Finally, Spark Investment Management LLC raised its stake in shares of Aegerion Pharmaceuticals by 10.1% in the second quarter. Spark Investment Management LLC now owns 586,400 shares of the biopharmaceutical company’s stock worth $873,000 after buying an additional 53,600 shares in the last quarter. 85.83% of the stock is currently owned by institutional investors.
Aegerion Pharmaceuticals Company Profile
Aegerion Pharmaceuticals, Inc is a biopharmaceutical company engaged in the development and commercialization of therapies for patients with debilitating rare diseases. It operates through pharmaceuticals segment. Its products include lomitapide and metreleptin. Lomitapide is a small molecule microsomal triglyceride transfer protein (MTP) inhibitor.
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