Cantor Fitzgerald Reiterates Buy Rating for Paratek Pharmaceuticals, Inc. (PRTK)
Paratek Pharmaceuticals, Inc. (NASDAQ:PRTK)‘s stock had its “buy” rating reiterated by equities researchers at Cantor Fitzgerald in a report issued on Wednesday. They presently have a $50.00 price target on the specialty pharmaceutical company’s stock. Cantor Fitzgerald’s price objective would indicate a potential upside of 102.43% from the company’s current price.
The analysts wrote, “There has been a lot of interest this morning in headlines stating that PRTK is considering all of its strategic options including a sale of the company. We have always believed that PRTK is a very interesting asset in a consolidating space where many antibiotic companies have been taken out. Please see our previously published research on PRTK for more details on our thoughts here. With positive Phase 3 data, PRTK is at the inflection point where potential acquirors would take a look since the asset has been de-risked.””
Other equities analysts also recently issued reports about the stock. BidaskClub downgraded shares of Paratek Pharmaceuticals from a “strong-buy” rating to a “buy” rating in a report on Monday, July 24th. HC Wainwright upped their price objective on shares of Paratek Pharmaceuticals from $36.00 to $43.00 and gave the company a “buy” rating in a report on Tuesday, July 18th. Zacks Investment Research upgraded shares of Paratek Pharmaceuticals from a “hold” rating to a “buy” rating and set a $21.00 price objective on the stock in a report on Saturday, August 5th. Finally, Raymond James Financial, Inc. started coverage on shares of Paratek Pharmaceuticals in a report on Thursday, May 18th. They issued a “strong-buy” rating and a $36.00 price objective on the stock. Two equities research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the stock. The company currently has an average rating of “Buy” and an average target price of $37.44.
Paratek Pharmaceuticals (NASDAQ:PRTK) opened at 24.70 on Wednesday. The firm’s market cap is $685.70 million. Paratek Pharmaceuticals has a 12-month low of $9.80 and a 12-month high of $26.10. The company’s 50 day moving average is $21.53 and its 200 day moving average is $20.34.
Paratek Pharmaceuticals (NASDAQ:PRTK) last released its quarterly earnings data on Wednesday, August 2nd. The specialty pharmaceutical company reported ($0.64) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.89) by $0.25. The company had revenue of $7.51 million during the quarter, compared to analyst estimates of $7.50 million.
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In related news, VP Adam Woodrow sold 3,800 shares of the company’s stock in a transaction dated Wednesday, July 5th. The shares were sold at an average price of $23.58, for a total value of $89,604.00. Following the transaction, the vice president now directly owns 69,500 shares in the company, valued at $1,638,810. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Douglas W. Pagan sold 4,595 shares of the company’s stock in a transaction dated Monday, June 19th. The shares were sold at an average price of $25.00, for a total transaction of $114,875.00. Following the completion of the transaction, the chief financial officer now owns 51,000 shares in the company, valued at $1,275,000. The disclosure for this sale can be found here. Insiders sold 21,960 shares of company stock worth $524,342 over the last 90 days. 4.90% of the stock is currently owned by corporate insiders.
Several institutional investors have recently added to or reduced their stakes in the stock. State Street Corp increased its position in Paratek Pharmaceuticals by 21.5% in the fourth quarter. State Street Corp now owns 238,092 shares of the specialty pharmaceutical company’s stock valued at $3,668,000 after buying an additional 42,117 shares during the period. Essex Investment Management Co. LLC increased its position in Paratek Pharmaceuticals by 15.6% in the first quarter. Essex Investment Management Co. LLC now owns 51,426 shares of the specialty pharmaceutical company’s stock valued at $990,000 after buying an additional 6,939 shares during the period. Appleton Partners Inc. MA acquired a new position in Paratek Pharmaceuticals during the second quarter valued at approximately $220,000. Alps Advisors Inc. acquired a new position in Paratek Pharmaceuticals during the second quarter valued at approximately $598,000. Finally, Marshall Wace LLP acquired a new position in Paratek Pharmaceuticals during the second quarter valued at approximately $942,000. Institutional investors and hedge funds own 77.96% of the company’s stock.
About Paratek Pharmaceuticals
Paratek Pharmaceuticals, Inc is a clinical-stage biopharmaceutical company. The Company is focused on the development and commercialization of therapeutics based upon tetracycline chemistry. Its product candidates are the antibacterials omadacycline and sarecycline. Omadacycline is an antibiotic being developed for use as an empiric monotherapy option for patients suffering from serious, community-acquired bacterial infections.
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