Strongbridge Biopharma PLC (NASDAQ:SBBP) shares dropped 18.7% during mid-day trading on Wednesday . The company traded as low as $6.00 and last traded at $6.10. Approximately 1,807,975 shares changed hands during trading, an increase of 2,524% from the average daily volume of 68,895 shares. The stock had previously closed at $7.50.

Several research analysts recently weighed in on SBBP shares. ValuEngine raised shares of Strongbridge Biopharma PLC from a “sell” rating to a “hold” rating in a research report on Tuesday, June 27th. Zacks Investment Research raised shares of Strongbridge Biopharma PLC from a “hold” rating to a “buy” rating and set a $7.75 price objective on the stock in a research report on Wednesday, July 19th. Finally, Oppenheimer Holdings, Inc. initiated coverage on shares of Strongbridge Biopharma PLC in a research report on Thursday, August 10th. They issued an “outperform” rating and a $12.00 price objective on the stock. Two equities research analysts have rated the stock with a sell rating and three have assigned a buy rating to the company. Strongbridge Biopharma PLC has an average rating of “Hold” and an average price target of $11.94.

The stock’s market cap is $215.54 million. The firm has a 50 day moving average price of $6.84 and a 200-day moving average price of $5.68.

Strongbridge Biopharma PLC (NASDAQ:SBBP) last released its earnings results on Monday, August 7th. The biotechnology company reported ($0.34) earnings per share for the quarter, meeting the consensus estimate of ($0.34). The firm had revenue of $1.53 million during the quarter, compared to analyst estimates of $0.84 million. On average, equities research analysts forecast that Strongbridge Biopharma PLC will post ($2.48) earnings per share for the current fiscal year.

A number of hedge funds have recently bought and sold shares of the stock. California State Teachers Retirement System purchased a new stake in Strongbridge Biopharma PLC during the second quarter worth approximately $277,000. State Street Corp purchased a new stake in Strongbridge Biopharma PLC during the second quarter worth approximately $443,000. Nexthera Capital LP purchased a new stake in Strongbridge Biopharma PLC during the second quarter worth approximately $477,000. Vanguard Group Inc. purchased a new stake in Strongbridge Biopharma PLC during the second quarter worth approximately $474,000. Finally, Northern Trust Corp purchased a new stake in Strongbridge Biopharma PLC during the second quarter worth approximately $1,462,000. Hedge funds and other institutional investors own 63.65% of the company’s stock.

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About Strongbridge Biopharma PLC

Strongbridge Biopharma plc is a global commercial-stage biopharmaceutical company. The Company is focused on the development and commercialization of therapies for a range of diseases. The Company’s commercial product, KEVEYIS (dichlorphenamide), is indicated for the treatment of hyperkalemic, hypokalemic and related variants of primary periodic paralysis.

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