Catalyst Pharmaceuticals, Inc. (NASDAQ:CPRX) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued on Wednesday.

According to Zacks, “Catalyst Pharma expects to report top-line results from its second phase III study of Firdapse for the treatment of Lambert-Eaton myasthenic syndrome (LEMS) in the second half of 2017 and resubmit a new drug application (NDA) before the end of 2017. Earlier in 2016, the company received a refusal to file letter from the FDA in connection with the NDA for Firdapse. The company suffered a setback when it received a refusal to file letter for Firdapse from the FDA. Meanwhile, the company is also developing Firdapse for additional indications. The company’s share price movement shows that the stock has outperformed the Zacks classified Medical-Drugs industry year to date. However,  Catalyst has a limited number of candidates in its pipeline and is highly dependent on Firdapse’s approval for growth.”

Other equities analysts also recently issued reports about the stock. SunTrust Banks, Inc. restated a “buy” rating and issued a $5.00 target price on shares of Catalyst Pharmaceuticals in a research note on Tuesday, September 5th. Roth Capital set a $5.00 target price on shares of Catalyst Pharmaceuticals and gave the stock a “buy” rating in a research note on Thursday, August 10th. Finally, Piper Jaffray Companies set a $6.00 target price on shares of Catalyst Pharmaceuticals and gave the stock a “buy” rating in a research note on Monday, August 7th. One research analyst has rated the stock with a sell rating and four have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average price target of $5.50.

Shares of Catalyst Pharmaceuticals (CPRX) traded down 4.49% during mid-day trading on Wednesday, reaching $2.55. 216,900 shares of the company’s stock traded hands. Catalyst Pharmaceuticals has a 12-month low of $0.94 and a 12-month high of $3.20. The stock has a 50-day moving average price of $2.59 and a 200 day moving average price of $2.42. The firm’s market capitalization is $215.61 million.

Catalyst Pharmaceuticals (NASDAQ:CPRX) last issued its earnings results on Wednesday, August 9th. The biopharmaceutical company reported ($0.05) EPS for the quarter, topping the Zacks’ consensus estimate of ($0.06) by $0.01. Analysts anticipate that Catalyst Pharmaceuticals will post ($0.23) EPS for the current fiscal year.

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In other Catalyst Pharmaceuticals news, insider Patrick J. Mcenany purchased 20,000 shares of the stock in a transaction dated Tuesday, September 5th. The stock was purchased at an average price of $2.58 per share, with a total value of $51,600.00. Following the transaction, the insider now owns 4,471,026 shares of the company’s stock, valued at $11,535,247.08. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 8.79% of the stock is currently owned by corporate insiders.

Several institutional investors and hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. lifted its position in shares of Catalyst Pharmaceuticals by 11.3% in the 2nd quarter. Vanguard Group Inc. now owns 3,348,549 shares of the biopharmaceutical company’s stock worth $9,242,000 after purchasing an additional 340,614 shares during the period. JPMorgan Chase & Co. lifted its position in shares of Catalyst Pharmaceuticals by 1,833.2% in the 2nd quarter. JPMorgan Chase & Co. now owns 1,536,300 shares of the biopharmaceutical company’s stock worth $4,240,000 after purchasing an additional 1,456,830 shares during the period. State Street Corp lifted its position in shares of Catalyst Pharmaceuticals by 1,971.1% in the 2nd quarter. State Street Corp now owns 938,195 shares of the biopharmaceutical company’s stock worth $2,590,000 after purchasing an additional 892,895 shares during the period. Kennedy Capital Management Inc. lifted its position in shares of Catalyst Pharmaceuticals by 298.5% in the 2nd quarter. Kennedy Capital Management Inc. now owns 918,438 shares of the biopharmaceutical company’s stock worth $2,535,000 after purchasing an additional 687,938 shares during the period. Finally, Northern Trust Corp lifted its position in shares of Catalyst Pharmaceuticals by 620.9% in the 2nd quarter. Northern Trust Corp now owns 802,566 shares of the biopharmaceutical company’s stock worth $2,215,000 after purchasing an additional 691,238 shares during the period. 40.15% of the stock is owned by hedge funds and other institutional investors.

About Catalyst Pharmaceuticals

Catalyst Pharmaceuticals, Inc, formerly Catalyst Pharmaceutical Partners, Inc, is a development-stage biopharmaceutical company. The Company is focused on developing and commercializing therapies for people with rare debilitating diseases. The Company has three drugs in development: Firdapse, CPP-109 and CPP-115.

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