State Street Corp Grows Stake in Achaogen, Inc. (AKAO)
State Street Corp grew its holdings in shares of Achaogen, Inc. (NASDAQ:AKAO) by 302.6% in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 1,677,097 shares of the biopharmaceutical company’s stock after purchasing an additional 1,260,509 shares during the quarter. State Street Corp owned approximately 3.97% of Achaogen worth $36,444,000 as of its most recent filing with the Securities & Exchange Commission.
Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Legal & General Group Plc purchased a new stake in shares of Achaogen during the 2nd quarter valued at about $168,000. Oppenheimer Asset Management Inc. purchased a new stake in shares of Achaogen during the 1st quarter valued at about $199,000. Sigma Planning Corp increased its position in shares of Achaogen by 9.6% during the 2nd quarter. Sigma Planning Corp now owns 9,450 shares of the biopharmaceutical company’s stock valued at $205,000 after purchasing an additional 825 shares during the last quarter. Bank of Montreal Can increased its position in shares of Achaogen by 33.3% during the 2nd quarter. Bank of Montreal Can now owns 10,000 shares of the biopharmaceutical company’s stock valued at $217,000 after purchasing an additional 2,500 shares during the last quarter. Finally, JPMorgan Chase & Co. increased its position in shares of Achaogen by 691.2% during the 2nd quarter. JPMorgan Chase & Co. now owns 11,077 shares of the biopharmaceutical company’s stock valued at $240,000 after purchasing an additional 9,677 shares during the last quarter. 84.18% of the stock is owned by hedge funds and other institutional investors.
In other Achaogen news, COO Blake Wise sold 3,576 shares of the stock in a transaction that occurred on Tuesday, September 26th. The shares were sold at an average price of $15.99, for a total transaction of $57,180.24. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 8.36% of the company’s stock.
Several equities research analysts have recently commented on AKAO shares. Zacks Investment Research lowered shares of Achaogen from a “hold” rating to a “sell” rating in a research report on Tuesday, July 11th. BidaskClub lowered shares of Achaogen from a “buy” rating to a “hold” rating in a research report on Monday, July 24th. Stifel Nicolaus reissued a “buy” rating and issued a $30.00 target price on shares of Achaogen in a report on Friday, August 4th. Mizuho initiated coverage on shares of Achaogen in a report on Wednesday, September 6th. They issued a “buy” rating and a $28.00 target price for the company. Finally, Leerink Swann reissued an “outperform” rating and issued a $22.00 target price (down from $28.00) on shares of Achaogen in a report on Monday, October 9th. They noted that the move was a valuation call. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and nine have issued a buy rating to the stock. The company has a consensus rating of “Buy” and a consensus price target of $26.48.
Shares of Achaogen, Inc. (NASDAQ:AKAO) opened at $13.61 on Wednesday. The company has a debt-to-equity ratio of 0.09, a current ratio of 8.37 and a quick ratio of 8.37. Achaogen, Inc. has a fifty-two week low of $4.02 and a fifty-two week high of $27.79.
Achaogen (NASDAQ:AKAO) last announced its quarterly earnings data on Thursday, August 3rd. The biopharmaceutical company reported ($0.78) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.60) by ($0.18). Achaogen had a negative net margin of 281.88% and a negative return on equity of 86.24%. The company had revenue of $1.30 million for the quarter, compared to analysts’ expectations of $2.69 million. During the same period last year, the business earned ($0.87) earnings per share. The company’s quarterly revenue was down 85.7% compared to the same quarter last year. equities analysts expect that Achaogen, Inc. will post -3.01 earnings per share for the current fiscal year.
Achaogen, Inc is a late-stage biopharmaceutical company. The Company is engaged in the discovery, development and commercialization of antibacterial treatments against multi-drug resistant (MDR) gram-negative infections. The Company is involved in researching and developing plazomicin, its lead product candidate, for the treatment of serious bacterial infections, including complicated urinary tract infection (cUTI), blood stream infections and other infections due to MDR Enterobacteriaceae, including carbapenem-resistant Enterobacteriaceae (CRE).
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