Eton Pharmaceuticals, Inc. (NASDAQ:ETON) Sees Large Drop in Short Interest

Eton Pharmaceuticals, Inc. (NASDAQ:ETON) was the recipient of a significant decline in short interest during the month of March. As of March 13th, there was short interest totaling 1,897,395 shares, a decline of 14.4% from the February 26th total of 2,217,404 shares. Approximately 8.2% of the shares of the stock are sold short. Based on an average daily trading volume, of 274,076 shares, the days-to-cover ratio is currently 6.9 days.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on ETON shares. HC Wainwright increased their price target on Eton Pharmaceuticals from $37.00 to $52.00 and gave the company a “buy” rating in a research note on Friday, March 20th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Eton Pharmaceuticals in a research report on Thursday, January 22nd. B. Riley Financial boosted their price target on Eton Pharmaceuticals from $26.00 to $31.00 and gave the stock a “buy” rating in a report on Friday, March 20th. Craig Hallum upped their price objective on Eton Pharmaceuticals from $30.00 to $35.00 and gave the company a “buy” rating in a research note on Friday, March 20th. Finally, Zacks Research raised shares of Eton Pharmaceuticals from a “hold” rating to a “strong-buy” rating in a report on Thursday, March 19th. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $39.33.

Hedge Funds Weigh In On Eton Pharmaceuticals

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Divisadero Street Capital Management LP purchased a new stake in shares of Eton Pharmaceuticals during the 2nd quarter valued at $7,092,000. Cannell Capital LLC increased its holdings in Eton Pharmaceuticals by 17.3% during the third quarter. Cannell Capital LLC now owns 455,405 shares of the company’s stock worth $9,896,000 after buying an additional 67,230 shares during the last quarter. Jefferies Financial Group Inc. bought a new stake in Eton Pharmaceuticals in the third quarter worth about $1,922,000. Lumbard & Kellner LLC purchased a new position in Eton Pharmaceuticals in the third quarter valued at about $3,831,000. Finally, JPMorgan Chase & Co. grew its position in shares of Eton Pharmaceuticals by 44.9% during the 3rd quarter. JPMorgan Chase & Co. now owns 351,417 shares of the company’s stock valued at $7,636,000 after acquiring an additional 108,837 shares during the period. Institutional investors and hedge funds own 27.86% of the company’s stock.

Eton Pharmaceuticals Trading Up 8.9%

Shares of ETON traded up $2.02 during mid-day trading on Tuesday, reaching $24.60. 377,118 shares of the company were exchanged, compared to its average volume of 314,519. The business has a 50 day simple moving average of $17.67 and a two-hundred day simple moving average of $17.62. The company has a debt-to-equity ratio of 0.83, a quick ratio of 1.17 and a current ratio of 1.57. The stock has a market capitalization of $670.95 million, a PE ratio of -136.61 and a beta of 1.19. Eton Pharmaceuticals has a 52 week low of $11.09 and a 52 week high of $24.90.

Eton Pharmaceuticals (NASDAQ:ETON) last announced its earnings results on Thursday, March 19th. The company reported $0.05 EPS for the quarter, missing the consensus estimate of $0.12 by ($0.07). Eton Pharmaceuticals had a negative net margin of 5.75% and a negative return on equity of 2.60%. The company had revenue of $21.28 million during the quarter, compared to the consensus estimate of $20.58 million. On average, analysts predict that Eton Pharmaceuticals will post -0.14 earnings per share for the current fiscal year.

About Eton Pharmaceuticals

Eton Pharmaceuticals, Inc is a specialty pharmaceutical company focused on developing, manufacturing and commercializing generic and proprietary pharmaceutical products for patients with rare and underserved diseases. Headquartered in West Palm Beach, Florida, the company leverages its expertise in hormone therapies and complex molecules to address treatment areas where patient need is high and competition is limited. Since its founding in 2016, Eton has sought to build a diversified portfolio that combines established generic medicines with targeted branded offerings.

The company’s product lineup includes thyroid hormone replacements such as desiccated thyroid and liothyronine, as well as pyrimethamine tablets indicated for toxoplasmosis.