Empery Asset Management LP Invests $8.24 Million in NervGen Pharma $NGEN

Empery Asset Management LP bought a new stake in NervGen Pharma (NASDAQ:NGEN) during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund bought 4,000,000 shares of the company’s stock, valued at approximately $8,240,000. NervGen Pharma comprises about 0.0% of Empery Asset Management LP’s investment portfolio, making the stock its 3rd largest holding. Empery Asset Management LP owned 4.96% of NervGen Pharma as of its most recent filing with the Securities & Exchange Commission.

NervGen Pharma Stock Performance

Shares of NASDAQ NGEN traded down $0.04 during midday trading on Friday, reaching $2.30. 667,470 shares of the company’s stock traded hands, compared to its average volume of 503,292. The stock’s 50 day moving average is $1.84. The stock has a market cap of $185.45 million and a P/E ratio of -5.00. NervGen Pharma has a one year low of $1.58 and a one year high of $6.30.

NervGen Pharma (NASDAQ:NGEN) last released its quarterly earnings results on Thursday, August 13th. The company reported ($0.37) EPS for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.28). Equities analysts predict that NervGen Pharma will post -0.4 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of research firms have commented on NGEN. Leerink Partners initiated coverage on NervGen Pharma in a research report on Monday, July 13th. They set an “outperform” rating and a $10.00 target price on the stock. TD Cowen started coverage on NervGen Pharma in a report on Thursday, June 11th. They set a “buy” rating on the stock. Weiss Ratings cut NervGen Pharma from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Tuesday, August 4th. Finally, Wall Street Zen cut NervGen Pharma from a “hold” rating to a “strong sell” rating in a research report on Saturday, August 15th. Two investment analysts have rated the stock with a Strong Buy rating, two have given a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, NervGen Pharma presently has an average rating of “Moderate Buy” and a consensus price target of $14.00.

About NervGen Pharma

NervGen Pharma Corp. is a clinical-stage biotechnology company focused on developing therapies to promote nerve repair and restore neurological function following injury or disease. The company advances regenerative approaches intended to address damage in the central and peripheral nervous systems, pursuing programs that aim to translate preclinical repair concepts into human treatments.

The company’s lead investigational candidate is NVG-291, which is being evaluated in clinical studies for indications that include spinal cord injury, neuropathic conditions and neurodegenerative disease settings.