Neptune Wellness Solutions (NASDAQ:NEPT) Upgraded to Buy at Zacks Investment Research

Zacks Investment Research upgraded shares of Neptune Wellness Solutions (NASDAQ:NEPT) (TSE:NTB) from a hold rating to a buy rating in a research note published on Wednesday, Zacks.com reports. They currently have $5.50 price objective on the biotechnology company’s stock.

According to Zacks, “Neptune Wellness Solutions Inc. operates as a nutrition supplement company. It develops and produces cannabis products, marine oils, seed oils and pet supplements. Neptune Wellness Solutions Inc., formerly known as Neptune Technologies & Bioressources Inc., is headquartered in Laval, Canada. “

A number of other analysts have also recently issued reports on the company. Echelon Wealth Partners restated a buy rating on shares of Neptune Wellness Solutions in a research report on Wednesday, July 24th. BidaskClub cut Neptune Wellness Solutions from a buy rating to a hold rating in a research report on Tuesday.

Shares of NEPT traded down $0.31 on Wednesday, reaching $4.51. 75,411 shares of the stock traded hands, compared to its average volume of 2,025,961. The firm has a market cap of $445.61 million, a price-to-earnings ratio of -32.71 and a beta of 1.67. Neptune Wellness Solutions has a 12 month low of $2.42 and a 12 month high of $6.57. The stock’s 50-day moving average is $5.11.

Neptune Wellness Solutions (NASDAQ:NEPT) (TSE:NTB) last released its quarterly earnings data on Wednesday, August 14th. The biotechnology company reported ($0.06) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.03) by ($0.03). The firm had revenue of $3.26 million for the quarter, compared to the consensus estimate of $4.51 million. Neptune Wellness Solutions had a negative net margin of 94.47% and a negative return on equity of 19.34%. Research analysts forecast that Neptune Wellness Solutions will post 0.03 EPS for the current year.

A number of hedge funds have recently made changes to their positions in the stock. Wells Fargo & Company MN boosted its stake in Neptune Wellness Solutions by 19.4% in the 2nd quarter. Wells Fargo & Company MN now owns 15,362 shares of the biotechnology company’s stock valued at $67,000 after buying an additional 2,500 shares in the last quarter. Jane Street Group LLC boosted its stake in Neptune Wellness Solutions by 45.9% in the 2nd quarter. Jane Street Group LLC now owns 22,598 shares of the biotechnology company’s stock valued at $98,000 after buying an additional 7,106 shares in the last quarter. Tower Research Capital LLC TRC boosted its stake in Neptune Wellness Solutions by 265.7% in the 2nd quarter. Tower Research Capital LLC TRC now owns 9,929 shares of the biotechnology company’s stock valued at $43,000 after buying an additional 7,214 shares in the last quarter. Morgan Stanley boosted its stake in Neptune Wellness Solutions by 9.1% in the 2nd quarter. Morgan Stanley now owns 208,980 shares of the biotechnology company’s stock valued at $909,000 after buying an additional 17,361 shares in the last quarter. Finally, CIBC World Markets Inc. acquired a new stake in Neptune Wellness Solutions in the 1st quarter valued at $63,000. 12.22% of the stock is currently owned by institutional investors and hedge funds.

About Neptune Wellness Solutions

Neptune Wellness Solutions Inc, a health and wellness products company, specializes in the extraction, purification and formulation of cannabis products, as well as other specialty ingredients, such as MaxSimil, a patented ingredient that enhances the absorption of lipid-based nutraceuticals, and various other marine and seed oils.

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