Concert Pharmaceuticals, Inc. (NASDAQ:CNCE) saw a large decline in short interest during the month of December. As of December 31st, there was short interest totalling 326,100 shares, a decline of 51.6% from the December 15th total of 674,000 shares. Based on an average daily volume of 813,200 shares, the days-to-cover ratio is currently 0.4 days.
CNCE has been the topic of several recent analyst reports. Zacks Investment Research upgraded shares of Concert Pharmaceuticals from a “sell” rating to a “hold” rating in a report on Tuesday. Mizuho reaffirmed a “buy” rating and set a $9.00 target price (down from $13.00) on shares of Concert Pharmaceuticals in a research note on Tuesday, October 5th. Finally, JMP Securities cut their target price on shares of Concert Pharmaceuticals from $17.00 to $10.00 and set an “outperform” rating on the stock in a research note on Friday, November 12th.
Shares of CNCE opened at $3.15 on Friday. Concert Pharmaceuticals has a fifty-two week low of $2.64 and a fifty-two week high of $12.38. The firm’s 50 day moving average price is $3.51 and its 200 day moving average price is $3.42.
In other news, CEO Roger D. Tung sold 9,240 shares of the company’s stock in a transaction that occurred on Thursday, January 6th. The shares were sold at an average price of $3.09, for a total value of $28,551.60. The sale was disclosed in a document filed with the SEC, which is available through this link. Insiders sold a total of 18,834 shares of company stock worth $62,037 over the last quarter. 11.00% of the stock is currently owned by company insiders.
Several large investors have recently made changes to their positions in CNCE. Deutsche Bank AG increased its position in shares of Concert Pharmaceuticals by 33.7% in the 2nd quarter. Deutsche Bank AG now owns 24,763 shares of the biotechnology company’s stock valued at $104,000 after purchasing an additional 6,235 shares during the last quarter. Ergoteles LLC purchased a new stake in shares of Concert Pharmaceuticals in the 2nd quarter valued at approximately $520,000. Bank of Montreal Can increased its position in shares of Concert Pharmaceuticals by 5,241.5% in the 2nd quarter. Bank of Montreal Can now owns 45,777 shares of the biotechnology company’s stock valued at $201,000 after purchasing an additional 44,920 shares during the last quarter. Jump Financial LLC purchased a new stake in shares of Concert Pharmaceuticals in the 2nd quarter valued at approximately $154,000. Finally, Renaissance Technologies LLC boosted its holdings in shares of Concert Pharmaceuticals by 7.6% in the 2nd quarter. Renaissance Technologies LLC now owns 993,000 shares of the biotechnology company’s stock valued at $4,190,000 after buying an additional 69,776 shares in the last quarter. 60.73% of the stock is currently owned by institutional investors.
About Concert Pharmaceuticals
Concert Pharmaceuticals, Inc is a clinical stage biopharmaceutical company, which discovers and develops novel small molecule drugs through the use of deuterium technology. Its product candidates target a range of diseases including autoimmune disorders, inflammation, and central nervous system disorders.
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