TD Cowen Increases Royalty Pharma (NASDAQ:RPRX) Price Target to $68.00

Royalty Pharma (NASDAQ:RPRX) had its price objective upped by equities researchers at TD Cowen from $65.00 to $68.00 in a report issued on Tuesday, Benzinga reports. The brokerage currently has a “buy” rating on the biopharmaceutical company’s stock. TD Cowen’s price objective suggests a potential upside of 12.77% from the company’s previous close.

RPRX has been the subject of a number of other reports. Morgan Stanley restated an “overweight” rating and issued a $65.00 price target on shares of Royalty Pharma in a report on Thursday, August 6th. The Goldman Sachs Group reissued a “buy” rating and set a $66.00 price objective on shares of Royalty Pharma in a research report on Thursday, August 6th. JPMorgan Chase & Co. raised their target price on Royalty Pharma from $58.00 to $62.00 and gave the company an “overweight” rating in a research note on Friday, August 7th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Royalty Pharma in a research report on Wednesday, August 12th. Finally, Wall Street Zen downgraded Royalty Pharma from a “strong-buy” rating to a “buy” rating in a research note on Sunday, August 30th. Eight analysts have rated the stock with a Buy rating, According to MarketBeat, Royalty Pharma currently has a consensus rating of “Buy” and a consensus target price of $61.29.

Royalty Pharma Trading Down 5.7%

Shares of Royalty Pharma stock traded down $3.66 on Tuesday, reaching $60.30. 1,329,927 shares of the company’s stock were exchanged, compared to its average volume of 3,434,935. The company has a market capitalization of $34.67 billion, a P/E ratio of 41.50, a price-to-earnings-growth ratio of 1.49 and a beta of 0.44. Royalty Pharma has a 52 week low of $34.63 and a 52 week high of $64.38. The firm’s 50-day moving average is $59.11 and its two-hundred day moving average is $53.27. The company has a debt-to-equity ratio of 0.88, a quick ratio of 2.80 and a current ratio of 2.80.

Royalty Pharma (NASDAQ:RPRX) last released its quarterly earnings data on Wednesday, August 5th. The biopharmaceutical company reported $1.32 earnings per share for the quarter, beating the consensus estimate of $1.27 by $0.05. Royalty Pharma had a net margin of 32.14% and a return on equity of 30.01%. The company had revenue of $674.14 million during the quarter, compared to analyst estimates of $758.93 million. Sell-side analysts predict that Royalty Pharma will post 5.3 EPS for the current fiscal year.

Insider Activity

In related news, EVP Christopher Hite sold 150,000 shares of Royalty Pharma stock in a transaction that occurred on Tuesday, June 23rd. The stock was sold at an average price of $54.40, for a total transaction of $8,160,000.00. Following the transaction, the executive vice president owned 559,399 shares of the company’s stock, valued at $30,431,305.60. The trade was a 21.14% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Marshall Urist sold 9,099 shares of the stock in a transaction on Wednesday, July 1st. The shares were sold at an average price of $55.88, for a total value of $508,452.12. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders sold 398,197 shares of company stock worth $22,513,280. 18.84% of the stock is owned by insiders.

Hedge Funds Weigh In On Royalty Pharma

Hedge funds have recently modified their holdings of the company. Royal Bank of Canada boosted its stake in shares of Royalty Pharma by 367.7% in the 1st quarter. Royal Bank of Canada now owns 203,760 shares of the biopharmaceutical company’s stock worth $6,342,000 after buying an additional 160,191 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in shares of Royalty Pharma by 20.3% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 79,990 shares of the biopharmaceutical company’s stock valued at $2,490,000 after acquiring an additional 13,489 shares during the last quarter. Focus Partners Wealth purchased a new stake in shares of Royalty Pharma during the first quarter valued at approximately $264,000. Intech Investment Management LLC lifted its holdings in Royalty Pharma by 41.0% during the first quarter. Intech Investment Management LLC now owns 47,992 shares of the biopharmaceutical company’s stock worth $1,494,000 after acquiring an additional 13,951 shares during the period. Finally, Invesco Ltd. lifted its holdings in Royalty Pharma by 21.4% during the second quarter. Invesco Ltd. now owns 1,559,378 shares of the biopharmaceutical company’s stock worth $56,184,000 after acquiring an additional 274,960 shares during the period. Institutional investors own 54.35% of the company’s stock.

Royalty Pharma Company Profile

Royalty Pharma plc is a specialty finance company that acquires biopharmaceutical royalty interests and provides non-dilutive financing to drug developers and rights holders. The firm purchases future royalty streams, milestone-contingent payments and other revenue rights linked to approved and late-stage pharmaceutical and biotechnology products. By paying upfront consideration for these rights, Royalty Pharma seeks to generate long-term cash flows tied to the commercial performance of a diversified portfolio of medicines.

The company’s transaction structures include outright royalty purchases, structured financings and milestone arrangements tailored to the needs of innovator companies, academic institutions and investors.