Canaccord Genuity Group Upgrades Eton Pharmaceuticals (NASDAQ:ETON) to “Strong-Buy”

Eton Pharmaceuticals (NASDAQ:ETON) was upgraded by stock analysts at Canaccord Genuity Group to a “strong-buy” rating in a research note issued on Thursday,Zacks.com reports.

ETON has been the subject of several other research reports. Craig Hallum increased their target price on shares of Eton Pharmaceuticals from $30.00 to $35.00 and gave the company a “buy” rating in a report on Friday, March 20th. Zacks Research lowered Eton Pharmaceuticals from a “hold” rating to a “strong sell” rating in a research note on Monday, July 13th. Wall Street Zen upgraded shares of Eton Pharmaceuticals from a “buy” rating to a “strong-buy” rating in a research note on Saturday, June 13th. Weiss Ratings reissued a “sell (d-)” rating on shares of Eton Pharmaceuticals in a report on Tuesday, April 21st. Finally, B. Riley Financial increased their target price on shares of Eton Pharmaceuticals from $26.00 to $31.00 and gave the stock a “buy” rating in a research note on Friday, March 20th. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $45.75.

Eton Pharmaceuticals Stock Up 13.8%

Shares of NASDAQ ETON opened at $42.32 on Thursday. The stock has a market capitalization of $1.16 billion, a P/E ratio of -604.49 and a beta of 0.86. The company has a 50-day moving average price of $33.39 and a 200-day moving average price of $24.52. Eton Pharmaceuticals has a 1 year low of $13.78 and a 1 year high of $42.65. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.21 and a quick ratio of 0.88.

Eton Pharmaceuticals (NASDAQ:ETON) last posted its earnings results on Thursday, May 14th. The company reported $0.05 EPS for the quarter, missing the consensus estimate of $0.10 by ($0.05). Eton Pharmaceuticals had a negative return on equity of 5.68% and a negative net margin of 1.70%.The business had revenue of $24.27 million for the quarter, compared to the consensus estimate of $22.31 million. On average, equities research analysts forecast that Eton Pharmaceuticals will post 0.75 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director Jennifer Mckie Adams sold 50,000 shares of the firm’s stock in a transaction that occurred on Wednesday, June 17th. The stock was sold at an average price of $32.48, for a total transaction of $1,624,000.00. Following the transaction, the director directly owned 50,000 shares in the company, valued at $1,624,000. This trade represents a 50.00% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider David Krempa sold 19,679 shares of Eton Pharmaceuticals stock in a transaction on Wednesday, May 27th. The stock was sold at an average price of $31.47, for a total transaction of $619,298.13. Following the completion of the transaction, the insider directly owned 25,249 shares in the company, valued at approximately $794,586.03. The trade was a 43.80% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 150,000 shares of company stock valued at $4,853,921. Company insiders own 16.49% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of ETON. Opaleye Management Inc. raised its holdings in shares of Eton Pharmaceuticals by 0.3% during the second quarter. Opaleye Management Inc. now owns 2,860,000 shares of the company’s stock valued at $40,755,000 after acquiring an additional 7,930 shares in the last quarter. EcoR1 Capital LLC boosted its stake in Eton Pharmaceuticals by 7.0% during the first quarter. EcoR1 Capital LLC now owns 2,171,938 shares of the company’s stock worth $53,603,000 after acquiring an additional 141,394 shares in the last quarter. Vanguard Group Inc. increased its stake in shares of Eton Pharmaceuticals by 2.4% during the third quarter. Vanguard Group Inc. now owns 1,344,115 shares of the company’s stock valued at $29,208,000 after purchasing an additional 31,942 shares in the last quarter. State Street Corp increased its stake in shares of Eton Pharmaceuticals by 14.5% during the fourth quarter. State Street Corp now owns 501,925 shares of the company’s stock valued at $8,488,000 after purchasing an additional 63,480 shares in the last quarter. Finally, Millennium Management LLC lifted its holdings in shares of Eton Pharmaceuticals by 156.3% during the first quarter. Millennium Management LLC now owns 355,929 shares of the company’s stock valued at $4,620,000 after purchasing an additional 217,042 shares during the last quarter. Institutional investors own 27.86% of the company’s stock.

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.