Stonepine Capital Management LLC Invests $559.66 Million in NervGen Pharma $NGEN

Stonepine Capital Management LLC acquired a new stake in NervGen Pharma (NASDAQ:NGEN) in the second quarter, according to the company in its most recent filing with the SEC. The firm acquired 271,678 shares of the company’s stock, valued at approximately $559,657,000. Stonepine Capital Management LLC owned about 0.34% of NervGen Pharma at the end of the most recent reporting period.

Separately, Empery Asset Management LP acquired a new position in NervGen Pharma in the 2nd quarter valued at approximately $8,240,000,000.

NervGen Pharma Trading Up 5.9%

NervGen Pharma stock opened at $2.34 on Friday. The company has a market cap of $188.67 million and a price-to-earnings ratio of -5.09. NervGen Pharma has a 52-week low of $1.58 and a 52-week high of $6.30. The stock’s 50 day moving average price is $1.84.

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

Wall Street Analysts Forecast Growth

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

NervGen Pharma Profile

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.