Flex Pharma Inc. (FLKS) Cut to “Hold” at Zacks Investment Research
According to Zacks, “Flex Pharma, Inc. is a biotechnology company. The Company is involved in developing treatments for nocturnal leg cramps and spasms associated with severe neuromuscular conditions. Flex Pharma, Inc. is headquartered in Boston, Massachusetts. “
A number of other equities analysts have also weighed in on FLKS. Piper Jaffray Cos. reiterated a buy rating and issued a $25.00 price objective on shares of Flex Pharma in a research report on Thursday, August 4th. Cantor Fitzgerald lowered shares of Flex Pharma from a buy rating to a hold rating and lowered their price objective for the company from $22.00 to $10.00 in a research report on Friday, October 14th. HC Wainwright reiterated a buy rating and issued a $40.00 price objective on shares of Flex Pharma in a research report on Saturday, October 15th. Finally, JMP Securities reiterated a buy rating on shares of Flex Pharma in a research report on Thursday, November 3rd. Two research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. The stock presently has an average rating of Buy and a consensus target price of $20.25.
Shares of Flex Pharma (NASDAQ:FLKS) opened at 6.47 on Thursday. The stock has a 50 day moving average of $6.69 and a 200-day moving average of $10.24. The firm’s market capitalization is $106.95 million. Flex Pharma has a 12 month low of $4.55 and a 12 month high of $13.97.
Flex Pharma (NASDAQ:FLKS) last posted its quarterly earnings data on Wednesday, November 2nd. The biotechnology company reported ($0.65) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.72) by $0.07. On average, equities research analysts anticipate that Flex Pharma will post ($2.54) EPS for the current fiscal year.
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In other news, insider Christoph H. Westphal purchased 8,870 shares of the business’s stock in a transaction dated Monday, November 7th. The stock was acquired at an average price of $5.70 per share, with a total value of $50,559.00. Following the purchase, the insider now directly owns 3,934,118 shares of the company’s stock, valued at approximately $22,424,472.60. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Christoph H. Westphal purchased 7,000 shares of the business’s stock in a transaction dated Tuesday, November 8th. The shares were purchased at an average cost of $7.31 per share, with a total value of $51,170.00. Following the purchase, the insider now directly owns 3,941,118 shares in the company, valued at $28,809,572.58. The disclosure for this purchase can be found here. Company insiders own 43.35% of the company’s stock.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Primecap Management Co. CA increased its position in Flex Pharma by 24.6% in the second quarter. Primecap Management Co. CA now owns 790,911 shares of the biotechnology company’s stock valued at $8,075,000 after buying an additional 156,190 shares during the period. BlackRock Fund Advisors increased its position in shares of Flex Pharma by 34.2% in the second quarter. BlackRock Fund Advisors now owns 502,242 shares of the biotechnology company’s stock valued at $5,128,000 after buying an additional 128,078 shares during the last quarter. Oxford Asset Management purchased a new position in shares of Flex Pharma during the second quarter valued at $1,195,000. Massachusetts Financial Services Co. MA increased its position in shares of Flex Pharma by 40.0% in the second quarter. Massachusetts Financial Services Co. MA now owns 356,135 shares of the biotechnology company’s stock valued at $3,636,000 after buying an additional 101,839 shares during the last quarter. Finally, Ameriprise Financial Inc. increased its position in shares of Flex Pharma by 10.3% in the second quarter. Ameriprise Financial Inc. now owns 922,139 shares of the biotechnology company’s stock valued at $9,434,000 after buying an additional 85,837 shares during the last quarter. 33.44% of the stock is owned by institutional investors and hedge funds.
About Flex Pharma
Flex Pharma, Inc is a biotechnology company. The Company develops treatments for nocturnal leg cramps, muscle cramps and spasms associated with severe neuromuscular conditions, and exercise associated muscle cramps (EAMCs). The Company’s product candidates activate certain receptors in primary sensory neurons, which then act through neuronal circuits to reduce the repetitive firing, or hyperexcitability, of alpha-motor neurons in the spinal cord, thereby preventing or reducing the frequency and intensity of muscle cramps and spasms.
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