Zacks Investment Research Downgrades Catalyst Pharmaceuticals, Inc. (CPRX) to Sell

Catalyst Pharmaceuticals, Inc. (NASDAQ:CPRX) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Tuesday.

According to Zacks, “Catalyst Pharma posted narrower than expected loss in the third quarter of 2017. Earlier in 2016, the company received a refusal to file letter from the FDA in connection with the NDA for Firdapse. The company suffered a setback when it received a refusal to file letter for Firdapse from the FDA.  Nevertheless, the company expects to report top-line results from its second phase III study of Firdapse for the treatment of Lambert-Eaton myasthenic syndrome (LEMS) in early December 2017 and resubmit a new drug application (NDA) before the end of 2017. Catalyst has a limited number of candidates in its pipeline and is highly dependent on Firdapse’s approval for growth.  Meanwhile, the company is also developing Firdapse for additional indications. The company’s share price movement shows that the stock has outperformed the industry year to date. “

Several other research analysts have also weighed in on CPRX. Piper Jaffray Companies set a $6.00 price objective on shares of Catalyst Pharmaceuticals and gave the stock a “buy” rating in a research note on Monday, August 7th. Roth Capital set a $5.00 price objective on shares of Catalyst Pharmaceuticals and gave the stock a “buy” rating in a research note on Thursday, August 10th. SunTrust Banks, Inc. restated a “buy” rating and set a $5.00 price objective on shares of Catalyst Pharmaceuticals in a research note on Tuesday, September 5th. Finally, HC Wainwright restated a “buy” rating and set a $6.00 price objective on shares of Catalyst Pharmaceuticals in a research note on Friday. One investment analyst has rated the stock with a sell rating and four have issued a buy rating to the company. The stock has a consensus rating of “Buy” and an average target price of $5.50.

Catalyst Pharmaceuticals (CPRX) opened at $2.93 on Tuesday. Catalyst Pharmaceuticals has a 52 week low of $1.01 and a 52 week high of $3.24.

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In related news, insider Patrick J. Mcenany purchased 20,000 shares of the firm’s stock in a transaction that occurred on Tuesday, September 5th. The shares were acquired at an average price of $2.58 per share, for a total transaction of $51,600.00. Following the purchase, the insider now owns 4,471,026 shares in the company, valued at $11,535,247.08. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 8.79% of the stock is currently owned by corporate insiders.

A number of institutional investors and hedge funds have recently made changes to their positions in CPRX. Nationwide Fund Advisors acquired a new position in Catalyst Pharmaceuticals in the 2nd quarter valued at about $111,000. New York State Common Retirement Fund acquired a new position in Catalyst Pharmaceuticals in the 2nd quarter valued at about $114,000. Bank of New York Mellon Corp grew its stake in Catalyst Pharmaceuticals by 3.6% in the 1st quarter. Bank of New York Mellon Corp now owns 69,176 shares of the biopharmaceutical company’s stock valued at $135,000 after buying an additional 2,404 shares during the last quarter. SG Americas Securities LLC acquired a new position in Catalyst Pharmaceuticals in the 3rd quarter valued at about $144,000. Finally, State of Wisconsin Investment Board bought a new stake in Catalyst Pharmaceuticals in the 2nd quarter valued at about $149,000. Institutional investors and hedge funds own 40.19% of the company’s stock.

Catalyst Pharmaceuticals Company Profile

Catalyst Pharmaceuticals, Inc, formerly Catalyst Pharmaceutical Partners, Inc, is a development-stage biopharmaceutical company. The Company is focused on developing and commercializing therapies for people with rare debilitating diseases. The Company has three drugs in development: Firdapse, CPP-109 and CPP-115.

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