Spark Therapeutics (ONCE) Trading Down 35% on Analyst Downgrade

Spark Therapeutics Inc (NASDAQ:ONCE)’s share price was down 35% during mid-day trading on Tuesday after Chardan Capital lowered their price target on the stock from $100.00 to $60.00. Chardan Capital currently has a buy rating on the stock. Spark Therapeutics traded as low as $41.06 and last traded at $47.72. Approximately 14,764,800 shares traded hands during mid-day trading, an increase of 3,114% from the average daily volume of 459,444 shares. The stock had previously closed at $73.38.

Several other research firms have also issued reports on ONCE. Royal Bank of Canada reiterated a “buy” rating on shares of Spark Therapeutics in a research note on Wednesday, October 25th. Cantor Fitzgerald restated a “buy” rating on shares of Spark Therapeutics in a research note on Friday, August 25th. UBS lowered Spark Therapeutics from a “buy” rating to a “neutral” rating and dropped their price target for the stock from $92.00 to $51.00 in a research note on Tuesday. Raymond James Financial began coverage on Spark Therapeutics in a research note on Thursday, October 12th. They set an “outperform” rating and a $96.00 price target on the stock. Finally, Leerink Swann lowered Spark Therapeutics from an “outperform” rating to a “market perform” rating and set a $49.00 price target on the stock. in a research note on Tuesday. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and sixteen have assigned a buy rating to the stock. The company has an average rating of “Buy” and a consensus target price of $79.14.

In other Spark Therapeutics news, insider Katherine A. High sold 5,000 shares of the business’s stock in a transaction that occurred on Tuesday, November 28th. The stock was sold at an average price of $71.32, for a total value of $356,600.00. Following the completion of the transaction, the insider now directly owns 215,000 shares of the company’s stock, valued at $15,333,800. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Stephen W. Webster sold 10,000 shares of the business’s stock in a transaction that occurred on Thursday, November 16th. The shares were sold at an average price of $70.14, for a total value of $701,400.00. Following the completion of the transaction, the chief financial officer now directly owns 12,500 shares of the company’s stock, valued at $876,750. The disclosure for this sale can be found here. Insiders have sold 1,068,809 shares of company stock valued at $89,809,385 in the last ninety days. Corporate insiders own 7.30% of the company’s stock.

Hedge funds have recently made changes to their positions in the company. JPMorgan Chase & Co. raised its stake in shares of Spark Therapeutics by 15.0% during the 3rd quarter. JPMorgan Chase & Co. now owns 1,848,988 shares of the biotechnology company’s stock worth $164,986,000 after buying an additional 241,016 shares during the period. BlackRock Inc. raised its stake in shares of Spark Therapeutics by 11.6% during the 2nd quarter. BlackRock Inc. now owns 2,053,734 shares of the biotechnology company’s stock worth $122,689,000 after buying an additional 213,520 shares during the period. Amundi Pioneer Asset Management Inc. acquired a new position in shares of Spark Therapeutics during the 3rd quarter worth approximately $5,286,000. TIAA CREF Investment Management LLC raised its stake in shares of Spark Therapeutics by 20.3% during the 2nd quarter. TIAA CREF Investment Management LLC now owns 62,480 shares of the biotechnology company’s stock worth $3,733,000 after buying an additional 10,544 shares during the period. Finally, Balyasny Asset Management LLC raised its stake in shares of Spark Therapeutics by 104.8% during the 2nd quarter. Balyasny Asset Management LLC now owns 59,400 shares of the biotechnology company’s stock worth $3,549,000 after buying an additional 30,400 shares during the period. 94.94% of the stock is owned by institutional investors and hedge funds.

Spark Therapeutics (NASDAQ:ONCE) last announced its earnings results on Tuesday, November 7th. The biotechnology company reported ($1.90) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($1.79) by ($0.11). The business had revenue of $1.90 million for the quarter, compared to analyst estimates of $1.40 million. Spark Therapeutics had a negative return on equity of 60.01% and a negative net margin of 1,090.11%. The company’s quarterly revenue was up 45.8% compared to the same quarter last year. During the same period in the previous year, the company earned ($1.07) earnings per share. equities research analysts expect that Spark Therapeutics Inc will post -7.6 earnings per share for the current fiscal year.

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Spark Therapeutics Company Profile

Spark Therapeutics, Inc is a gene therapy company. The Company focuses on treating orphan diseases. It has a pipeline of product candidates targeting multiple rare blinding conditions, hematologic disorders and neurodegenerative diseases. Its pipeline includes a product candidate targeting choroideremia (CHM), which is in a Phase I/II clinical trial and a product candidate for hemophilia A, which is in a Phase I/II clinical trial.

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