Steadymed (STDY) Upgraded to “Strong-Buy” at Zacks Investment Research

Zacks Investment Research upgraded shares of Steadymed (NASDAQ:STDY) from a hold rating to a strong-buy rating in a research note issued to investors on Thursday. They currently have $3.25 target price on the stock.

According to Zacks, “SteadyMed Ltd. is a specialty pharmaceutical company which focused on the development of drug products to treat orphan and other diseases. The company’s lead candidate consist of Trevyent(R), a development stage drug product which utilizes SteadyMed’s PatchPump(R) technology to treat pulmonary arterial hypertension. SteadyMed Ltd. is headquartered in San Ramon, California. “

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Separately, JMP Securities reissued a buy rating on shares of Steadymed in a report on Wednesday, January 10th.

NASDAQ:STDY traded down $0.15 during midday trading on Thursday, hitting $3.45. 17,330 shares of the stock were exchanged, compared to its average volume of 14,783. Steadymed has a one year low of $2.80 and a one year high of $7.50.

Large investors have recently made changes to their positions in the stock. Millennium Management LLC increased its holdings in shares of Steadymed by 7.0% in the fourth quarter. Millennium Management LLC now owns 310,232 shares of the company’s stock valued at $1,148,000 after buying an additional 20,232 shares in the last quarter. Highland Capital Management LP bought a new position in shares of Steadymed in the fourth quarter valued at $462,000. Stonepine Capital Management LLC bought a new position in shares of Steadymed in the fourth quarter valued at $2,286,000. Finally, Essex Investment Management Co. LLC increased its holdings in shares of Steadymed by 870.3% in the fourth quarter. Essex Investment Management Co. LLC now owns 275,764 shares of the company’s stock valued at $1,020,000 after buying an additional 247,343 shares in the last quarter. 56.71% of the stock is currently owned by hedge funds and other institutional investors.

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Steadymed Company Profile

SteadyMed Ltd. is a specialty pharmaceutical company. The Company is focused on the development and commercialization of various therapeutic product candidates. Its primary focus is to obtain approval in the United States for the sale of Trevyent for the treatment of pulmonary arterial hypertension (PAH).

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