Royalty Pharma (NASDAQ:RPRX) Lowered to Hold at Zacks Investment Research

Zacks Investment Research cut shares of Royalty Pharma (NASDAQ:RPRX) from a buy rating to a hold rating in a report published on Wednesday, Zacks.com reports.

According to Zacks, “Royalty Pharma plc is a funder of biopharmaceutical industry. The compnay’s portfolio includes royalties on commercial products, including AbbVie and J&J’s Imbruvica, Astellas and Pfizer’s Xtandi, Biogen’s Tysabri, Gilead’s HIV franchise, Merck’s Januvia, Novartis’ Promacta and Vertex’s Kalydeco, Symdeko and Trikafta, and development-stage product candidates. Royalty Pharma plc is based in NEW YORK. “

Several other research firms also recently issued reports on RPRX. JPMorgan Chase & Co. began coverage on Royalty Pharma in a research note on Monday, July 13th. They issued a neutral rating and a $50.00 price target for the company. Goldman Sachs Group began coverage on Royalty Pharma in a report on Sunday, July 12th. They issued a neutral rating and a $47.00 price objective for the company. UBS Group began coverage on Royalty Pharma in a report on Monday, July 13th. They issued a neutral rating and a $52.00 price objective for the company. Citigroup began coverage on Royalty Pharma in a report on Monday, July 13th. They issued a neutral rating and a $50.00 price objective for the company. Finally, Morgan Stanley began coverage on Royalty Pharma in a report on Monday, July 13th. They issued an equal weight rating and a $51.00 price objective for the company. Seven analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Royalty Pharma presently has a consensus rating of Hold and a consensus target price of $52.33.

RPRX opened at $41.81 on Wednesday. The firm has a fifty day moving average price of $41.51. Royalty Pharma has a 1 year low of $38.54 and a 1 year high of $56.50. The company has a quick ratio of 7.52, a current ratio of 7.52 and a debt-to-equity ratio of 0.61.

Royalty Pharma (NASDAQ:RPRX) last released its quarterly earnings results on Wednesday, August 12th. The biopharmaceutical company reported $0.73 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.61 by $0.12. The firm had revenue of $511.00 million during the quarter, compared to the consensus estimate of $509.88 million. On average, research analysts expect that Royalty Pharma will post 2.28 EPS for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 15th. Stockholders of record on Friday, November 20th will be issued a dividend of $0.15 per share. The ex-dividend date of this dividend is Thursday, November 19th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.44%.

Several institutional investors have recently bought and sold shares of the company. FMR LLC acquired a new position in shares of Royalty Pharma during the 2nd quarter worth $743,419,000. Harvard Management Co. Inc. acquired a new position in shares of Royalty Pharma during the 2nd quarter worth $713,237,000. Victory Capital Management Inc. acquired a new position in shares of Royalty Pharma during the 2nd quarter worth $157,842,000. Viking Global Investors LP acquired a new position in shares of Royalty Pharma during the 2nd quarter worth $122,103,000. Finally, General Atlantic LLC acquired a new position in shares of Royalty Pharma during the 2nd quarter worth $72,825,000. 36.37% of the stock is owned by institutional investors.

Royalty Pharma Company Profile

Royalty Pharma plc operates in the biopharmaceutical industry. It operates as a buyer of biopharmaceutical royalties and a funder of innovation in the biopharmaceutical industry. The company engages in the identification, evaluation, and acquisition of attractive royalties and royalty-related assets on various biopharmaceutical therapies.

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