NervGen Pharma (NASDAQ:NGEN) Receives Average Rating of “Moderate Buy” from Brokerages

NervGen Pharma (NASDAQ:NGEN) has received an average recommendation of “Moderate Buy” from the six research firms that are presently covering the stock, Marketbeat reports. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating, two have given a buy rating and two have given a strong buy rating to the company. The average 1 year target price among brokers that have issued ratings on the stock in the last year is $14.00.

A number of equities analysts have issued reports on the stock. Weiss Ratings downgraded shares of NervGen Pharma from a “sell (d-)” rating to a “sell (e+)” rating in a report on Tuesday, August 4th. Wall Street Zen lowered shares of NervGen Pharma from a “hold” rating to a “strong sell” rating in a research report on Saturday, August 15th. TD Cowen started coverage on shares of NervGen Pharma in a report on Thursday, June 11th. They set a “buy” rating on the stock. Finally, Leerink Partners started coverage on shares of NervGen Pharma in a research report on Monday, July 13th. They issued an “outperform” rating and a $10.00 price objective for the company.

NervGen Pharma Stock Down 9.7%

NGEN stock opened at $2.05 on Friday. The company has a market capitalization of $165.29 million and a price-to-earnings ratio of -4.46. NervGen Pharma has a twelve month low of $1.58 and a twelve month high of $6.30. The firm has a 50 day moving average of $1.91.

NervGen Pharma (NASDAQ:NGEN) last announced its quarterly earnings results on Thursday, August 13th. The company reported ($0.37) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.09) by ($0.28). On average, research analysts expect that NervGen Pharma will post -0.46 EPS for the current year.

Hedge Funds Weigh In On NervGen Pharma

Hedge funds and other institutional investors have recently modified their holdings of the business. AXQ Capital LP purchased a new stake in shares of NervGen Pharma during the second quarter valued at approximately $89,000. Stonepine Capital Management LLC purchased a new position in NervGen Pharma in the second quarter worth $559,657. Finally, Empery Asset Management LP purchased a new position in NervGen Pharma in the second quarter worth $8,240,000.

About NervGen Pharma

NervGen Pharma Corp. is a clinical-stage biotechnology company headquartered in Vancouver, British Columbia, focused on developing treatments that promote repair and recovery following damage to the nervous system. The company’s research is based on technology involving protein tyrosine phosphatase sigma, a receptor associated with the inhibition of nerve regeneration.

NervGen’s lead product candidate is NVG-291, an investigational peptide designed to support neural repair, axonal regeneration and functional recovery.