Zacks Investment Research cut shares of Flex Pharma (NASDAQ:FLKS) from a buy rating to a sell rating in a research report report published on Tuesday.
According to Zacks, “Flex Pharma, Inc. is a biotechnology company. The Company is involved in developing treatments for nocturnal leg cramps and spasms associated with severe neuromuscular conditions. Flex Pharma, Inc. is headquartered in Boston, Massachusetts. “
A number of other brokerages have also recently issued reports on FLKS. ValuEngine raised Flex Pharma from a strong sell rating to a sell rating in a report on Wednesday, May 2nd. HC Wainwright reissued a buy rating and issued a $40.00 target price on shares of Flex Pharma in a report on Thursday, May 3rd. LADENBURG THALM/SH SH cut Flex Pharma from a buy rating to a neutral rating and set a $12.00 target price for the company. in a report on Wednesday, June 13th. Finally, Jefferies Financial Group cut Flex Pharma from a buy rating to a hold rating in a report on Wednesday, June 13th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and two have assigned a buy rating to the company. Flex Pharma presently has a consensus rating of Hold and an average target price of $14.30.
Flex Pharma (NASDAQ:FLKS) last issued its earnings results on Friday, August 3rd. The biotechnology company reported ($0.50) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.45) by ($0.05). Flex Pharma had a negative return on equity of 137.76% and a negative net margin of 3,092.50%. The company had revenue of $0.25 million during the quarter, compared to analyst estimates of $0.20 million. research analysts predict that Flex Pharma will post -1.28 earnings per share for the current year.
A number of hedge funds have recently added to or reduced their stakes in the stock. Renaissance Technologies LLC increased its holdings in Flex Pharma by 84.3% during the 2nd quarter. Renaissance Technologies LLC now owns 236,958 shares of the biotechnology company’s stock valued at $223,000 after purchasing an additional 108,358 shares in the last quarter. Millennium Management LLC increased its holdings in Flex Pharma by 75.9% during the 1st quarter. Millennium Management LLC now owns 60,126 shares of the biotechnology company’s stock valued at $301,000 after purchasing an additional 25,941 shares in the last quarter. Finally, JPMorgan Chase & Co. increased its holdings in Flex Pharma by 10,889.2% during the 1st quarter. JPMorgan Chase & Co. now owns 37,583 shares of the biotechnology company’s stock valued at $188,000 after purchasing an additional 37,241 shares in the last quarter. 24.66% of the stock is owned by hedge funds and other institutional investors.
Flex Pharma Company Profile
Flex Pharma, Inc, a biotechnology company, develops and commercializes products for the treatment of muscle cramps, spasms, and spasticity associated with neurological conditions and exercise in the United States. It operates in two segments, Consumer Operations and Drug Development. The company's lead drug candidate is FLX-787, a single molecule, chemically synthesized, and dual transient receptor potential V1/A1 ion channel activator, which is in exploratory Phase 2 clinical trial in Australia for the treatment of patients with multiple sclerosis; and two Phase 2 clinical trials in the United States for the treatment of patients with motor neuron disease in amyotrophic lateral sclerosis.
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