NGM Biopharmaceuticals (NASDAQ:NGM) Upgraded by Zacks Investment Research to “Hold”

Zacks Investment Research upgraded shares of NGM Biopharmaceuticals (NASDAQ:NGM) from a sell rating to a hold rating in a research note released on Thursday, Zacks.com reports.

According to Zacks, “NGM Biopharmaceuticals Inc. is focused on developing novel therapeutics for underlying cardio-metabolic, liver, oncologic and ophthalmic diseases. The company’s product pipeline consists of NGM282, NGM313, NGM120, NGM217, NGM621, NGM386 and NGM395 which are in clinical stage. NGM Biopharmaceuticals Inc. is based in San Francisco, California. “

NGM has been the topic of several other reports. Cowen upped their price objective on shares of NGM Biopharmaceuticals from $20.00 to $32.00 and gave the company an outperform rating in a report on Monday, August 9th. Stifel Nicolaus decreased their price objective on shares of NGM Biopharmaceuticals from $43.00 to $22.00 and set a buy rating on the stock in a report on Monday, May 24th. B. Riley upped their price objective on shares of NGM Biopharmaceuticals from $32.00 to $35.00 and gave the company a buy rating in a report on Tuesday, September 7th. Raymond James upgraded shares of NGM Biopharmaceuticals from an outperform rating to a strong-buy rating and upped their price objective for the company from $27.00 to $39.00 in a report on Monday. Finally, Piper Sandler upped their price objective on shares of NGM Biopharmaceuticals from $20.00 to $30.00 and gave the company an overweight rating in a report on Friday, August 6th. One investment analyst has rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of Buy and an average target price of $35.09.

Shares of NGM stock opened at $23.84 on Thursday. The company’s fifty day simple moving average is $22.05 and its 200-day simple moving average is $23.70. The firm has a market cap of $1.84 billion, a PE ratio of -14.28 and a beta of 2.02. NGM Biopharmaceuticals has a 12 month low of $14.90 and a 12 month high of $32.12.

NGM Biopharmaceuticals (NASDAQ:NGM) last posted its quarterly earnings results on Thursday, August 5th. The company reported ($0.48) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.35) by ($0.13). NGM Biopharmaceuticals had a negative return on equity of 36.71% and a negative net margin of 149.51%. The firm had revenue of $16.77 million for the quarter, compared to the consensus estimate of $22.08 million. As a group, equities analysts predict that NGM Biopharmaceuticals will post -1.64 EPS for the current year.

In related news, insider Jin-Long Chen sold 15,000 shares of the firm’s stock in a transaction that occurred on Monday, September 13th. The shares were sold at an average price of $26.03, for a total value of $390,450.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 45.90% of the stock is owned by company insiders.

A number of large investors have recently added to or reduced their stakes in the business. Royal Bank of Canada increased its position in NGM Biopharmaceuticals by 30.7% during the 2nd quarter. Royal Bank of Canada now owns 2,157 shares of the company’s stock valued at $43,000 after purchasing an additional 507 shares during the period. Virtus ETF Advisers LLC increased its position in NGM Biopharmaceuticals by 5.8% during the 2nd quarter. Virtus ETF Advisers LLC now owns 11,501 shares of the company’s stock valued at $227,000 after purchasing an additional 627 shares during the period. Principal Financial Group Inc. increased its position in NGM Biopharmaceuticals by 7.6% during the 1st quarter. Principal Financial Group Inc. now owns 15,291 shares of the company’s stock valued at $445,000 after purchasing an additional 1,077 shares during the period. American International Group Inc. increased its position in NGM Biopharmaceuticals by 8.2% during the 1st quarter. American International Group Inc. now owns 14,995 shares of the company’s stock valued at $436,000 after purchasing an additional 1,134 shares during the period. Finally, Jasper Ridge Partners L.P. grew its position in shares of NGM Biopharmaceuticals by 0.5% during the 2nd quarter. Jasper Ridge Partners L.P. now owns 310,250 shares of the company’s stock worth $6,118,000 after buying an additional 1,500 shares during the period. 55.72% of the stock is owned by institutional investors and hedge funds.

NGM Biopharmaceuticals Company Profile

NGM Biopharmaceuticals, Inc is a clinical-stage biopharmaceutical company, which engages in the discovery and development of therapeutics for cardio-metabolic, liver, oncologic, and ophthalmic diseases. Its lead product candidate, aldafermin, is designed for the treatment of patients with non-alcoholic steatohepatitis, with liver fibrosis stage 2, 3, or 4.

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