HC Wainwright Cuts ProQR Therapeutics (NASDAQ:PRQR) Price Target to $8.00

Key Points

• HC Wainwright lowered ProQR Therapeutics’ price target to $8.00 but maintained a Buy rating, implying approximately 382% upside from the stock’s $1.66 price. Analysts overall assign the shares a Moderate Buy consensus rating with an average target of $7.60.
• ProQR reported quarterly adjusted losses of $0.09 per share, beating the $0.13 consensus loss estimate, while revenue of $10.0 million exceeded expectations of $4.56 million. However, the company continues to post substantial losses, including a negative net margin of 223.51%.
• Insider buying has been notable: executives and directors purchased 450,000 shares worth $757,500 over the past 90 days. Institutional investors own 32.65% of the company, while insiders hold 8.40%.

ProQR Therapeutics (NASDAQ:PRQR - Get Free Report) had its price objective dropped by equities research analysts at HC Wainwright to $8.00 in a research note issued on Thursday, Benzinga reports. The brokerage presently has a "buy" rating on the biopharmaceutical company's stock. HC Wainwright's target price indicates a potential upside of 381.93% from the company's current price.

PRQR has been the subject of a number of other reports. Bank of America initiated coverage on ProQR Therapeutics in a research note on Thursday, August 20th. They issued a "buy" rating and a $8.00 price objective for the company. Wall Street Zen upgraded ProQR Therapeutics from a "strong sell" rating to a "hold" rating in a report on Saturday, August 15th. Chardan Capital lowered their target price on ProQR Therapeutics from $4.00 to $3.00 and set a "buy" rating for the company in a report on Friday, June 26th. Citigroup reiterated a "market outperform" rating on shares of ProQR Therapeutics in a research note on Thursday. Finally, JonesTrading lowered their price objective on shares of ProQR Therapeutics from $11.00 to $10.00 and set a "buy" rating for the company in a research note on Friday, June 26th. Six equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $7.60.

ProQR Therapeutics Stock Performance

Shares of PRQR stock opened at $1.66 on Thursday. The firm's 50 day moving average price is $1.94 and its 200-day moving average price is $1.76. ProQR Therapeutics has a one year low of $1.33 and a one year high of $3.10. The firm has a market cap of $174.90 million, a P/E ratio of -3.61 and a beta of 0.06.

ProQR Therapeutics (NASDAQ:PRQR - Get Free Report) last posted its earnings results on Thursday, August 13th. The biopharmaceutical company reported ($0.09) earnings per share for the quarter, beating the consensus estimate of ($0.13) by $0.04. The firm had revenue of $10.00 million during the quarter, compared to the consensus estimate of $4.56 million. ProQR Therapeutics had a negative net margin of 223.51% and a negative return on equity of 73.83%. As a group, research analysts predict that ProQR Therapeutics will post -0.45 EPS for the current fiscal year.

Insider Buying and Selling

In other news, CEO Daniel de Boer bought 150,000 shares of ProQR Therapeutics stock in a transaction that occurred on Thursday, July 9th. The shares were purchased at an average price of $1.74 per share, with a total value of $261,000.00. Following the completion of the acquisition, the chief executive officer directly owned 300,000 shares in the company, valued at $522,000. The trade was a 100.00% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Bart Filius purchased 150,000 shares of the firm's stock in a transaction that occurred on Friday, July 17th. The stock was purchased at an average price of $1.72 per share, with a total value of $258,000.00. Following the purchase, the director directly owned 300,000 shares of the company's stock, valued at $516,000. The trade was a 100.00% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders have purchased 450,000 shares of company stock worth $757,500 over the last 90 days. Insiders own 8.40% of the company's stock.

Hedge Funds Weigh In On ProQR Therapeutics

Large investors have recently bought and sold shares of the business. Axiom Investment Management LLC purchased a new stake in ProQR Therapeutics during the 1st quarter worth about $53,000. RFG Advisory LLC raised its position in shares of ProQR Therapeutics by 236.8% during the 2nd quarter. RFG Advisory LLC now owns 64,000 shares of the biopharmaceutical company's stock worth $119,000 after acquiring an additional 45,000 shares in the last quarter. Bank of America Corp DE lifted its stake in ProQR Therapeutics by 6.4% during the first quarter. Bank of America Corp DE now owns 185,110 shares of the biopharmaceutical company's stock worth $300,000 after purchasing an additional 11,186 shares during the last quarter. Finally, Walleye Capital LLC lifted its stake in ProQR Therapeutics by 2.7% during the first quarter. Walleye Capital LLC now owns 607,529 shares of the biopharmaceutical company's stock worth $984,000 after purchasing an additional 15,744 shares during the last quarter. Hedge funds and other institutional investors own 32.65% of the company's stock.

ProQR Therapeutics Company Profile

ProQR Therapeutics N.V. NASDAQ: PRQR is a biotechnology company focused on developing RNA-based medicines for genetic and other serious diseases. The company's research platform is designed to modify RNA and potentially correct disease-causing genetic defects without permanently changing a patient's DNA.

ProQR has primarily pursued treatments for inherited retinal disorders and other conditions affecting the eye. Its pipeline has included investigational RNA therapies such as sepofarsen, developed for Leber congenital amaurosis type 10, and ultevursen, developed for Usher syndrome type 2A.