Royalty Pharma (NASDAQ:RPRX) Stock Rating Upgraded by Zacks Research

Key Points

• Zacks Research upgraded Royalty Pharma from “hold” to “strong buy.” The broader analyst consensus is “Buy,” with a consensus price target of $63.29.
• Several analysts raised price targets, including TD Cowen to $68 and Morgan Stanley to $67. Shares opened at $68.97, near their 52-week high of $70.37.
• Company executives sold a combined 208,252 shares worth about $12.3 million over the past 90 days; the reported sales were made under pre-arranged trading plans.

Royalty Pharma (NASDAQ:RPRX - Get Free Report) was upgraded by equities researchers at Zacks Research from a "hold" rating to a "strong-buy" rating in a research note issued to investors on Wednesday, Zacks reports.

Several other research analysts have also recently weighed in on the stock. JPMorgan Chase & Co. upped their price objective on shares of Royalty Pharma from $58.00 to $62.00 and gave the stock an "overweight" rating in a research report on Friday, August 7th. The Goldman Sachs Group reiterated a "buy" rating and set a $66.00 price objective on shares of Royalty Pharma in a research report on Thursday, August 6th. Morgan Stanley raised their price objective on Royalty Pharma from $65.00 to $67.00 and gave the company an "overweight" rating in a report on Wednesday, October 7th. TD Cowen boosted their price target on shares of Royalty Pharma from $65.00 to $68.00 and gave the stock a "buy" rating in a research note on Tuesday, September 8th. Finally, Bank of America reissued a "buy" rating on shares of Royalty Pharma in a research note on Wednesday, August 5th. One analyst has rated the stock with a Strong Buy rating and eight have issued a Buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Buy" and a consensus price target of $63.29.

Royalty Pharma Stock Performance

Royalty Pharma stock opened at $68.97 on Wednesday. The firm has a market capitalization of $39.66 billion, a PE ratio of 57.48, a price-to-earnings-growth ratio of 1.39 and a beta of 0.37. Royalty Pharma has a 1-year low of $37.31 and a 1-year high of $70.37. The firm's 50 day simple moving average is $61.41 and its 200 day simple moving average is $54.39. The company has a current ratio of 1.29, a quick ratio of 1.29 and a debt-to-equity ratio of 0.77.

Insider Activity

In other news, EVP Christopher Hite sold 100,000 shares of the business's stock in a transaction on Tuesday, September 22nd. The stock was sold at an average price of $58.53, for a total value of $5,853,000.00. Following the completion of the transaction, the executive vice president owned 270,401 shares in the company, valued at $15,826,570.53. The trade was a 27.00% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Marshall Urist sold 4,126 shares of the business's stock in a transaction dated Monday, October 5th. The stock was sold at an average price of $57.10, for a total value of $235,594.60. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders sold 208,252 shares of company stock valued at $12,324,407. 18.84% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of RPRX. Hsbc Holdings PLC lifted its stake in shares of Royalty Pharma by 2,562.2% in the 1st quarter. Hsbc Holdings PLC now owns 1,544,018 shares of the biopharmaceutical company's stock worth $74,000,000 after purchasing an additional 1,486,020 shares during the period. Renaissance Technologies LLC purchased a new stake in Royalty Pharma in the 1st quarter worth approximately $37,941,000. Bank of America Corp DE raised its position in shares of Royalty Pharma by 29.0% during the 1st quarter. Bank of America Corp DE now owns 3,495,846 shares of the biopharmaceutical company's stock valued at $167,696,000 after purchasing an additional 786,921 shares during the period. Carmignac Gestion bought a new stake in Royalty Pharma during the first quarter valued at about $30,279,000. Finally, Congress Asset Management Co. bought a new stake in Royalty Pharma during the 3rd quarter valued at approximately $30,761,000. Institutional investors own 54.35% of the company's stock.

Royalty Pharma Company Profile

Royalty Pharma plc is a biopharmaceutical royalty company that provides funding to companies and inventors in exchange for royalty interests in medicines. It acquires existing royalties and helps finance drug development and commercialization through royalty-based transactions and other forms of funding. The company's portfolio includes royalty interests in medicines across a range of therapeutic areas, spanning both approved treatments and products in development. Royalty Pharma generally earns revenue when these medicines are sold; it does not operate as a conventional drug manufacturer or commercialize medicines itself.

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