Wall Street Zen Upgrades NervGen Pharma (NASDAQ:NGEN) to Sell

Key Points

• Wall Street Zen upgraded NervGen Pharma from “strong sell” to “sell,” while the broader analyst consensus remains “Moderate Buy” with a $14.00 price target.
• NGEN shares opened at $1.43, near their one-year low of $1.38 and well below the one-year high of $6.30. The company reported a quarterly loss of $0.37 per share, missing the $0.09-per-share consensus estimate.
• Institutional investors recently initiated positions, including Empery Asset Management’s approximately $8.24 million stake. NervGen is developing NVG-291, an investigational therapy intended to promote nervous-system repair.

NervGen Pharma (NASDAQ:NGEN - Get Free Report) was upgraded by research analysts at Wall Street Zen from a "strong sell" rating to a "sell" rating in a report issued on Saturday, Wall Street Zen reports.

Several other analysts also recently weighed in on NGEN. Weiss Ratings downgraded NervGen Pharma from a "sell (d-)" rating to a "sell (e+)" rating in a research report on Tuesday, August 4th. Leerink Partners initiated coverage on NervGen Pharma in a research report on Monday, July 13th. They issued an "outperform" rating and a $10.00 target price on the stock. Two analysts have rated the stock with a Strong Buy rating, two have given a Buy rating, one has given a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat, NervGen Pharma has an average rating of "Moderate Buy" and a consensus price target of $14.00.

NervGen Pharma Trading Up 0.7%

NASDAQ NGEN opened at $1.43 on Friday. The stock's 50 day moving average price is $1.93. NervGen Pharma has a 1 year low of $1.38 and a 1 year high of $6.30.

NervGen Pharma (NASDAQ:NGEN - Get Free Report) last announced its quarterly earnings data on Thursday, August 13th. The company reported ($0.37) EPS for the quarter, missing the consensus estimate of ($0.09) by ($0.28). Equities analysts expect that NervGen Pharma will post -0.55 EPS for the current year.

Institutional Trading of NervGen Pharma

Hedge funds and other institutional investors have recently modified their holdings of the stock. AXQ Capital LP acquired a new position in shares of NervGen Pharma during the second quarter worth $89,000. Stonepine Capital Management LLC acquired a new stake in shares of NervGen Pharma during the 2nd quarter valued at $559,657. Finally, Empery Asset Management LP bought a new stake in NervGen Pharma during the 2nd quarter worth $8,240,000.

About NervGen Pharma

NervGen Pharma Corp. is a clinical-stage biotechnology company focused on developing therapies that promote repair and recovery in the nervous system. The company's research is based on the potential to enhance the body's natural ability to regenerate damaged nerve tissue and restore lost neurological function.

NervGen's lead product candidate, NVG-291, is an investigational peptide designed to stimulate nervous-system repair after injury. The company has been evaluating NVG-291 in clinical development for conditions including spinal cord injury, with additional potential applications in neurological disorders such as multiple sclerosis and peripheral nerve damage.

Headquartered in Vancouver, British Columbia, NervGen serves the global biotechnology and healthcare markets through its research and clinical-development programs.

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