Eton Pharmaceuticals (NASDAQ:ETON) Upgraded to Buy at Wall Street Zen

Key Points

• Eton Pharmaceuticals has been upgraded to a "buy" rating by Wall Street Zen, reflecting increased investor confidence in the stock's performance.
• HC Wainwright also reaffirmed a "buy" rating with a price target increase from $33.00 to $35.00, while the average consensus price target is $29.67.
• The company's stock saw a 5.6% increase on Friday, with a trading volume surpassing its average, indicating positive market activity.

Eton Pharmaceuticals (NASDAQ:ETON - Get Free Report) was upgraded by equities researchers at Wall Street Zen from a "hold" rating to a "buy" rating in a note issued to investors on Friday.

Separately, HC Wainwright reaffirmed a "buy" rating and issued a $35.00 price target (up from $33.00) on shares of Eton Pharmaceuticals in a report on Thursday, May 29th. Three investment analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, the company presently has a consensus rating of "Buy" and an average price target of $29.67.

Eton Pharmaceuticals Stock Up 5.6%

ETON traded up $1.13 on Friday, reaching $21.27. The company's stock had a trading volume of 374,159 shares, compared to its average volume of 258,683. The stock has a 50 day moving average of $16.89 and a two-hundred day moving average of $15.88. The company has a quick ratio of 1.16, a current ratio of 1.77 and a debt-to-equity ratio of 1.14. The company has a market capitalization of $570.46 million, a price-to-earnings ratio of -132.94 and a beta of 1.10. Eton Pharmaceuticals has a fifty-two week low of $5.63 and a fifty-two week high of $21.48.

Eton Pharmaceuticals (NASDAQ:ETON - Get Free Report) last announced its quarterly earnings results on Thursday, August 7th. The company reported ($0.10) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.01) by ($0.09). The business had revenue of $18.93 million during the quarter, compared to analyst estimates of $16.71 million. Eton Pharmaceuticals had a negative net margin of 7.10% and a negative return on equity of 0.73%. As a group, analysts forecast that Eton Pharmaceuticals will post -0.14 EPS for the current fiscal year.

Insiders Place Their Bets

In other Eton Pharmaceuticals news, CFO James R. Gruber sold 2,631 shares of the business's stock in a transaction that occurred on Wednesday, August 20th. The stock was sold at an average price of $16.02, for a total value of $42,148.62. Following the completion of the sale, the chief financial officer owned 204,753 shares in the company, valued at approximately $3,280,143.06. The trade was a 1.27% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 16.03% of the company's stock.

Institutional Investors Weigh In On Eton Pharmaceuticals

Several hedge funds have recently modified their holdings of ETON. Divisadero Street Capital Management LP acquired a new stake in shares of Eton Pharmaceuticals during the second quarter worth $7,092,000. Geode Capital Management LLC lifted its holdings in shares of Eton Pharmaceuticals by 98.8% during the second quarter. Geode Capital Management LLC now owns 592,865 shares of the company's stock worth $8,450,000 after purchasing an additional 294,617 shares during the period. Soleus Capital Management L.P. acquired a new stake in shares of Eton Pharmaceuticals during the second quarter worth $4,061,000. Millennium Management LLC lifted its holdings in shares of Eton Pharmaceuticals by 156.3% during the first quarter. Millennium Management LLC now owns 355,929 shares of the company's stock worth $4,620,000 after purchasing an additional 217,042 shares during the period. Finally, Acadian Asset Management LLC lifted its holdings in shares of Eton Pharmaceuticals by 61.9% during the first quarter. Acadian Asset Management LLC now owns 402,428 shares of the company's stock worth $5,219,000 after purchasing an additional 153,923 shares during the period. 27.86% of the stock is owned by institutional investors and hedge funds.

About Eton Pharmaceuticals

Eton Pharmaceuticals, Inc, a specialty pharmaceutical company, focuses on developing, acquiring, and commercializing pharmaceutical products for rare diseases. The company offers ALKINDI SPRINKLE, a replacement therapy for adrenocortical insufficiency in children under 17 years of age; Carglumic Acid for the treatment of acute and chronic hyperammonemia due to N-acetylglutamate Synthase deficiency; Betaine Anhydrous for the treatment of homocystinuria; and Nitisinone for the treatment of tyrosinemia type 1.

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