118,249 Shares in Eton Pharmaceuticals, Inc. $ETON Purchased by Bank of New York Mellon Corp

Key Points

• Bank of New York Mellon bought 118,249 shares of Eton Pharmaceuticals worth approximately $4.28 million, while institutional investors collectively own 27.86% of the company.
• Analysts remain broadly positive, with an average rating of “Moderate Buy” and a consensus price target of $67.50; Eton also exceeded quarterly earnings and revenue expectations.
• Eton shares opened at $58.45 after falling 2.4%, while insiders sold 125,000 shares worth $6.2 million over the past 90 days, signaling notable insider selling despite strong recent performance.

Bank of New York Mellon Corp bought a new stake in Eton Pharmaceuticals, Inc. (NASDAQ:ETON - Free Report) in the 2nd quarter, according to its most recent disclosure with the SEC. The fund bought 118,249 shares of the company's stock, valued at approximately $4,281,000. Bank of New York Mellon Corp owned approximately 0.43% of Eton Pharmaceuticals at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Millennium Management LLC increased its stake in Eton Pharmaceuticals by 156.3% during the 1st quarter. Millennium Management LLC now owns 355,929 shares of the company's stock worth $4,620,000 after buying an additional 217,042 shares during the period. Goldman Sachs Group Inc. increased its position in shares of Eton Pharmaceuticals by 34.9% during the first quarter. Goldman Sachs Group Inc. now owns 175,220 shares of the company's stock worth $2,274,000 after acquiring an additional 45,341 shares during the period. Jane Street Group LLC raised its stake in shares of Eton Pharmaceuticals by 49.1% in the first quarter. Jane Street Group LLC now owns 95,919 shares of the company's stock valued at $1,245,000 after acquiring an additional 31,596 shares in the last quarter. JPMorgan Chase & Co. raised its stake in shares of Eton Pharmaceuticals by 114.5% in the second quarter. JPMorgan Chase & Co. now owns 242,580 shares of the company's stock valued at $3,457,000 after acquiring an additional 129,467 shares in the last quarter. Finally, Legal & General Group Plc purchased a new position in Eton Pharmaceuticals in the second quarter valued at $41,000. 27.86% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on ETON shares. Zacks Research raised Eton Pharmaceuticals from a "strong sell" rating to a "hold" rating in a research report on Monday, August 24th. B. Riley Financial restated a "buy" rating and set a $70.00 target price (up from $40.00) on shares of Eton Pharmaceuticals in a research note on Friday, August 14th. Wall Street Zen raised shares of Eton Pharmaceuticals from a "buy" rating to a "strong-buy" rating in a report on Saturday, June 13th. HC Wainwright lifted their price target on shares of Eton Pharmaceuticals from $65.00 to $70.00 and gave the stock a "buy" rating in a research note on Friday, August 14th. Finally, Craig Hallum boosted their price target on shares of Eton Pharmaceuticals from $40.00 to $62.00 and gave the stock a "buy" rating in a report on Tuesday, July 28th. Four equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $67.50.

Insider Buying and Selling

In related news, Director Jennifer Mckie Adams sold 50,000 shares of the stock in a transaction on Wednesday, June 17th. The shares were sold at an average price of $32.48, for a total transaction of $1,624,000.00. Following the completion of the sale, the director owned 50,000 shares in the company, valued at $1,624,000. This represents a 50.00% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider David Krempa sold 25,000 shares of the firm's stock in a transaction on Monday, August 24th. The stock was sold at an average price of $65.07, for a total transaction of $1,626,750.00. Following the transaction, the insider directly owned 37,025 shares in the company, valued at $2,409,216.75. The trade was a 40.31% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 125,000 shares of company stock worth $6,204,250 in the last 90 days. Company insiders own 16.49% of the company's stock.

Eton Pharmaceuticals Stock Down 2.4%

Shares of NASDAQ ETON opened at $58.45 on Friday. The business has a 50-day moving average price of $47.78 and a 200 day moving average price of $33.45. The stock has a market cap of $1.67 billion, a PE ratio of 153.82 and a beta of 0.90. The company has a quick ratio of 1.30, a current ratio of 1.52 and a debt-to-equity ratio of 0.41. Eton Pharmaceuticals, Inc. has a 52-week low of $14.27 and a 52-week high of $66.37.

Eton Pharmaceuticals (NASDAQ:ETON - Get Free Report) last released its quarterly earnings results on Thursday, August 13th. The company reported $0.43 EPS for the quarter, topping the consensus estimate of $0.19 by $0.24. The company had revenue of $37.59 million for the quarter, compared to analyst estimates of $27.11 million. Eton Pharmaceuticals had a return on equity of 40.13% and a net margin of 12.02%. Equities research analysts forecast that Eton Pharmaceuticals, Inc. will post 1.13 earnings per share for the current year.

Eton Pharmaceuticals Profile

Eton Pharmaceuticals, Inc is a specialty pharmaceutical company focused on developing, manufacturing and commercializing generic and proprietary pharmaceutical products for patients with rare and underserved diseases. Headquartered in West Palm Beach, Florida, the company leverages its expertise in hormone therapies and complex molecules to address treatment areas where patient need is high and competition is limited. Since its founding in 2016, Eton has sought to build a diversified portfolio that combines established generic medicines with targeted branded offerings.

The company's product lineup includes thyroid hormone replacements such as desiccated thyroid and liothyronine, as well as pyrimethamine tablets indicated for toxoplasmosis.

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