Bank of America Corp DE Acquires New Shares in Eton Pharmaceuticals, Inc. $ETON

Key Points

• Bank of America acquired 142,257 Eton Pharmaceuticals shares worth approximately $5.15 million, giving it a 0.52% stake. Institutional ownership reached 27.86% after several other investors also added positions.
• Analysts remain broadly positive, with four Buy ratings and two Holds. The consensus rating is “Moderate Buy,” with an average price target of $67.50, while several firms recently raised their targets.
• Eton reported quarterly EPS of $0.43, surpassing the $0.19 estimate, and revenue of $37.59 million versus expectations of $27.11 million. However, two insiders recently sold shares, reducing their holdings by roughly 40% to 46%.

Bank of America Corp DE acquired a new stake in Eton Pharmaceuticals, Inc. (NASDAQ:ETON - Free Report) in the second quarter, according to the company in its most recent filing with the SEC. The firm acquired 142,257 shares of the company's stock, valued at approximately $5,150,000. Bank of America Corp DE owned about 0.52% of Eton Pharmaceuticals at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Bank of New York Mellon Corp bought a new position in shares of Eton Pharmaceuticals during the second quarter worth about $4,281,000. Bank of Nova Scotia acquired a new stake in Eton Pharmaceuticals during the 2nd quarter valued at approximately $623,000. Sei Investments Co. acquired a new stake in Eton Pharmaceuticals during the 1st quarter valued at approximately $1,432,000. EcoR1 Capital LLC lifted its position in shares of Eton Pharmaceuticals by 7.0% in the 1st quarter. EcoR1 Capital LLC now owns 2,171,938 shares of the company's stock worth $53,603,000 after purchasing an additional 141,394 shares during the period. Finally, Walleye Capital LLC bought a new stake in shares of Eton Pharmaceuticals in the 2nd quarter valued at $3,122,000. 27.86% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on ETON shares. Canaccord Genuity Group lifted their target price on shares of Eton Pharmaceuticals from $60.00 to $68.00 and gave the stock a "buy" rating in a research note on Friday, August 14th. HC Wainwright lifted their price objective on Eton Pharmaceuticals from $65.00 to $70.00 and gave the stock a "buy" rating in a research report on Friday, August 14th. Craig Hallum boosted their price objective on Eton Pharmaceuticals from $40.00 to $62.00 and gave the company a "buy" rating in a research note on Tuesday, July 28th. Zacks Research upgraded Eton Pharmaceuticals from a "strong sell" rating to a "hold" rating in a research report on Monday, August 24th. Finally, Weiss Ratings raised Eton Pharmaceuticals from a "sell (d-)" rating to a "hold (c)" rating in a research note on Tuesday, September 22nd. Four research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $67.50.

Eton Pharmaceuticals Price Performance

Shares of NASDAQ ETON opened at $59.18 on Tuesday. The firm has a market capitalization of $1.69 billion, a P/E ratio of 155.74 and a beta of 0.90. The firm's 50-day moving average price is $54.04 and its 200-day moving average price is $38.05. The company has a current ratio of 1.52, a quick ratio of 1.30 and a debt-to-equity ratio of 0.41. Eton Pharmaceuticals, Inc. has a 1-year low of $14.27 and a 1-year high of $66.37.

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

Insiders Place Their Bets

In related news, Director Paul V. Maier sold 50,000 shares of Eton Pharmaceuticals stock in a transaction on Friday, August 28th. The shares were sold at an average price of $59.07, for a total value of $2,953,500.00. Following the completion of the sale, the director owned 59,745 shares of the company's stock, valued at approximately $3,529,137.15. This trade represents a 45.56% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider David Krempa sold 25,000 shares of the business's stock in a transaction on Monday, August 24th. The shares were sold at an average price of $65.07, for a total transaction of $1,626,750.00. Following the sale, the insider owned 37,025 shares of the company's stock, valued at $2,409,216.75. This trade represents a 40.31% decrease in their position. The SEC filing for this sale provides additional information. 16.49% of the stock is owned by company insiders.

About Eton Pharmaceuticals

Eton Pharmaceuticals, Inc is a specialty pharmaceutical company focused on developing and commercializing treatments for underserved patient populations, with an emphasis on pediatric, rare disease and other difficult-to-treat conditions. The company generally pursues products with established clinical or regulatory pathways and works to bring them to market through its own commercial operations or strategic partnerships.

Eton's marketed portfolio includes Eprontia, an oral solution formulation of topiramate used in the treatment of certain seizure disorders; Biorphen, an injectable phenylephrine product used to treat clinically important low blood pressure; and Alkindi Sprinkle, a hydrocortisone granule product for replacement therapy in children with adrenal insufficiency.

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