Bank of Nova Scotia Acquires New Position in Eton Pharmaceuticals, Inc. $ETON

Key Points

• Bank of Nova Scotia acquired 17,200 Eton Pharmaceuticals shares worth approximately $623,000, joining other institutional investors that have recently increased positions. Institutions collectively own 27.86% of the company.
• Analysts raised their price targets, with targets ranging from $62 to $70 and a consensus “Moderate Buy” rating at an average target of $67.50.
• Eton exceeded quarterly expectations, reporting $0.43 in earnings per share versus a $0.19 estimate and revenue of $37.59 million versus $27.11 million expected. However, insiders recently sold shares, including a 25,000-share sale by David Krempa at an average price of $65.07.

Bank of Nova Scotia acquired a new stake in shares of Eton Pharmaceuticals, Inc. (NASDAQ:ETON - Free Report) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 17,200 shares of the company's stock, valued at approximately $623,000. Bank of Nova Scotia owned about 0.06% of Eton Pharmaceuticals as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Sei Investments Co. bought a new stake in shares of Eton Pharmaceuticals during the 1st quarter valued at $1,432,000. EcoR1 Capital LLC grew its holdings in Eton Pharmaceuticals by 7.0% during the 1st quarter. EcoR1 Capital LLC now owns 2,171,938 shares of the company's stock valued at $53,603,000 after buying an additional 141,394 shares in the last quarter. Walleye Capital LLC bought a new stake in shares of Eton Pharmaceuticals during the first quarter valued at about $2,023,000. Wasatch Advisors LP bought a new stake in shares of Eton Pharmaceuticals during the second quarter valued at about $3,357,000. Finally, Aristides Capital LLC lifted its holdings in shares of Eton Pharmaceuticals by 15.2% in the first quarter. Aristides Capital LLC now owns 186,041 shares of the company's stock worth $4,591,000 after buying an additional 24,605 shares in the last quarter. Institutional investors own 27.86% of the company's stock.

Analysts Set New Price Targets

Several brokerages recently commented on ETON. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Eton Pharmaceuticals in a research note on Friday, July 17th. HC Wainwright raised their price target on shares of Eton Pharmaceuticals from $65.00 to $70.00 and gave the company a "buy" rating in a report on Friday, August 14th. Canaccord Genuity Group boosted their price target on shares of Eton Pharmaceuticals from $60.00 to $68.00 and gave the company a "buy" rating in a research report on Friday, August 14th. B. Riley Financial reaffirmed a "buy" rating and issued a $70.00 price target (up from $40.00) on shares of Eton Pharmaceuticals in a report on Friday, August 14th. Finally, Craig Hallum increased their price objective on Eton Pharmaceuticals from $40.00 to $62.00 and gave the stock a "buy" rating in a research report on Tuesday, July 28th. Four analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $67.50.

Eton Pharmaceuticals Stock Performance

NASDAQ ETON opened at $62.67 on Friday. Eton Pharmaceuticals, Inc. has a 52-week low of $14.27 and a 52-week high of $66.37. The company has a debt-to-equity ratio of 0.41, a quick ratio of 1.30 and a current ratio of 1.52. The company has a market capitalization of $1.79 billion, a P/E ratio of 164.92 and a beta of 0.86. The company has a fifty day moving average of $44.62 and a 200-day moving average of $31.70.

Eton Pharmaceuticals (NASDAQ:ETON - Get Free Report) last released 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 for the quarter, compared to analysts' expectations of $27.11 million. As a group, equities research analysts predict that Eton Pharmaceuticals, Inc. will post 1.13 EPS for the current fiscal year.

Insider Activity

In related news, Director Jennifer Mckie Adams sold 50,000 shares of the business's stock in a transaction that occurred on Wednesday, June 17th. The stock was sold at an average price of $32.48, for a total value 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. The trade was a 50.00% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider David Krempa sold 25,000 shares of the company's stock in a transaction that occurred on Monday, August 24th. The stock was sold at an average price of $65.07, for a total value of $1,626,750.00. Following the completion of the sale, the insider directly owned 37,025 shares of the company's stock, valued at approximately $2,409,216.75. This represents a 40.31% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 16.49% of the stock is currently owned by corporate insiders.

About Eton Pharmaceuticals

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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