Envestnet Asset Management Inc. Purchases 13,800 Shares of Catalyst Pharmaceuticals, Inc. (NASDAQ:CPRX)

Key Points

• Envestnet Asset Management Inc. increased its stake in Catalyst Pharmaceuticals by 21.4% during the first quarter, now owning 78,195 shares valued at approximately $1.9 million.
• Insider Gary Ingenito sold 200,000 shares for about $4.74 million, resulting in a significant reduction of his ownership in the company.
• Cantor Fitzgerald upgraded Catalyst Pharmaceuticals to a "strong-buy" rating, while the company holds a consensus rating of "Buy" and an average target price of $32.83 from analysts.

Envestnet Asset Management Inc. boosted its holdings in Catalyst Pharmaceuticals, Inc. (NASDAQ:CPRX - Free Report) by 21.4% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 78,195 shares of the biopharmaceutical company's stock after purchasing an additional 13,800 shares during the period. Envestnet Asset Management Inc. owned about 0.06% of Catalyst Pharmaceuticals worth $1,896,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Park Square Financial Group LLC bought a new stake in shares of Catalyst Pharmaceuticals during the 4th quarter worth about $29,000. Sound Income Strategies LLC bought a new stake in shares of Catalyst Pharmaceuticals during the 1st quarter worth about $64,000. GAMMA Investing LLC boosted its holdings in shares of Catalyst Pharmaceuticals by 26.2% during the 1st quarter. GAMMA Investing LLC now owns 2,791 shares of the biopharmaceutical company's stock worth $68,000 after buying an additional 579 shares during the period. Quarry LP bought a new stake in shares of Catalyst Pharmaceuticals during the 4th quarter worth about $104,000. Finally, New Vernon Capital Holdings II LLC acquired a new stake in Catalyst Pharmaceuticals in the 4th quarter worth about $122,000. Institutional investors own 79.22% of the company's stock.

Insider Buying and Selling

In related news, insider Gary Ingenito sold 200,000 shares of the company's stock in a transaction that occurred on Tuesday, May 13th. The shares were sold at an average price of $23.68, for a total transaction of $4,736,000.00. Following the completion of the transaction, the insider directly owned 68,873 shares in the company, valued at $1,630,912.64. This represents a 74.38% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Preethi Sundaram sold 2,324 shares of the company's stock in a transaction that occurred on Tuesday, June 10th. The stock was sold at an average price of $26.41, for a total transaction of $61,376.84. Following the transaction, the insider owned 42,681 shares of the company's stock, valued at approximately $1,127,205.21. This represents a 5.16% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 247,924 shares of company stock valued at $5,879,369. 10.40% of the stock is owned by corporate insiders.

Catalyst Pharmaceuticals Stock Down 1.0%

Shares of NASDAQ:CPRX traded down $0.21 during midday trading on Friday, hitting $21.12. The stock had a trading volume of 999,396 shares, compared to its average volume of 1,284,745. The company's 50-day moving average price is $22.69 and its 200-day moving average price is $22.86. The company has a market capitalization of $2.58 billion, a P/E ratio of 13.45, a price-to-earnings-growth ratio of 0.87 and a beta of 0.66. Catalyst Pharmaceuticals, Inc. has a fifty-two week low of $15.34 and a fifty-two week high of $26.58.

Analyst Upgrades and Downgrades

Separately, Cantor Fitzgerald upgraded shares of Catalyst Pharmaceuticals to a "strong-buy" rating in a research note on Thursday, June 5th. Six research analysts have rated the stock with a buy rating and three have issued a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Buy" and a consensus target price of $32.83.

About Catalyst Pharmaceuticals

Catalyst Pharmaceuticals, Inc, a commercial-stage biopharmaceutical company, focuses on developing and commercializing therapies for people with rare debilitating, chronic neuromuscular, and neurological diseases in the United States. It offers Firdapse, an amifampridine phosphate tablets for the treatment of patients with lambert-eaton myasthenic syndrome (LEMS); and Ruzurgi for the treatment of pediatric LEMS patients.