Millennium Management LLC Buys 671,947 Shares of Emergent BioSolutions Inc. (NYSE:EBS)

Millennium Management LLC grew its stake in Emergent BioSolutions Inc. (NYSE:EBS - Free Report) by 83.0% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,481,906 shares of the biopharmaceutical company's stock after buying an additional 671,947 shares during the period. Millennium Management LLC owned approximately 2.74% of Emergent BioSolutions worth $14,167,000 as of its most recent SEC filing.

Other large investors have also modified their holdings of the company. Lazard Asset Management LLC increased its holdings in Emergent BioSolutions by 541.0% in the 4th quarter. Lazard Asset Management LLC now owns 55,303 shares of the biopharmaceutical company's stock valued at $528,000 after buying an additional 46,676 shares during the period. Gotham Asset Management LLC bought a new position in Emergent BioSolutions in the 4th quarter valued at $200,000. EP Wealth Advisors LLC bought a new position in shares of Emergent BioSolutions in the 4th quarter worth $110,000. Balyasny Asset Management L.P. bought a new position in Emergent BioSolutions during the 4th quarter worth approximately $127,000. Finally, Bayesian Capital Management LP bought a new position in Emergent BioSolutions during the fourth quarter worth about $372,000. 78.40% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several research analysts have weighed in on EBS shares. HC Wainwright reiterated a "buy" rating and set a $15.00 target price on shares of Emergent BioSolutions in a report on Tuesday, April 1st. Wall Street Zen downgraded Emergent BioSolutions from a "buy" rating to a "hold" rating in a research report on Wednesday, March 5th.

Emergent BioSolutions Price Performance

Shares of EBS stock traded up $0.08 during trading on Wednesday, hitting $6.40. The company had a trading volume of 137,211 shares, compared to its average volume of 1,847,770. The stock's 50-day moving average price is $5.26 and its 200 day moving average price is $7.63. The company has a debt-to-equity ratio of 1.30, a quick ratio of 1.47 and a current ratio of 2.88. Emergent BioSolutions Inc. has a one year low of $4.02 and a one year high of $15.10. The firm has a market capitalization of $347.38 million, a P/E ratio of -1.56 and a beta of 2.09.

Emergent BioSolutions (NYSE:EBS - Get Free Report) last announced its quarterly earnings results on Wednesday, May 7th. The biopharmaceutical company reported $0.71 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.49 by $0.22. The company had revenue of $222.20 million during the quarter, compared to the consensus estimate of $218.50 million. Emergent BioSolutions had a negative net margin of 18.55% and a negative return on equity of 9.91%. Equities analysts expect that Emergent BioSolutions Inc. will post -0.63 EPS for the current fiscal year.

Emergent BioSolutions declared that its board has initiated a share buyback program on Monday, March 31st that authorizes the company to buyback $50.00 million in outstanding shares. This buyback authorization authorizes the biopharmaceutical company to reacquire up to 19% of its shares through open market purchases. Shares buyback programs are often a sign that the company's board of directors believes its shares are undervalued.

Insider Activity at Emergent BioSolutions

In other Emergent BioSolutions news, Director Neal Franklin Fowler sold 35,000 shares of the company's stock in a transaction on Wednesday, March 12th. The shares were sold at an average price of $5.83, for a total transaction of $204,050.00. Following the sale, the director now owns 101,100 shares of the company's stock, valued at approximately $589,413. This represents a 25.72% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 1.20% of the stock is currently owned by company insiders.

Emergent BioSolutions Company Profile

Emergent BioSolutions Inc, a life sciences company, provides preparedness and response solutions for accidental, deliberate, and naturally occurring public health threats in the United States. The company offers NARCAN Nasal Spray for the emergency treatment of known or suspected opioid overdose; Vaxchora vaccine for the prevention of cholera; Vivotif vaccine for oral administration for the prevention of typhoid fever; Anthrasil for the treatment of inhalational anthrax; BioThrax, an anthrax vaccine; CYFENDUS for post-exposure prophylaxis of disease following suspected or confirmed exposure to Bacillus anthracis; and Raxibacumab injection for the treatment and prophylaxis of inhalational anthrax.