Molecular Templates (NASDAQ:MTEM) was upgraded by Zacks Investment Research from a "hold" rating to a "buy" rating in a research report issued to clients and investors on Tuesday, Zacks.com reports. The brokerage presently has a $13.00 price target on the biotechnology company's stock. Zacks Investment Research's target price suggests a potential upside of 10.54% from the stock's current price.
According to Zacks, "Molecular Templates Inc. is focused on the discovery, development and commercialization of next-generation immunotoxins called Engineered Toxin Bodies for the treatment of cancers and other serious diseases. Molecular Templates Inc., formerly known as Threshold Pharmaceuticals Inc., is headquartered in Austin, United States. "
Separately, UBS Group started coverage on Molecular Templates in a report on Monday, February 1st. They issued a "neutral" rating and a $13.00 target price for the company. One analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. The company has an average rating of "Buy" and an average target price of $18.33.
Shares of NASDAQ:MTEM opened at $11.76 on Tuesday. The stock has a fifty day simple moving average of $11.85 and a two-hundred day simple moving average of $10.78. The stock has a market capitalization of $587.58 million, a price-to-earnings ratio of -5.76 and a beta of 2.08. Molecular Templates has a 12-month low of $7.51 and a 12-month high of $19.12. The company has a current ratio of 3.21, a quick ratio of 3.21 and a debt-to-equity ratio of 0.18.
In other news, major shareholder Target N. V. Biotech acquired 80,000 shares of the business's stock in a transaction that occurred on Monday, February 1st. The stock was bought at an average price of $11.69 per share, with a total value of $935,200.00. Following the completion of the acquisition, the insider now directly owns 6,540,331 shares of the company's stock, valued at approximately $76,456,469.39. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, major shareholder Target N. V. Biotech acquired 1,185,770 shares of the business's stock in a transaction that occurred on Thursday, February 18th. The stock was purchased at an average cost of $12.65 per share, with a total value of $14,999,990.50. Following the acquisition, the insider now directly owns 7,726,101 shares of the company's stock, valued at $97,735,177.65. The disclosure for this purchase can be found here. In the last three months, insiders acquired 1,470,770 shares of company stock valued at $17,967,891. Corporate insiders own 38.20% of the company's stock.
Several institutional investors and hedge funds have recently modified their holdings of the stock. JPMorgan Chase & Co. grew its holdings in shares of Molecular Templates by 3.2% in the fourth quarter. JPMorgan Chase & Co. now owns 87,743 shares of the biotechnology company's stock worth $823,000 after acquiring an additional 2,690 shares during the period. IHT Wealth Management LLC grew its holdings in Molecular Templates by 4.3% during the fourth quarter. IHT Wealth Management LLC now owns 24,500 shares of the biotechnology company's stock valued at $230,000 after purchasing an additional 1,000 shares during the period. Jane Street Group LLC bought a new stake in Molecular Templates during the fourth quarter valued at about $95,000. Squarepoint Ops LLC grew its holdings in Molecular Templates by 93.7% during the fourth quarter. Squarepoint Ops LLC now owns 87,686 shares of the biotechnology company's stock valued at $823,000 after purchasing an additional 42,420 shares during the period. Finally, Endurant Capital Management LP grew its holdings in Molecular Templates by 61.1% during the fourth quarter. Endurant Capital Management LP now owns 681,243 shares of the biotechnology company's stock valued at $6,397,000 after purchasing an additional 258,456 shares during the period. 60.73% of the stock is owned by institutional investors.
Molecular Templates Company Profile
Molecular Templates, Inc, a clinical stage biopharmaceutical company, focuses on the discovery and development of biologic therapeutics for the treatment of cancer and other diseases. Its proprietary drug platform technology is engineered toxin bodies. The company's lead drug candidate is MT-3724 that is in a Phase II clinical trial for the treatment of relapsed and refractory diffuse large B-cell lymphoma; and Phase II clinical trial for treating non-Hodgkin's lymphoma.
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