NervGen Pharma (NASDAQ:NGEN) Stock Rating Lowered by Wall Street Zen

Key Points

• Wall Street Zen downgraded NervGen Pharma from “hold” to “strong sell,” though the broader analyst consensus remains “Moderate Buy” with an average price target of $14.
• NervGen shares opened at $1.74, near their one-year low of $1.58 and well below the one-year high of $6.30. The company also reported a quarterly loss of $0.37 per share, missing the $0.09-per-share consensus estimate.
• Empery Asset Management established a new position of 4 million shares, reportedly representing about 4.96% of NervGen and 9.5% of the fund’s portfolio, although the article’s stated position value appears inconsistent with the share count and stock price.

NervGen Pharma (NASDAQ:NGEN - Get Free Report) was downgraded by investment analysts at Wall Street Zen from a "hold" rating to a "strong sell" rating in a research note issued to investors on Saturday.

Other equities analysts have also recently issued reports about the stock. HC Wainwright raised shares of NervGen Pharma to a "strong-buy" rating in a research note on Tuesday, April 28th. Weiss Ratings lowered shares of NervGen Pharma from a "sell (d-)" rating to a "sell (e+)" rating in a research report on Tuesday, August 4th. Zacks Research upgraded shares of NervGen Pharma to a "hold" rating in a report on Wednesday, April 29th. TD Cowen initiated coverage on shares of NervGen Pharma in a research report on Thursday, June 11th. They issued a "buy" rating for the company. Finally, Stifel Nicolaus upgraded shares of NervGen Pharma to a "strong-buy" rating in a research note on Thursday, April 23rd. Two equities research analysts have rated the stock with a Strong Buy rating, two have assigned a Buy rating, one has given a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $14.00.

NervGen Pharma Trading Down 1.4%

Shares of NervGen Pharma stock opened at $1.74 on Friday. The company has a market capitalization of $139.89 million and a price-to-earnings ratio of -19.28. The firm has a 50-day moving average price of $1.84. NervGen Pharma has a one year low of $1.58 and a one year high of $6.30.

NervGen Pharma (NASDAQ:NGEN - Get Free Report) last posted its quarterly earnings data on Thursday, August 13th. The company reported ($0.37) earnings per share for the quarter, missing the consensus estimate of ($0.09) by ($0.28). On average, analysts expect that NervGen Pharma will post -0.33 earnings per share for the current fiscal year.

Hedge Funds Weigh In On NervGen Pharma

A hedge fund recently bought a new position in NervGen Pharma stock. Empery Asset Management LP bought a new position in shares of NervGen Pharma (NASDAQ:NGEN - Free Report) during the second quarter, according to its most recent Form 13F filing with the SEC. The fund bought 4,000,000 shares of the company's stock, valued at approximately $8,240,000,000. NervGen Pharma comprises about 9.5% of Empery Asset Management LP's portfolio, making the stock its 3rd biggest holding. Empery Asset Management LP owned about 4.96% of NervGen Pharma as of its most recent SEC filing.

About NervGen Pharma

NervGen Pharma Corp. is a clinical-stage biotechnology company focused on developing therapies to promote nerve repair and restore neurological function following injury or disease. The company advances regenerative approaches intended to address damage in the central and peripheral nervous systems, pursuing programs that aim to translate preclinical repair concepts into human treatments.

The company’s lead investigational candidate is NVG-291, which is being evaluated in clinical studies for indications that include spinal cord injury, neuropathic conditions and neurodegenerative disease settings.

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