Loxo Oncology, Inc. (LOXO) Cut to “Market Perform” at JMP Securities
JMP Securities lowered shares of Loxo Oncology, Inc. (NASDAQ:LOXO) from an outperform rating to a market perform rating in a research report released on Tuesday, Marketbeat Ratings reports. The firm currently has $17.14 price objective on the biopharmaceutical company’s stock, down from their prior price objective of $83.12. The analysts noted that the move was a valuation call.
Several other equities analysts have also recently commented on the company. Morgan Stanley restated an overweight rating and set a $91.00 target price on shares of Loxo Oncology in a research report on Monday, June 19th. Zacks Investment Research cut Loxo Oncology from a buy rating to a hold rating in a research report on Tuesday, May 9th. Stifel Nicolaus boosted their target price on Loxo Oncology from $52.00 to $71.00 and gave the stock a buy rating in a research report on Monday, June 5th. Citigroup Inc. upgraded Loxo Oncology from a neutral rating to a buy rating and set a $86.00 target price for the company in a research report on Monday, June 5th. Finally, BTIG Research restated a buy rating and set a $75.00 target price on shares of Loxo Oncology in a research report on Tuesday, June 6th. Three research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. The stock has an average rating of Buy and an average target price of $70.73.
Shares of Loxo Oncology (LOXO) opened at 83.97 on Tuesday. Loxo Oncology has a 12 month low of $17.14 and a 12 month high of $84.46. The company’s 50 day moving average price is $74.17 and its 200 day moving average price is $58.40. The company’s market capitalization is $2.51 billion.
Loxo Oncology (NASDAQ:LOXO) last announced its quarterly earnings results on Tuesday, August 8th. The biopharmaceutical company reported ($1.14) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.99) by $0.15. During the same quarter in the prior year, the firm posted ($0.77) earnings per share. Analysts expect that Loxo Oncology will post ($4.54) EPS for the current fiscal year.
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In other news, Director Keith T. Flaherty sold 7,250 shares of the company’s stock in a transaction dated Monday, August 21st. The stock was sold at an average price of $72.26, for a total value of $523,885.00. Following the completion of the transaction, the director now directly owns 20,432 shares in the company, valued at approximately $1,476,416.32. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Lori Anne Kunkel sold 10,000 shares of the company’s stock in a transaction dated Tuesday, August 22nd. The stock was sold at an average price of $75.17, for a total value of $751,700.00. Following the completion of the transaction, the director now owns 16,840 shares of the company’s stock, valued at $1,265,862.80. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 46,073 shares of company stock valued at $3,397,662. 44.40% of the stock is owned by company insiders.
Institutional investors have recently bought and sold shares of the company. Ameritas Investment Partners Inc. boosted its position in Loxo Oncology by 31.3% in the second quarter. Ameritas Investment Partners Inc. now owns 1,758 shares of the biopharmaceutical company’s stock worth $141,000 after buying an additional 419 shares during the last quarter. BNP Paribas Arbitrage SA boosted its position in Loxo Oncology by 4,388.0% in the second quarter. BNP Paribas Arbitrage SA now owns 2,244 shares of the biopharmaceutical company’s stock worth $180,000 after buying an additional 2,194 shares during the last quarter. SG Americas Securities LLC purchased a new position in Loxo Oncology during the second quarter worth about $228,000. Marshall Wace LLP purchased a new position in Loxo Oncology during the second quarter worth about $233,000. Finally, Jasper Ridge Partners L.P. purchased a new position in Loxo Oncology during the second quarter worth about $277,000.
Loxo Oncology Company Profile
Loxo Oncology, Inc is a biopharmaceutical company. The Company is focused on development of medicines for patients with genetically defined cancers. The Company’s pipeline focuses on cancers that are dependent on single gene abnormalities, such that a single drug has the potential to treat the cancer with dramatic effect.
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