AQR Capital Management LLC Sells 25,107 Shares of Concert Pharmaceuticals Inc (CNCE)
AQR Capital Management LLC trimmed its holdings in shares of Concert Pharmaceuticals Inc (NASDAQ:CNCE) by 9.3% during the third quarter, HoldingsChannel reports. The institutional investor owned 244,081 shares of the biotechnology company’s stock after selling 25,107 shares during the quarter. AQR Capital Management LLC’s holdings in Concert Pharmaceuticals were worth $3,622,000 at the end of the most recent quarter.
Other hedge funds have also made changes to their positions in the company. First Manhattan Co. acquired a new position in shares of Concert Pharmaceuticals during the third quarter worth $8,381,000. Millennium Management LLC lifted its position in shares of Concert Pharmaceuticals by 52.6% during the second quarter. Millennium Management LLC now owns 659,152 shares of the biotechnology company’s stock worth $11,094,000 after purchasing an additional 227,269 shares in the last quarter. Dimensional Fund Advisors LP lifted its position in shares of Concert Pharmaceuticals by 27.9% during the second quarter. Dimensional Fund Advisors LP now owns 943,442 shares of the biotechnology company’s stock worth $15,879,000 after purchasing an additional 205,796 shares in the last quarter. Renaissance Technologies LLC lifted its position in shares of Concert Pharmaceuticals by 20.4% during the third quarter. Renaissance Technologies LLC now owns 730,400 shares of the biotechnology company’s stock worth $10,839,000 after purchasing an additional 124,000 shares in the last quarter. Finally, Tekla Capital Management LLC acquired a new position in shares of Concert Pharmaceuticals during the third quarter worth $1,346,000. 73.03% of the stock is currently owned by hedge funds and other institutional investors.
A number of research analysts have recently commented on the stock. ValuEngine raised shares of Concert Pharmaceuticals from a “hold” rating to a “buy” rating in a research report on Wednesday, November 28th. BidaskClub raised shares of Concert Pharmaceuticals from a “sell” rating to a “hold” rating in a research report on Tuesday, October 16th. Zacks Investment Research cut shares of Concert Pharmaceuticals from a “hold” rating to a “sell” rating in a research report on Wednesday, November 7th. Finally, UBS Group set a $19.00 target price on shares of Concert Pharmaceuticals and gave the stock a “buy” rating in a research report on Tuesday, November 13th. Three analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Concert Pharmaceuticals presently has an average rating of “Buy” and an average target price of $23.80.
Concert Pharmaceuticals (NASDAQ:CNCE) last posted its quarterly earnings results on Thursday, November 1st. The biotechnology company reported ($0.74) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.62) by ($0.12). The company had revenue of $0.01 million during the quarter, compared to analyst estimates of $0.02 million. Concert Pharmaceuticals had a negative net margin of 392.62% and a negative return on equity of 20.81%. Equities analysts predict that Concert Pharmaceuticals Inc will post -2.25 EPS for the current fiscal year.
In related news, Director Richard Aldrich purchased 50,000 shares of the business’s stock in a transaction that occurred on Thursday, November 15th. The shares were purchased at an average cost of $11.83 per share, with a total value of $591,500.00. Following the completion of the acquisition, the director now directly owns 296,975 shares of the company’s stock, valued at approximately $3,513,214.25. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 9.40% of the company’s stock.
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About Concert Pharmaceuticals
Concert Pharmaceuticals, Inc operates as a clinical stage biopharmaceutical company. The company discovers and develops novel small molecule drugs for use in the treatment of various pulmonary diseases, including autoimmune and inflammatory diseases, and central nervous systems disorders. Its product candidates include AVP-786, a combination of deudextromethorphan and an ultra-low dose of quinidine, which is in Phase 3 clinical trials for the treatment of neurologic and psychiatric disorders, including agitation associated with Alzheimer's disease; CTP-730, a deuterated analog of apremilast that has completed the Phase 1 clinical trials for the treatment of inflammation or cancer; JZP-386, which has completed the Phase 1 clinical trials for the treatment of patients with narcolepsy; and CTP-543, which is in Phase 1 clinical trials for use in the treatment of alopecia areata.
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