Zacks Investment Research cut shares of Royalty Pharma (NASDAQ:RPRX) from a hold rating to a sell rating in a research note issued to investors on Saturday, Zacks.com reports.

According to Zacks, “Royalty Pharma plc is a funder of biopharmaceutical industry. The compnay’s portfolio includes royalties on commercial products, including AbbVie and J&J’s Imbruvica, Astellas and Pfizer’s Xtandi, Biogen’s Tysabri, Gilead’s HIV franchise, Merck’s Januvia, Novartis’ Promacta and Vertex’s Kalydeco, Symdeko and Trikafta, and development-stage product candidates. Royalty Pharma plc is based in NEW YORK. “

RPRX has been the topic of a number of other reports. Goldman Sachs Group started coverage on Royalty Pharma in a report on Sunday, July 12th. They set a neutral rating and a $47.00 target price on the stock. Evercore ISI assumed coverage on shares of Royalty Pharma in a research note on Tuesday, July 14th. They issued a hold rating on the stock. Bank of America assumed coverage on shares of Royalty Pharma in a research note on Monday, July 13th. They set a buy rating and a $55.00 target price for the company. UBS Group assumed coverage on shares of Royalty Pharma in a report on Monday, July 13th. They set a neutral rating and a $52.00 target price for the company. Finally, SunTrust Banks initiated coverage on Royalty Pharma in a report on Monday, July 13th. They issued a buy rating and a $56.00 price target on the stock. One research analyst has rated the stock with a sell rating, six have given a hold rating and four have issued a buy rating to the company’s stock. The company presently has an average rating of Hold and an average target price of $52.33.

Royalty Pharma stock opened at $40.71 on Friday. Royalty Pharma has a 12-month low of $38.54 and a 12-month high of $56.50. The company has a quick ratio of 7.52, a current ratio of 7.52 and a debt-to-equity ratio of 0.61. The company has a 50 day moving average of $42.37.

Royalty Pharma (NASDAQ:RPRX) last issued its quarterly earnings results on Wednesday, August 12th. The biopharmaceutical company reported $0.73 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.61 by $0.12. The firm had revenue of $511.00 million for the quarter, compared to the consensus estimate of $509.88 million. As a group, sell-side analysts anticipate that Royalty Pharma will post 2.28 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 30th. Investors of record on Tuesday, September 15th will be paid a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 1.47%. The ex-dividend date is Monday, September 14th.

In other Royalty Pharma news, CEO Pablo G. Legorreta bought 20,000 shares of the stock in a transaction on Thursday, June 18th. The shares were bought at an average price of $28.00 per share, with a total value of $560,000.00. The acquisition was disclosed in a legal filing with the SEC, which is available through this link. Also, major shareholder Adage Capital Partners Gp, L.L bought 3,000,000 shares of the company’s stock in a transaction dated Thursday, June 18th. The stock was acquired at an average price of $28.00 per share, for a total transaction of $84,000,000.00. The disclosure for this purchase can be found here. Over the last quarter, insiders have acquired 4,524,500 shares of company stock worth $126,686,000.

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. TD Asset Management Inc. purchased a new stake in Royalty Pharma in the 2nd quarter worth approximately $9,171,000. Fifth Third Bancorp acquired a new position in shares of Royalty Pharma in the second quarter worth $97,000. Marshall Wace North America L.P. purchased a new stake in shares of Royalty Pharma during the second quarter worth $2,753,000. Essex Investment Management Co. LLC acquired a new stake in Royalty Pharma during the second quarter valued at $49,000. Finally, DekaBank Deutsche Girozentrale purchased a new position in Royalty Pharma in the second quarter valued at about $1,023,000. 36.37% of the stock is currently owned by hedge funds and other institutional investors.

Royalty Pharma Company Profile

Royalty Pharma plc operates in the biopharmaceutical industry. It operates as a buyer of biopharmaceutical royalties and a funder of innovation in the biopharmaceutical industry. The company engages in the identification, evaluation, and acquisition of attractive royalties and royalty-related assets on various biopharmaceutical therapies.

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