Endocyte (ECYT) Downgraded by Wedbush

Endocyte (NASDAQ:ECYT) was downgraded by analysts at Wedbush from an “outperform” rating to a “neutral” rating in a research report issued to clients and investors on Thursday, The Fly reports.

Other analysts have also issued reports about the stock. BidaskClub lowered shares of Endocyte from a “buy” rating to a “hold” rating in a research report on Tuesday, October 9th. Jefferies Financial Group reissued a “buy” rating and issued a $21.00 price objective on shares of Endocyte in a research report on Thursday, August 2nd. Zacks Investment Research raised shares of Endocyte from a “hold” rating to a “buy” rating and set a $18.00 price objective on the stock in a research report on Tuesday, July 10th. Finally, Cowen reissued a “buy” rating on shares of Endocyte in a research report on Monday, September 10th. Three research analysts have rated the stock with a hold rating, three have issued a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $20.00.

Shares of NASDAQ ECYT opened at $23.48 on Thursday. Endocyte has a 12-month low of $2.81 and a 12-month high of $23.54.

Endocyte (NASDAQ:ECYT) last announced its earnings results on Tuesday, July 31st. The biopharmaceutical company reported ($0.17) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.17). Endocyte had a negative net margin of 69,330.66% and a negative return on equity of 30.87%. The firm had revenue of $0.01 million for the quarter. As a group, equities research analysts forecast that Endocyte will post -0.66 earnings per share for the current year.

In other news, VP Beth Taylor sold 7,892 shares of the firm’s stock in a transaction that occurred on Tuesday, August 28th. The shares were sold at an average price of $20.00, for a total transaction of $157,840.00. Following the transaction, the vice president now directly owns 63,363 shares of the company’s stock, valued at $1,267,260. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO Michael A. Sherman sold 28,146 shares of the firm’s stock in a transaction that occurred on Friday, October 5th. The stock was sold at an average price of $15.55, for a total transaction of $437,670.30. Following the transaction, the chief executive officer now directly owns 347,918 shares in the company, valued at $5,410,124.90. The disclosure for this sale can be found here. Insiders sold a total of 68,354 shares of company stock worth $1,099,637 over the last three months. 14.86% of the stock is currently owned by corporate insiders.

Large investors have recently modified their holdings of the company. BlackRock Inc. increased its position in shares of Endocyte by 50.2% during the first quarter. BlackRock Inc. now owns 1,710,716 shares of the biopharmaceutical company’s stock worth $15,551,000 after acquiring an additional 571,925 shares during the period. Wells Fargo & Company MN increased its position in shares of Endocyte by 2,272.7% during the first quarter. Wells Fargo & Company MN now owns 33,218 shares of the biopharmaceutical company’s stock worth $303,000 after acquiring an additional 31,818 shares during the period. RA Capital Management LLC increased its position in shares of Endocyte by 45.5% during the second quarter. RA Capital Management LLC now owns 5,649,884 shares of the biopharmaceutical company’s stock worth $77,968,000 after acquiring an additional 1,768,091 shares during the period. Asymmetry Capital Management L.P. increased its position in shares of Endocyte by 12.8% during the second quarter. Asymmetry Capital Management L.P. now owns 103,159 shares of the biopharmaceutical company’s stock worth $1,424,000 after acquiring an additional 11,724 shares during the period. Finally, State Board of Administration of Florida Retirement System purchased a new position in shares of Endocyte during the second quarter worth approximately $313,000. 75.30% of the stock is currently owned by institutional investors and hedge funds.

Endocyte Company Profile

Endocyte, Inc, a biopharmaceutical company, develops targeted therapies for the treatment of cancer and inflammatory diseases in the United States. The company uses its technology to create novel small molecule drug conjugates (SMDCs) and companion imaging agents. It is developing Vintafolide, a SMDC that is in Phase IIb clinical trial to treat non-small cell lung cancer; EC1456, which is in Phase I dose escalation trial for the treatment of advanced solid tumors; and EC1169, a tubulysin therapeutic that is in Phase I dose escalation trial to treat advanced metastatic castration-resistant prostate cancer.

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