Flex Pharma (FLKS) Trading Down 9.1%

Flex Pharma Inc (NASDAQ:FLKS)’s share price dropped 9.1% during trading on Thursday . The company traded as low as $0.48 and last traded at $0.50. Approximately 773,864 shares were traded during mid-day trading, an increase of 158% from the average daily volume of 299,647 shares. The stock had previously closed at $0.55.

Separately, Zacks Investment Research upgraded shares of Flex Pharma from a “sell” rating to a “hold” rating in a research note on Friday, September 21st. Five investment analysts have rated the stock with a hold rating and two have given a buy rating to the company. The stock currently has an average rating of “Hold” and an average target price of $14.30.

The company has a market capitalization of $8.40 million, a P/E ratio of -0.27 and a beta of 2.54.

Flex Pharma (NASDAQ:FLKS) last issued its earnings results on Friday, August 3rd. The biotechnology company reported ($0.50) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.45) by ($0.05). Flex Pharma had a negative return on equity of 137.76% and a negative net margin of 3,092.50%. The company had revenue of $0.25 million during the quarter, compared to the consensus estimate of $0.20 million. On average, research analysts forecast that Flex Pharma Inc will post -1.28 earnings per share for the current fiscal year.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in FLKS. Renaissance Technologies LLC boosted its stake in shares of Flex Pharma by 84.3% during the second quarter. Renaissance Technologies LLC now owns 236,958 shares of the biotechnology company’s stock valued at $223,000 after purchasing an additional 108,358 shares in the last quarter. JPMorgan Chase & Co. boosted its stake in shares of Flex Pharma by 10,889.2% during the first quarter. JPMorgan Chase & Co. now owns 37,583 shares of the biotechnology company’s stock valued at $188,000 after purchasing an additional 37,241 shares in the last quarter. Finally, Millennium Management LLC boosted its stake in shares of Flex Pharma by 75.9% during the first quarter. Millennium Management LLC now owns 60,126 shares of the biotechnology company’s stock valued at $301,000 after purchasing an additional 25,941 shares in the last quarter. Hedge funds and other institutional investors own 19.65% of the company’s stock.

About Flex Pharma (NASDAQ:FLKS)

Flex Pharma, Inc, a biotechnology company, develops and commercializes products for the treatment of muscle cramps, spasms, and spasticity associated with neurological conditions and exercise in the United States. It operates in two segments, Consumer Operations and Drug Development. The company's lead drug candidate is FLX-787, a single molecule, chemically synthesized, and dual transient receptor potential V1/A1 ion channel activator, which is in exploratory Phase 2 clinical trial in Australia for the treatment of patients with multiple sclerosis; and two Phase 2 clinical trials in the United States for the treatment of patients with motor neuron disease in amyotrophic lateral sclerosis.

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