Catalyst Pharmaceuticals, Inc. $CPRX Shares Sold by Summit Global Investments

Summit Global Investments cut its stake in Catalyst Pharmaceuticals, Inc. (NASDAQ:CPRX) by 19.4% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 56,415 shares of the biopharmaceutical company’s stock after selling 13,586 shares during the period. Summit Global Investments’ holdings in Catalyst Pharmaceuticals were worth $1,224,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Huntington National Bank lifted its position in shares of Catalyst Pharmaceuticals by 105.0% in the second quarter. Huntington National Bank now owns 1,433 shares of the biopharmaceutical company’s stock valued at $31,000 after acquiring an additional 734 shares in the last quarter. PNC Financial Services Group Inc. grew its position in Catalyst Pharmaceuticals by 57.2% during the first quarter. PNC Financial Services Group Inc. now owns 5,501 shares of the biopharmaceutical company’s stock valued at $133,000 after acquiring an additional 2,002 shares during the period. US Bancorp DE increased its position in shares of Catalyst Pharmaceuticals by 17.8% in the first quarter. US Bancorp DE now owns 7,328 shares of the biopharmaceutical company’s stock worth $178,000 after acquiring an additional 1,105 shares in the last quarter. Headlands Technologies LLC acquired a new stake in shares of Catalyst Pharmaceuticals in the first quarter valued at about $188,000. Finally, Quarry LP increased its stake in Catalyst Pharmaceuticals by 60.0% during the 1st quarter. Quarry LP now owns 8,000 shares of the biopharmaceutical company’s stock worth $194,000 after buying an additional 3,000 shares during the period. Institutional investors and hedge funds own 79.22% of the company’s stock.

Catalyst Pharmaceuticals Price Performance

Shares of CPRX stock opened at $23.51 on Tuesday. The stock has a market cap of $2.89 billion, a PE ratio of 14.25, a price-to-earnings-growth ratio of 0.84 and a beta of 0.79. The stock has a 50-day moving average of $21.10 and a 200-day moving average of $21.70. Catalyst Pharmaceuticals, Inc. has a one year low of $19.05 and a one year high of $26.58.

Catalyst Pharmaceuticals (NASDAQ:CPRX) last issued its quarterly earnings data on Monday, September 25th. The biopharmaceutical company reported $0.28 earnings per share (EPS) for the quarter. Catalyst Pharmaceuticals had a net margin of 37.36% and a return on equity of 40.78%. The firm had revenue of $53.11 million during the quarter. As a group, research analysts anticipate that Catalyst Pharmaceuticals, Inc. will post 1.9 earnings per share for the current year.

Catalyst Pharmaceuticals announced that its board has authorized a share buyback program on Wednesday, October 1st that permits the company to buyback $200.00 million in shares. This buyback authorization permits the biopharmaceutical company to reacquire up to 8.3% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s board believes its shares are undervalued.

Wall Street Analyst Weigh In

CPRX has been the topic of a number of recent research reports. Weiss Ratings restated a “hold (c+)” rating on shares of Catalyst Pharmaceuticals in a research report on Wednesday, October 8th. Wall Street Zen upgraded shares of Catalyst Pharmaceuticals from a “hold” rating to a “buy” rating in a research report on Sunday, November 16th. Zacks Research lowered shares of Catalyst Pharmaceuticals from a “strong-buy” rating to a “hold” rating in a report on Tuesday, August 19th. Oppenheimer restated an “outperform” rating and set a $33.00 price target on shares of Catalyst Pharmaceuticals in a report on Friday, November 7th. Finally, Citigroup increased their target price on shares of Catalyst Pharmaceuticals from $31.00 to $33.00 and gave the stock a “buy” rating in a research report on Friday, November 7th. Two investment analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average target price of $32.67.

Insider Activity at Catalyst Pharmaceuticals

In other Catalyst Pharmaceuticals news, insider Brian Elsbernd sold 30,000 shares of Catalyst Pharmaceuticals stock in a transaction on Monday, September 8th. The shares were sold at an average price of $20.30, for a total value of $609,000.00. Following the sale, the insider directly owned 271,039 shares in the company, valued at approximately $5,502,091.70. The trade was a 9.97% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director David S. Tierney sold 26,000 shares of the company’s stock in a transaction dated Wednesday, August 27th. The stock was sold at an average price of $20.20, for a total value of $525,200.00. Following the sale, the director owned 379,620 shares in the company, valued at $7,668,324. The trade was a 6.41% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 106,000 shares of company stock valued at $2,121,400 over the last ninety days. Company insiders own 10.40% of the company’s stock.

Catalyst Pharmaceuticals Profile

Catalyst Pharmaceuticals, Inc, a commercial-stage biopharmaceutical company, focuses on developing and commercializing therapies for people with rare debilitating, chronic neuromuscular, and neurological diseases in the United States. It offers Firdapse, an amifampridine phosphate tablets for the treatment of patients with lambert-eaton myasthenic syndrome (LEMS); and Ruzurgi for the treatment of pediatric LEMS patients.