Royalty Pharma (NASDAQ:RPRX) Price Target Raised to $68.00
by Mitch Edgeman · The Markets DailyRoyalty Pharma (NASDAQ:RPRX – Free Report) had its price objective upped by TD Cowen from $65.00 to $68.00 in a report issued on Tuesday, MarketBeat.com reports. They currently have a buy rating on the biopharmaceutical company’s stock.
Other equities analysts have also recently issued reports about the company. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Royalty Pharma in a research note on Wednesday, August 12th. Wall Street Zen lowered Royalty Pharma from a “strong-buy” rating to a “buy” rating in a research note on Sunday, August 30th. Bank of America restated a “buy” rating on shares of Royalty Pharma in a report on Wednesday, August 5th. JPMorgan Chase & Co. lifted their target price on shares of Royalty Pharma from $58.00 to $62.00 and gave the stock an “overweight” rating in a research note on Friday, August 7th. Finally, Morgan Stanley reiterated an “overweight” rating and set a $65.00 price target on shares of Royalty Pharma in a report on Thursday, August 6th. Eight equities research analysts have rated the stock with a Buy rating, According to data from MarketBeat, the stock presently has an average rating of “Buy” and an average price target of $61.29.
Get Our Latest Stock Analysis on Royalty Pharma
Royalty Pharma Stock Performance
NASDAQ RPRX opened at $58.75 on Tuesday. The company has a 50-day simple moving average of $59.32 and a two-hundred day simple moving average of $53.58. Royalty Pharma has a 12-month low of $34.63 and a 12-month high of $64.38. The firm has a market cap of $33.78 billion, a price-to-earnings ratio of 40.52, a PEG ratio of 1.43 and a beta of 0.44. The company has a quick ratio of 2.80, a current ratio of 2.80 and a debt-to-equity ratio of 0.88.
Royalty Pharma (NASDAQ:RPRX – Get Free Report) last released its quarterly earnings data on Wednesday, August 5th. The biopharmaceutical company reported $1.32 EPS for the quarter, topping the consensus estimate of $1.27 by $0.05. Royalty Pharma had a return on equity of 30.01% and a net margin of 32.14%.The firm had revenue of $674.14 million for the quarter, compared to the consensus estimate of $758.93 million. On average, equities analysts forecast that Royalty Pharma will post 5.32 EPS for the current year.
Royalty Pharma Announces Dividend
The firm also recently declared a quarterly dividend, which was paid on Thursday, September 10th. Shareholders of record on Friday, August 14th were given a dividend of $0.235 per share. The ex-dividend date of this dividend was Friday, August 14th. This represents a $0.94 dividend on an annualized basis and a yield of 1.6%. Royalty Pharma’s dividend payout ratio is presently 64.83%.
Insider Activity at Royalty Pharma
In other news, EVP Christopher Hite sold 100,000 shares of Royalty Pharma stock in a transaction that occurred on Tuesday, August 18th. The stock was sold at an average price of $59.97, for a total value of $5,997,000.00. Following the sale, the executive vice president directly owned 370,401 shares in the company, valued at approximately $22,212,947.97. This trade represents a 21.26% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Marshall Urist sold 9,099 shares of Royalty Pharma stock in a transaction that occurred on Wednesday, July 1st. The stock was sold at an average price of $55.88, for a total value of $508,452.12. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders sold 398,197 shares of company stock valued at $22,513,280. Company insiders own 18.84% of the company’s stock.
Institutional Trading of Royalty Pharma
Several large investors have recently added to or reduced their stakes in the stock. Sequoia Financial Advisors LLC boosted its holdings in Royalty Pharma by 11.8% in the second quarter. Sequoia Financial Advisors LLC now owns 17,513 shares of the biopharmaceutical company’s stock valued at $982,000 after acquiring an additional 1,843 shares in the last quarter. Tidal Investments LLC raised its holdings in Royalty Pharma by 298.6% in the 2nd quarter. Tidal Investments LLC now owns 118,323 shares of the biopharmaceutical company’s stock worth $6,634,000 after purchasing an additional 88,642 shares in the last quarter. WINTON GROUP Ltd bought a new position in Royalty Pharma in the 2nd quarter worth $1,278,000. Engineers Gate Manager LP raised its holdings in Royalty Pharma by 141.2% in the 2nd quarter. Engineers Gate Manager LP now owns 137,994 shares of the biopharmaceutical company’s stock worth $7,737,000 after purchasing an additional 80,771 shares in the last quarter. Finally, Integrated Wealth Concepts LLC lifted its position in shares of Royalty Pharma by 14.1% in the 2nd quarter. Integrated Wealth Concepts LLC now owns 15,385 shares of the biopharmaceutical company’s stock worth $863,000 after purchasing an additional 1,907 shares during the period. Institutional investors own 54.35% of the company’s stock.
Royalty Pharma Company Profile
Royalty Pharma plc is a biopharmaceutical royalty company that provides funding to life sciences companies in exchange for rights to receive future royalty payments from commercialized or late-stage therapies. Rather than developing and marketing medicines itself, the company invests in pharmaceutical and biotechnology innovations and seeks to generate income from the resulting royalty streams.
Its portfolio is linked to a range of therapies across areas including oncology, immunology, neuroscience, rare diseases and other specialty markets.
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