Zacks Investment Research lowered shares of Flex Pharma (NASDAQ:FLKS) from a hold rating to a sell rating in a report issued on Wednesday.
According to Zacks, “Flex Pharma, Inc. is a biotechnology company. The Company is involved in developing treatments for nocturnal leg cramps and spasms associated with severe neuromuscular conditions. Flex Pharma, Inc. is headquartered in Boston, Massachusetts. “
A number of other research firms have also issued reports on FLKS. Cantor Fitzgerald reiterated a hold rating and set a $10.00 price objective on shares of Flex Pharma in a research note on Monday, September 25th. Roth Capital initiated coverage on shares of Flex Pharma in a research note on Thursday, September 7th. They set a buy rating and a $14.00 price objective on the stock. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and three have assigned a buy rating to the company’s stock. The stock has a consensus rating of Hold and a consensus price target of $9.35.
Shares of Flex Pharma (FLKS) opened at $3.86 on Wednesday. Flex Pharma has a 12 month low of $2.68 and a 12 month high of $5.93.
Flex Pharma (NASDAQ:FLKS) last posted its quarterly earnings data on Monday, November 6th. The biotechnology company reported ($0.54) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.60) by $0.06. The company had revenue of $0.41 million for the quarter, compared to analyst estimates of $0.47 million. Flex Pharma had a negative net margin of 2,655.19% and a negative return on equity of 71.39%. sell-side analysts forecast that Flex Pharma will post -2.39 earnings per share for the current year.
Several hedge funds have recently added to or reduced their stakes in the company. Ameriprise Financial Inc. grew its position in shares of Flex Pharma by 10.0% during the third quarter. Ameriprise Financial Inc. now owns 720,524 shares of the biotechnology company’s stock worth $2,457,000 after buying an additional 65,699 shares in the last quarter. Royce & Associates LP grew its position in shares of Flex Pharma by 29.0% during the second quarter. Royce & Associates LP now owns 312,410 shares of the biotechnology company’s stock worth $1,203,000 after buying an additional 70,210 shares in the last quarter. Finally, Sphera Funds Management LTD. acquired a new stake in shares of Flex Pharma during the third quarter worth approximately $2,341,000. 27.31% of the stock is owned by institutional investors and hedge funds.
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About Flex Pharma
Flex Pharma, Inc is a biotechnology company. The Company develops treatments for nocturnal leg cramps, muscle cramps and spasms associated with severe neuromuscular conditions, and exercise associated muscle cramps (EAMCs). The Company’s product candidates activate certain receptors in primary sensory neurons, which then act through neuronal circuits to reduce the repetitive firing, or hyperexcitability, of alpha-motor neurons in the spinal cord, thereby preventing or reducing the frequency and intensity of muscle cramps and spasms.
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