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Cerevel Therapeutics (NASDAQ:CERE) Trading Down 3.6%

Financial News Live · Dec 23, 2022 12:51

Shares of Cerevel Therapeutics Holdings, Inc. (NASDAQ:CERE – Get Rating) dropped 3.6% during mid-day trading on Friday . The company traded as low as $30.26 and last traded at $30.31. Approximately 1,868 shares were traded during trading, a decline of 100% from the average daily volume of 559,017 shares. The stock had previously closed at $31.45.

Analyst Upgrades and Downgrades

CERE has been the topic of a number of research reports. Wells Fargo & Company began coverage on shares of Cerevel Therapeutics in a research report on Monday, September 26th. They set an "overweight" rating and a $38.00 target price on the stock. JPMorgan Chase & Co. lowered their price target on shares of Cerevel Therapeutics from $49.00 to $40.00 and set an "overweight" rating on the stock in a report on Tuesday, December 6th. The Goldman Sachs Group boosted their price target on shares of Cerevel Therapeutics from $24.00 to $28.00 and gave the company a "neutral" rating in a report on Wednesday, September 21st. Evercore ISI began coverage on shares of Cerevel Therapeutics in a report on Monday, September 12th. They issued an "outperform" rating on the stock. Finally, Loop Capital began coverage on shares of Cerevel Therapeutics in a report on Tuesday, November 1st. They issued a "buy" rating and a $40.00 price target on the stock. Two investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $39.67.

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Cerevel Therapeutics Trading Down 4.2 %

The firm has a market capitalization of $4.71 billion, a P/E ratio of -14.77 and a beta of 1.58. The business has a 50 day moving average of $27.91 and a 200-day moving average of $28.55. The company has a current ratio of 16.64, a quick ratio of 16.64 and a debt-to-equity ratio of 0.56.

Cerevel Therapeutics (NASDAQ:CERE – Get Rating) last issued its quarterly earnings results on Tuesday, November 8th. The biotechnology company reported ($0.66) earnings per share for the quarter, missing the consensus estimate of ($0.62) by ($0.04). Analysts anticipate that Cerevel Therapeutics Holdings, Inc. will post -2.36 EPS for the current fiscal year.

Insider Transactions at Cerevel Therapeutics

In other news, insider John Renger sold 25,000 shares of the stock in a transaction that occurred on Tuesday, October 4th. The stock was sold at an average price of $30.00, for a total value of $750,000.00. Following the completion of the sale, the insider now owns 2,704 shares of the company's stock, valued at approximately $81,120. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In other news, CEO N Anthony Coles sold 50,000 shares of the stock in a transaction that occurred on Friday, December 9th. The stock was sold at an average price of $26.67, for a total value of $1,333,500.00. Following the completion of the sale, the chief executive officer now owns 2,704 shares of the company's stock, valued at approximately $72,115.68. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider John Renger sold 25,000 shares of the stock in a transaction that occurred on Tuesday, October 4th. The shares were sold at an average price of $30.00, for a total value of $750,000.00. Following the completion of the sale, the insider now directly owns 2,704 shares of the company's stock, valued at approximately $81,120. The disclosure for this sale can be found here. Company insiders own 4.30% of the company's stock.

Institutional Investors Weigh In On Cerevel Therapeutics

Several hedge funds have recently added to or reduced their stakes in the business. Nisa Investment Advisors LLC lifted its holdings in Cerevel Therapeutics by 46.8% during the 2nd quarter. Nisa Investment Advisors LLC now owns 1,380 shares of the biotechnology company's stock valued at $36,000 after purchasing an additional 440 shares during the last quarter. Royal Bank of Canada lifted its holdings in Cerevel Therapeutics by 19.4% during the 3rd quarter. Royal Bank of Canada now owns 2,959 shares of the biotechnology company's stock valued at $83,000 after purchasing an additional 480 shares during the last quarter. Teacher Retirement System of Texas lifted its holdings in Cerevel Therapeutics by 9.5% during the 1st quarter. Teacher Retirement System of Texas now owns 9,159 shares of the biotechnology company's stock valued at $321,000 after purchasing an additional 795 shares during the last quarter. High Net Worth Advisory Group LLC acquired a new stake in Cerevel Therapeutics during the 3rd quarter valued at $28,000. Finally, Principal Financial Group Inc. lifted its holdings in Cerevel Therapeutics by 4.4% during the 2nd quarter. Principal Financial Group Inc. now owns 25,309 shares of the biotechnology company's stock valued at $669,000 after purchasing an additional 1,075 shares during the last quarter.

About Cerevel Therapeutics

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Cerevel Therapeutics Holdings, Inc, a clinical-stage biopharmaceutical company, engages in the development of various therapies for neuroscience diseases. It is developing emraclidine, a positive allosteric modulator (PAM) that is in phase 1b clinical trials for the treatment of schizophrenia; and Darigabat, a PAM, which is in Phase 2 proof-of-concept trial in patients with drug-resistant focal onset seizures in epilepsy or focal epilepsy, as well as in phase 1 trial to treat acute anxiety.