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Prometheus Biosciences (NASDAQ:RXDX) Price Target Raised to $144.00

Defense World ·  Feb 2, 2023 03:32

Prometheus Biosciences (NASDAQ:RXDX – Get Rating) had its price target raised by The Goldman Sachs Group from $117.00 to $144.00 in a report issued on Tuesday, Benzinga reports. The firm presently has a "buy" rating on the biopharmaceutical company's stock. The Goldman Sachs Group's price target would suggest a potential upside of 31.30% from the company's previous close.

Other equities research analysts also recently issued research reports about the stock. Stifel Nicolaus lifted their target price on shares of Prometheus Biosciences from $50.00 to $55.00 and gave the stock a "buy" rating in a research report on Tuesday, November 1st. Credit Suisse Group lifted their price target on shares of Prometheus Biosciences from $59.00 to $142.00 and gave the company an "outperform" rating in a report on Thursday, December 8th. Royal Bank of Canada boosted their target price on shares of Prometheus Biosciences from $66.00 to $111.00 in a report on Wednesday, December 7th. Piper Sandler upped their price target on shares of Prometheus Biosciences from $67.00 to $114.00 in a report on Wednesday, December 7th. Finally, BTIG Research upped their price target on shares of Prometheus Biosciences from $74.00 to $181.00 and gave the company a "buy" rating in a report on Thursday, December 8th. Nine investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company has a consensus rating of "Buy" and a consensus target price of $117.10.

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Prometheus Biosciences Stock Performance

NASDAQ RXDX opened at $109.67 on Tuesday. The company has a quick ratio of 11.19, a current ratio of 11.19 and a debt-to-equity ratio of 0.11. The company has a 50-day simple moving average of $98.90 and a two-hundred day simple moving average of $66.80. The firm has a market cap of $4.60 billion, a price-to-earnings ratio of -32.74 and a beta of -0.46. Prometheus Biosciences has a 12-month low of $21.50 and a 12-month high of $122.75.

Prometheus Biosciences (NASDAQ:RXDX – Get Rating) last announced its earnings results on Wednesday, November 9th. The biopharmaceutical company reported ($0.90) earnings per share for the quarter, missing analysts' consensus estimates of ($0.89) by ($0.01). Prometheus Biosciences had a negative net margin of 1,847.71% and a negative return on equity of 61.37%. The business had revenue of $0.97 million for the quarter, compared to the consensus estimate of $0.77 million. On average, equities analysts forecast that Prometheus Biosciences will post -3.43 EPS for the current year.

Insider Activity at Prometheus Biosciences

In other news, CEO Mark C. Mckenna sold 25,000 shares of the business's stock in a transaction that occurred on Tuesday, January 17th. The shares were sold at an average price of $118.99, for a total transaction of $2,974,750.00. Following the completion of the sale, the chief executive officer now owns 55,144 shares in the company, valued at approximately $6,561,584.56. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, CFO Keith W. Marshall sold 5,000 shares of the company's stock in a transaction on Tuesday, January 17th. The shares were sold at an average price of $119.00, for a total transaction of $595,000.00. Following the transaction, the chief financial officer now directly owns 9,811 shares of the company's stock, valued at approximately $1,167,509. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Mark C. Mckenna sold 25,000 shares of the business's stock in a transaction dated Tuesday, January 17th. The stock was sold at an average price of $118.99, for a total transaction of $2,974,750.00. Following the completion of the sale, the chief executive officer now owns 55,144 shares in the company, valued at $6,561,584.56. The disclosure for this sale can be found here. Company insiders own 3.40% of the company's stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Point72 Asset Management L.P. increased its position in Prometheus Biosciences by 2,632.9% during the 2nd quarter. Point72 Asset Management L.P. now owns 1,366,426 shares of the biopharmaceutical company's stock worth $38,574,000 after purchasing an additional 1,316,426 shares in the last quarter. State Street Corp lifted its stake in Prometheus Biosciences by 226.9% in the third quarter. State Street Corp now owns 1,586,074 shares of the biopharmaceutical company's stock valued at $93,594,000 after buying an additional 1,100,857 shares during the last quarter. Fred Alger Management LLC lifted its stake in Prometheus Biosciences by 325.5% in the third quarter. Fred Alger Management LLC now owns 1,036,165 shares of the biopharmaceutical company's stock valued at $61,144,000 after buying an additional 792,620 shares during the last quarter. Woodline Partners LP increased its holdings in shares of Prometheus Biosciences by 164.7% during the second quarter. Woodline Partners LP now owns 1,191,661 shares of the biopharmaceutical company's stock valued at $33,641,000 after purchasing an additional 741,403 shares during the period. Finally, Vanguard Group Inc. increased its holdings in shares of Prometheus Biosciences by 26.6% during the third quarter. Vanguard Group Inc. now owns 1,561,606 shares of the biopharmaceutical company's stock valued at $92,151,000 after purchasing an additional 328,397 shares during the period. 78.31% of the stock is currently owned by hedge funds and other institutional investors.

About Prometheus Biosciences

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Prometheus Biosciences, Inc, a biopharmaceutical company, engages in the discovery, development, and commercialization of novel therapeutics and companion diagnostics products for the treatment of inflammatory bowel diseases (IBD). Its lead product includes PRA023, a humanized IgG1 monoclonal antibody (mAb), which is in Phase IIa clinical trial for the treatment of ulcerative colitis and Crohn's disease, as well as systemic sclerosis-associated interstitial lung disease.

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