TD Cowen Issues Positive Forecast for Royalty Pharma (NASDAQ:RPRX) Stock Price

Royalty Pharma (NASDAQ:RPRX) had its price target boosted by equities researchers at TD Cowen from $65.00 to $68.00 in a report released on Tuesday, Benzinga reports. The brokerage presently has a “buy” rating on the biopharmaceutical company’s stock. TD Cowen’s target price points to a potential upside of 12.77% from the stock’s previous close.

RPRX has been the subject of a number of other reports. Morgan Stanley restated an “overweight” rating and set a $65.00 price objective on shares of Royalty Pharma in a research note on Thursday, August 6th. JPMorgan Chase & Co. upped their price objective on shares of Royalty Pharma from $58.00 to $62.00 and gave the company an “overweight” rating in a report on Friday, August 7th. Bank of America reaffirmed a “buy” rating on shares of Royalty Pharma in a research report on Wednesday, August 5th. The Goldman Sachs Group reaffirmed a “buy” rating and set a $66.00 price target on shares of Royalty Pharma in a research report on Thursday, August 6th. Finally, Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Royalty Pharma in a report on Wednesday, August 12th. Eight research analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average target price of $61.29.

Royalty Pharma Stock Down 5.7%

Shares of Royalty Pharma stock traded down $3.66 on Tuesday, hitting $60.30. The company had a trading volume of 1,329,927 shares, compared to its average volume of 3,434,935. The firm has a market capitalization of $34.67 billion, a P/E ratio of 41.50, a P/E/G ratio of 1.49 and a beta of 0.44. Royalty Pharma has a twelve month low of $34.63 and a twelve month high of $64.38. The stock has a 50-day moving average of $59.11 and a 200-day moving average of $53.27. The company has a debt-to-equity ratio of 0.88, a current ratio of 2.80 and a quick ratio of 2.80.

Royalty Pharma (NASDAQ:RPRX) last released its earnings results on Wednesday, August 5th. The biopharmaceutical company reported $1.32 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.27 by $0.05. The firm had revenue of $674.14 million during the quarter, compared to analysts’ expectations of $758.93 million. Royalty Pharma had a return on equity of 30.01% and a net margin of 32.14%. Research analysts predict that Royalty Pharma will post 5.3 earnings per share for the current year.

Insider Buying and Selling

In other Royalty Pharma news, EVP Christopher Hite sold 100,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 18th. The shares were sold at an average price of $59.97, for a total value of $5,997,000.00. Following the completion of the transaction, the executive vice president directly owned 370,401 shares in the company, valued at approximately $22,212,947.97. This represents a 21.26% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Marshall Urist sold 9,099 shares of the stock in a transaction dated Wednesday, July 1st. The shares were 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. Insiders have sold a total of 398,197 shares of company stock worth $22,513,280 over the last three months. Insiders own 18.84% of the company’s stock.

Institutional Investors Weigh In On Royalty Pharma

Institutional investors have recently modified their holdings of the company. Royal Bank of Canada lifted its holdings in Royalty Pharma by 367.7% in the first quarter. Royal Bank of Canada now owns 203,760 shares of the biopharmaceutical company’s stock valued at $6,342,000 after buying an additional 160,191 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in Royalty Pharma by 20.3% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 79,990 shares of the biopharmaceutical company’s stock worth $2,490,000 after acquiring an additional 13,489 shares during the period. Focus Partners Wealth acquired a new stake in Royalty Pharma during the 1st quarter worth about $264,000. Intech Investment Management LLC raised its position in shares of Royalty Pharma by 41.0% in the 1st quarter. Intech Investment Management LLC now owns 47,992 shares of the biopharmaceutical company’s stock worth $1,494,000 after acquiring an additional 13,951 shares in the last quarter. Finally, Invesco Ltd. raised its position in shares of Royalty Pharma by 21.4% in the 2nd quarter. Invesco Ltd. now owns 1,559,378 shares of the biopharmaceutical company’s stock worth $56,184,000 after acquiring an additional 274,960 shares in the last quarter. 54.35% of the stock is owned by institutional investors.

Royalty Pharma Company Profile

Royalty Pharma plc is a specialty finance company that acquires biopharmaceutical royalty interests and provides non-dilutive financing to drug developers and rights holders. The firm purchases future royalty streams, milestone-contingent payments and other revenue rights linked to approved and late-stage pharmaceutical and biotechnology products. By paying upfront consideration for these rights, Royalty Pharma seeks to generate long-term cash flows tied to the commercial performance of a diversified portfolio of medicines.

The company’s transaction structures include outright royalty purchases, structured financings and milestone arrangements tailored to the needs of innovator companies, academic institutions and investors.