Assertio Holdings, Inc. (NASDAQ:ASRT) Given Consensus Recommendation of “Reduce” by Analysts

Shares of Assertio Holdings, Inc. (NASDAQ:ASRT) have been assigned a consensus recommendation of “Reduce” from the five brokerages that are currently covering the firm, MarketBeat reports. One analyst has rated the stock with a sell rating and four have given a hold rating to the company. The average 12 month price target among brokers that have issued ratings on the stock in the last year is $22.65.

A number of research firms have recently weighed in on ASRT. Wall Street Zen lowered Assertio from a “buy” rating to a “hold” rating in a report on Saturday, March 21st. Maxim Group lowered Assertio from a “strong-buy” rating to a “hold” rating in a research report on Thursday, April 9th. Lake Street Capital restated a “hold” rating and set a $23.50 price objective (up from $21.80) on shares of Assertio in a research note on Wednesday, May 13th. HC Wainwright reaffirmed a “neutral” rating and set a $21.80 price objective (up from $18.00) on shares of Assertio in a report on Tuesday, May 5th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Assertio in a research note on Monday, April 20th.

Assertio Price Performance

Shares of NASDAQ ASRT opened at $23.50 on Friday. The company has a debt-to-equity ratio of 0.52, a current ratio of 1.82 and a quick ratio of 1.57. The company has a 50-day moving average price of $23.42 and a 200-day moving average price of $17.31. The stock has a market capitalization of $151.81 million, a P/E ratio of -4.13 and a beta of 0.52. Assertio has a 1 year low of $8.61 and a 1 year high of $23.50.

Assertio (NASDAQ:ASRT) last posted its earnings results on Friday, May 8th. The company reported ($2.93) earnings per share for the quarter, missing analysts’ consensus estimates of ($2.10) by ($0.83). The business had revenue of $9.93 million during the quarter, compared to analyst estimates of $8.97 million. Assertio had a negative return on equity of 38.72% and a negative net margin of 34.94%. On average, equities research analysts forecast that Assertio will post 0.03 EPS for the current fiscal year.

Institutional Trading of Assertio

Institutional investors and hedge funds have recently modified their holdings of the business. Bank of America Corp DE lifted its holdings in Assertio by 6,505.0% during the first quarter. Bank of America Corp DE now owns 25,033 shares of the company’s stock worth $477,000 after acquiring an additional 24,654 shares during the period. Empowered Funds LLC boosted its position in Assertio by 7.1% in the first quarter. Empowered Funds LLC now owns 16,014 shares of the company’s stock worth $305,000 after purchasing an additional 1,059 shares during the last quarter. Corsair Capital Management L.P. bought a new position in Assertio in the 1st quarter valued at $487,000. Renaissance Technologies LLC grew its stake in Assertio by 19.9% in the 1st quarter. Renaissance Technologies LLC now owns 228,599 shares of the company’s stock valued at $4,357,000 after purchasing an additional 37,902 shares during the period. Finally, Sei Investments Co. purchased a new stake in shares of Assertio during the 1st quarter valued at $1,047,000. 48.96% of the stock is owned by hedge funds and other institutional investors.

About Assertio

Assertio Therapeutics, Inc, formerly known as Depomed, is a specialty pharmaceutical company focused on the development and commercialization of therapies for central nervous system (CNS) disorders, including neuropathic pain, migraine and breakthrough cancer pain. The company’s commercial portfolio includes three FDA-approved products—Qutenza (8% capsaicin) for postherpetic neuralgia, Butrans (buprenorphine) transdermal system for chronic pain and Onsolis (fentanyl buccal soluble film) for breakthrough cancer pain—which are marketed primarily in the United States under licensing agreements with global partners.

In addition to its marketed therapies, Assertio maintains a pipeline of preclinical and clinical-stage candidates targeting a range of pain and neurological conditions.