Zacks Investment Research Downgrades Achaogen (NASDAQ:AKAO) to Sell

Achaogen (NASDAQ:AKAO) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued on Tuesday, November 14th.

According to Zacks, “Achaogen, Inc. is a clinical-stage biopharmaceutical company. It is focused on the discovery, development, and commercialization of novel antibacterials to treat multi-drug resistant, or MDR, gram-negative infections. The Company is developing plazomicin, its lead product candidate, for the treatment of serious bacterial infections due to MDR enterobacteriaceae, including carbapenem-resistant enterobacteriaceae. Achaogen, Inc. is headquartered in South San Francisco, California. “

AKAO has been the subject of several other research reports. Mizuho assumed coverage on Achaogen in a research note on Wednesday, September 6th. They issued a “buy” rating and a $28.00 price objective for the company. BidaskClub cut Achaogen from a “buy” rating to a “hold” rating in a research note on Monday, July 24th. Leerink Swann restated an “outperform” rating and set a $22.00 target price (down previously from $28.00) on shares of Achaogen in a research note on Monday, October 9th. They noted that the move was a valuation call. Guggenheim started coverage on Achaogen in a research note on Tuesday, October 24th. They set a “buy” rating and a $17.00 target price for the company. Finally, Stifel Nicolaus cut their price target on Achaogen from $30.00 to $27.00 and set a “buy” rating on the stock in a research report on Thursday, November 9th. Two investment analysts have rated the stock with a sell rating, two have given a hold rating and nine have assigned a buy rating to the stock. The stock has a consensus rating of “Buy” and an average price target of $25.78.

Shares of Achaogen (AKAO) traded down $0.63 on Tuesday, hitting $11.33. The stock had a trading volume of 1,216,772 shares, compared to its average volume of 800,939. The company has a debt-to-equity ratio of 0.08, a current ratio of 6.99 and a quick ratio of 6.99. Achaogen has a fifty-two week low of $4.82 and a fifty-two week high of $27.79.

Achaogen (NASDAQ:AKAO) last announced its quarterly earnings data on Wednesday, November 8th. The biopharmaceutical company reported ($0.85) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.72) by ($0.13). The company had revenue of $0.58 million during the quarter, compared to analysts’ expectations of $2.09 million. Achaogen had a negative net margin of 593.61% and a negative return on equity of 80.44%. The business’s quarterly revenue was down 96.4% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($0.41) EPS. sell-side analysts expect that Achaogen will post -3.06 EPS for the current year.

In related news, COO Blake Wise sold 3,576 shares of the company’s stock in a transaction on Tuesday, September 26th. The stock was sold at an average price of $15.99, for a total transaction of $57,180.24. The sale was disclosed in a document filed with the SEC, which is available at this link. Corporate insiders own 8.36% of the company’s stock.

A number of hedge funds have recently made changes to their positions in AKAO. State Street Corp grew its holdings in Achaogen by 302.6% during the second quarter. State Street Corp now owns 1,677,097 shares of the biopharmaceutical company’s stock worth $36,444,000 after acquiring an additional 1,260,509 shares during the period. Point72 Asset Management L.P. boosted its position in Achaogen by 55.7% during the third quarter. Point72 Asset Management L.P. now owns 2,255,899 shares of the biopharmaceutical company’s stock worth $35,982,000 after purchasing an additional 806,899 shares in the last quarter. TimesSquare Capital Management LLC boosted its position in Achaogen by 106.7% during the second quarter. TimesSquare Capital Management LLC now owns 1,088,300 shares of the biopharmaceutical company’s stock worth $23,649,000 after purchasing an additional 561,700 shares in the last quarter. Franklin Resources Inc. purchased a new stake in Achaogen during the second quarter worth $8,692,000. Finally, Vanguard Group Inc. boosted its position in Achaogen by 32.2% during the second quarter. Vanguard Group Inc. now owns 1,410,129 shares of the biopharmaceutical company’s stock worth $30,641,000 after purchasing an additional 343,428 shares in the last quarter. 85.81% of the stock is currently owned by hedge funds and other institutional investors.

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Achaogen Company Profile

Achaogen, Inc is a late-stage biopharmaceutical company. The Company is engaged in the discovery, development and commercialization of antibacterial treatments against multi-drug resistant (MDR) gram-negative infections. The Company is involved in researching and developing plazomicin, its lead product candidate, for the treatment of serious bacterial infections, including complicated urinary tract infection (cUTI), blood stream infections and other infections due to MDR Enterobacteriaceae, including carbapenem-resistant Enterobacteriaceae (CRE).

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