Zacks Investment Research Upgrades Eiger BioPharmaceuticals, Inc. (NASDAQ:EIGR) to “Buy”

Zacks Investment Research upgraded shares of Eiger BioPharmaceuticals, Inc. (NASDAQ:EIGR) from a hold rating to a buy rating in a report released on Monday, October 16th. The firm currently has $15.00 target price on the biotechnology company’s stock.

According to Zacks, “Eiger BioPharmaceuticals, Inc. is a biopharmaceutical company which develops and manufactures drugs and therapies for the treatment of orphan diseases. Eiger BioPharmaceuticals, Inc., formerly known as Celladon Corporation, is based in Palo Alto, California. “

EIGR has been the topic of several other research reports. BTIG Research began coverage on shares of Eiger BioPharmaceuticals in a research note on Friday, July 14th. They issued a buy rating and a $32.00 target price on the stock. ValuEngine raised shares of Eiger BioPharmaceuticals from a strong sell rating to a sell rating in a research note on Friday, September 1st. Oppenheimer Holdings, Inc. reaffirmed a buy rating and issued a $34.00 target price on shares of Eiger BioPharmaceuticals in a research note on Monday, September 25th. Wedbush reaffirmed an ourperform rating and issued a $34.00 target price on shares of Eiger BioPharmaceuticals in a research note on Monday, August 14th. Finally, Piper Jaffray Companies reaffirmed a buy rating and issued a $36.00 target price on shares of Eiger BioPharmaceuticals in a research note on Tuesday, August 15th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and six have assigned a buy rating to the stock. The company presently has a consensus rating of Buy and an average price target of $30.43.

Eiger BioPharmaceuticals (EIGR) traded up 7.41% during mid-day trading on Monday, hitting $11.60. The stock had a trading volume of 145,121 shares. The company’s market cap is $97.06 million. The company has a 50 day moving average price of $11.48 and a 200-day moving average price of $8.78. Eiger BioPharmaceuticals has a one year low of $6.10 and a one year high of $13.95.

Eiger BioPharmaceuticals (NASDAQ:EIGR) last issued its quarterly earnings data on Monday, August 14th. The biotechnology company reported ($1.33) EPS for the quarter, missing analysts’ consensus estimates of ($1.28) by ($0.05). Equities analysts expect that Eiger BioPharmaceuticals will post ($5.20) earnings per share for the current fiscal year.

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In related news, Director Jeffrey S. Glenn bought 15,000 shares of the company’s stock in a transaction on Friday, September 1st. The shares were purchased at an average cost of $9.53 per share, for a total transaction of $142,950.00. Following the acquisition, the director now owns 31,355 shares of the company’s stock, valued at approximately $298,813.15. The purchase was disclosed in a filing with the SEC, which is available at this link. 28.80% of the stock is owned by company insiders.

Hedge funds and other institutional investors have recently bought and sold shares of the company. Susquehanna International Group LLP acquired a new stake in shares of Eiger BioPharmaceuticals in the second quarter valued at approximately $114,000. Bank of New York Mellon Corp raised its holdings in shares of Eiger BioPharmaceuticals by 6.4% in the second quarter. Bank of New York Mellon Corp now owns 14,567 shares of the biotechnology company’s stock valued at $115,000 after purchasing an additional 871 shares during the last quarter. LMR Partners LLP acquired a new stake in shares of Eiger BioPharmaceuticals in the second quarter valued at approximately $116,000. Goldman Sachs Group Inc. acquired a new stake in shares of Eiger BioPharmaceuticals in the second quarter valued at approximately $272,000. Finally, Hikari Power Ltd raised its holdings in shares of Eiger BioPharmaceuticals by 491.0% in the second quarter. Hikari Power Ltd now owns 60,992 shares of the biotechnology company’s stock valued at $482,000 after purchasing an additional 50,672 shares during the last quarter. Institutional investors own 59.94% of the company’s stock.

About Eiger BioPharmaceuticals

Eiger BioPharmaceuticals, Inc, formerly Celladon Corporation, is a clinical-stage biopharmaceutical company. The Company is focused on the development and commercialization of products for the treatment of orphan diseases. Its pipeline includes Sarasar (lonafarnib) for hepatitis delta virus (HDV), exendin (9-39) for severe hypoglycemia, and Bestatin (ubenimex) for pulmonary arterial hypertension (PAH) and lymphedema.

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