Pain Therapeutics (NASDAQ:PTIE) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Tuesday, October 31st. The brokerage currently has a $4.25 target price on the biopharmaceutical company’s stock. Zacks Investment Research‘s price target would indicate a potential upside of 7.05% from the stock’s previous close.
According to Zacks, “Pain Therapeutics is developing a new generation of opioid painkillers. Opioids are drugs derived from the poppy plant. The company uses technology to reformulate opioid drugs, such as morphine, into new painkillers with improved clinical benefits. The company has four opioid painkillers in Phase II clinical trials. The company believes its drugs offer enhanced pain relief, fewer adverse side effects and reduced tolerance and addiction compared to existing opioid painkillers. “
Separately, Gabelli cut shares of Pain Therapeutics from a “hold” rating to a “sell” rating in a report on Monday, July 17th.
Shares of Pain Therapeutics (PTIE) traded up $0.08 during midday trading on Tuesday, hitting $3.97. 65,147 shares of the company’s stock were exchanged, compared to its average volume of 1,134,835. Pain Therapeutics has a fifty-two week low of $3.10 and a fifty-two week high of $9.31.
Pain Therapeutics (NASDAQ:PTIE) last announced its earnings results on Wednesday, November 1st. The biopharmaceutical company reported ($0.40) earnings per share for the quarter. equities research analysts expect that Pain Therapeutics will post -2.2 EPS for the current fiscal year.
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A hedge fund recently raised its stake in Pain Therapeutics stock. Bank of New York Mellon Corp raised its holdings in shares of Pain Therapeutics (NASDAQ:PTIE) by 10.8% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 172,792 shares of the biopharmaceutical company’s stock after acquiring an additional 16,864 shares during the quarter. Bank of New York Mellon Corp owned approximately 0.38% of Pain Therapeutics worth $154,000 as of its most recent filing with the Securities and Exchange Commission (SEC). Hedge funds and other institutional investors own 36.31% of the company’s stock.
About Pain Therapeutics
Pain Therapeutics, Inc is a biopharmaceutical company. The Company is focused on drug development efforts on disorders of the nervous system, such as chronic pain. The Company’s lead drug candidate, REMOXY, is an abuse-deterrent, oral formulation of oxycodone (CII). The Company’s other products is FENROCK.
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