Flex Pharma Inc (NASDAQ:FLKS) major shareholder Christoph H. Westphal sold 3,212,861 shares of the company’s stock in a transaction dated Tuesday, October 16th. The shares were sold at an average price of $0.92, for a total value of $2,955,832.12. Following the completion of the sale, the insider now directly owns 3,941,118 shares of the company’s stock, valued at $3,625,828.56. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Large shareholders that own 10% or more of a company’s stock are required to disclose their transactions with the SEC.
NASDAQ FLKS traded down $0.04 during trading hours on Thursday, reaching $0.63. 1,604,800 shares of the company’s stock were exchanged, compared to its average volume of 538,974. Flex Pharma Inc has a one year low of $0.39 and a one year high of $8.98. The stock has a market cap of $8.40 million, a price-to-earnings ratio of -0.32 and a beta of 2.54.
Flex Pharma (NASDAQ:FLKS) last posted its earnings results on Friday, August 3rd. The biotechnology company reported ($0.50) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.45) by ($0.05). Flex Pharma had a negative return on equity of 137.76% and a negative net margin of 3,092.50%. The business had revenue of $0.25 million for the quarter, compared to the consensus estimate of $0.20 million. Analysts anticipate that Flex Pharma Inc will post -1.28 EPS for the current fiscal year.
A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Renaissance Technologies LLC increased its stake in Flex Pharma by 84.3% during the 2nd quarter. Renaissance Technologies LLC now owns 236,958 shares of the biotechnology company’s stock worth $223,000 after purchasing an additional 108,358 shares in the last quarter. Millennium Management LLC increased its stake in Flex Pharma by 75.9% during the 1st quarter. Millennium Management LLC now owns 60,126 shares of the biotechnology company’s stock worth $301,000 after purchasing an additional 25,941 shares in the last quarter. Finally, JPMorgan Chase & Co. increased its stake in Flex Pharma by 10,889.2% during the 1st quarter. JPMorgan Chase & Co. now owns 37,583 shares of the biotechnology company’s stock worth $188,000 after purchasing an additional 37,241 shares in the last quarter. 19.65% of the stock is owned by institutional investors and hedge funds.
Separately, Zacks Investment Research cut Flex Pharma from a “buy” rating to a “sell” rating in a research note on Tuesday, August 14th. Five equities research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. The company presently has an average rating of “Hold” and an average target price of $14.30.
About Flex Pharma
Flex Pharma, Inc, a biotechnology company, develops and commercializes products for the treatment of muscle cramps, spasms, and spasticity associated with neurological conditions and exercise in the United States. It operates in two segments, Consumer Operations and Drug Development. The company's lead drug candidate is FLX-787, a single molecule, chemically synthesized, and dual transient receptor potential V1/A1 ion channel activator, which is in exploratory Phase 2 clinical trial in Australia for the treatment of patients with multiple sclerosis; and two Phase 2 clinical trials in the United States for the treatment of patients with motor neuron disease in amyotrophic lateral sclerosis.
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