Schrödinger (NASDAQ:SDGR) Stock Price Down 10.7% Following Weak Earnings

Schrödinger, Inc. (NASDAQ:SDGR – Get Rating) traded down 10.7% on Friday following a weaker than expected earnings announcement. The company traded as low as $29.90 and last traded at $31.00. 16,838 shares changed hands during mid-day trading, a decline of 97% from the average session volume of 503,570 shares. The stock had previously closed at $34.71.

The company reported ($0.67) EPS for the quarter, missing analysts’ consensus estimates of ($0.61) by ($0.06). Schrödinger had a negative return on equity of 23.72% and a negative net margin of 87.27%. The company had revenue of $38.50 million during the quarter, compared to the consensus estimate of $35.48 million. During the same quarter in the previous year, the business posted ($0.49) EPS. The firm’s revenue for the quarter was up 29.2% on a year-over-year basis.

Analyst Upgrades and Downgrades

Separately, Piper Sandler raised their price target on Schrödinger from $84.00 to $86.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 26th. Two investment analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $68.83.

Institutional Trading of Schrödinger

Several hedge funds and other institutional investors have recently made changes to their positions in the company. State Board of Administration of Florida Retirement System grew its holdings in shares of Schrödinger by 25.8% during the second quarter. State Board of Administration of Florida Retirement System now owns 21,782 shares of the company’s stock worth $575,000 after purchasing an additional 4,470 shares during the last quarter. Los Angeles Capital Management LLC acquired a new position in shares of Schrödinger in the second quarter worth approximately $252,000. Nikko Asset Management Americas Inc. lifted its stake in shares of Schrödinger by 128.3% in the second quarter. Nikko Asset Management Americas Inc. now owns 438,485 shares of the company’s stock worth $10,910,000 after acquiring an additional 246,424 shares during the period. Stephens Investment Management Group LLC lifted its stake in shares of Schrödinger by 0.7% in the second quarter. Stephens Investment Management Group LLC now owns 721,849 shares of the company’s stock worth $19,064,000 after acquiring an additional 5,220 shares during the period. Finally, Banque Cantonale Vaudoise lifted its stake in shares of Schrödinger by 40.7% in the second quarter. Banque Cantonale Vaudoise now owns 4,150 shares of the company’s stock worth $109,000 after acquiring an additional 1,200 shares during the period. 62.31% of the stock is currently owned by institutional investors.

Schrödinger Stock Down 3.3 %

The stock has a 50 day moving average of $28.99 and a 200 day moving average of $28.89. The company has a market capitalization of $2.39 billion, a price-to-earnings ratio of -17.77 and a beta of 1.14.

Schrödinger Company Profile

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Schrödinger, Inc, together with its subsidiaries, provides physics-based software platform that enables discovery of novel molecules for drug development and materials applications. The company operates in two segments, Software and Drug Discovery. The Software segment is focused on selling its software for drug discovery in the life sciences industry, as well as to customers in materials science industries.

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