Cerevel Therapeutics (NASDAQ:CERE) Price Target Cut to $48.00

Cerevel Therapeutics (NASDAQ:CEREGet Rating) had its price target lowered by equities research analysts at HC Wainwright from $50.00 to $48.00 in a report released on Wednesday, The Fly reports. The firm presently has a “buy” rating on the biotechnology company’s stock. HC Wainwright’s target price would suggest a potential upside of 71.12% from the company’s previous close.

A number of other equities analysts have also weighed in on the stock. Mizuho increased their target price on shares of Cerevel Therapeutics from $27.00 to $32.00 and gave the stock a “neutral” rating in a research report on Tuesday, August 23rd. Bank of America assumed coverage on Cerevel Therapeutics in a research report on Thursday, October 20th. They set a “buy” rating and a $39.00 target price on the stock. Loop Capital initiated coverage on Cerevel Therapeutics in a research report on Tuesday, November 1st. They issued a “buy” rating and a $40.00 price target for the company. Wells Fargo & Company assumed coverage on Cerevel Therapeutics in a report on Monday, September 26th. They set an “overweight” rating and a $38.00 price objective on the stock. Finally, Cantor Fitzgerald initiated coverage on Cerevel Therapeutics in a report on Thursday, September 29th. They set an “overweight” rating and a $41.00 target price for the company. Two analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat.com, Cerevel Therapeutics has a consensus rating of “Moderate Buy” and an average target price of $40.22.

Cerevel Therapeutics Trading Up 9.3 %

Cerevel Therapeutics stock opened at $28.05 on Wednesday. The business’s 50 day simple moving average is $28.13 and its 200 day simple moving average is $28.22. Cerevel Therapeutics has a 12 month low of $19.86 and a 12 month high of $41.46. The company has a market cap of $4.17 billion, a price-to-earnings ratio of -12.86 and a beta of 1.63.

Insider Transactions at Cerevel Therapeutics

In related news, Director Perceptive Advisors Llc purchased 1,425,000 shares of the business’s stock in a transaction on Tuesday, August 16th. The stock was acquired at an average price of $35.00 per share, with a total value of $49,875,000.00. Following the purchase, the director now directly owns 6,511,727 shares in the company, valued at $227,910,445. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other news, President Abraham Ceesay sold 9,605 shares of the stock in a transaction dated Monday, August 22nd. The stock was sold at an average price of $32.50, for a total transaction of $312,162.50. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Perceptive Advisors Llc bought 1,425,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 16th. The stock was purchased at an average price of $35.00 per share, with a total value of $49,875,000.00. Following the transaction, the director now directly owns 6,511,727 shares in the company, valued at $227,910,445. The disclosure for this purchase can be found here. Over the last 90 days, insiders sold 101,520 shares of company stock valued at $3,154,847. 4.30% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. Finepoint Capital LP purchased a new stake in Cerevel Therapeutics during the 3rd quarter valued at about $15,173,000. State Street Corp increased its stake in shares of Cerevel Therapeutics by 11.7% in the second quarter. State Street Corp now owns 2,414,474 shares of the biotechnology company’s stock worth $63,839,000 after buying an additional 252,378 shares during the period. Point72 Asset Management L.P. bought a new stake in Cerevel Therapeutics during the 2nd quarter valued at $5,349,000. Ally Bridge Group NY LLC purchased a new position in shares of Cerevel Therapeutics in the first quarter valued at about $5,952,000. Finally, Frazier Life Sciences Management L.P. raised its stake in shares of Cerevel Therapeutics by 262.2% during the second quarter. Frazier Life Sciences Management L.P. now owns 202,260 shares of the biotechnology company’s stock valued at $5,348,000 after acquiring an additional 146,425 shares during the last quarter.

About Cerevel Therapeutics

(Get Rating)

Cerevel Therapeutics Holdings, Inc, a clinical-stage biopharmaceutical company, engages in the development of various therapies for neuroscience diseases. It is developing emraclidine, a positive allosteric modulator (PAM) that is in phase 1b clinical trials for the treatment of schizophrenia; and Darigabat, a PAM, which is in Phase 2 proof-of-concept trial in patients with drug-resistant focal onset seizures in epilepsy or focal epilepsy, as well as in phase 1 trial to treat acute anxiety.

Featured Articles

The Fly logo

Analyst Recommendations for Cerevel Therapeutics (NASDAQ:CERE)

Receive News & Ratings for Cerevel Therapeutics Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Cerevel Therapeutics and related companies with MarketBeat.com's FREE daily email newsletter.