Shares of Flex Pharma Inc (NASDAQ:FLKS) gapped up before the market opened on Tuesday . The stock had previously closed at $0.49, but opened at $0.48. Flex Pharma shares last traded at $0.47, with a volume of 1200 shares changing hands.
Separately, Zacks Investment Research upgraded shares of Flex Pharma from a “sell” rating to a “hold” rating in a research report on Wednesday, September 5th. Five analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. The stock currently has an average rating of “Hold” and an average target price of $14.30.
The stock has a market capitalization of $8.23 million, a price-to-earnings ratio of -0.28 and a beta of 2.54.
In related news, major shareholder Christoph H. Westphal sold 3,212,861 shares of the 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 sale, the insider now directly owns 3,941,118 shares of the company’s stock, valued at approximately $3,625,828.56. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 7.62% of the company’s stock.
Hedge funds have recently modified their holdings of the business. JPMorgan Chase & Co. grew its stake in Flex Pharma by 10,889.2% in the 1st quarter. JPMorgan Chase & Co. now owns 37,583 shares of the biotechnology company’s stock worth $188,000 after acquiring an additional 37,241 shares in the last quarter. Renaissance Technologies LLC grew its stake in Flex Pharma by 84.3% in the 2nd quarter. Renaissance Technologies LLC now owns 236,958 shares of the biotechnology company’s stock worth $223,000 after acquiring an additional 108,358 shares in the last quarter. Finally, Millennium Management LLC grew its stake in Flex Pharma by 75.9% in the 1st quarter. Millennium Management LLC now owns 60,126 shares of the biotechnology company’s stock worth $301,000 after acquiring an additional 25,941 shares in the last quarter. Institutional investors and hedge funds own 19.65% of the company’s stock.
About Flex Pharma (NASDAQ:FLKS)
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.
Receive News & Ratings for Flex Pharma Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Flex Pharma and related companies with MarketBeat.com's FREE daily email newsletter.