Mizuho reaffirmed their neutral rating on shares of Achaogen (NASDAQ:AKAO) in a research note released on Tuesday morning, Marketbeat reports. They currently have a $8.00 target price on the biopharmaceutical company’s stock.
“We currently project a cash runway into mid-2019. In our valuation, we assume a $200 mil capital raise at $3.50/share in 1Q19 and we also increased our discount rate from 10% to 17% to reflect significantly increased risks. Our PT goes to $8.”,” the firm’s analyst commented.
A number of other equities analysts also recently weighed in on AKAO. Zacks Investment Research downgraded Achaogen from a hold rating to a sell rating in a research report on Wednesday, July 25th. BidaskClub downgraded Achaogen from a sell rating to a strong sell rating in a research report on Wednesday, July 18th. Needham & Company LLC downgraded Achaogen from a buy rating to a hold rating in a research report on Tuesday, August 7th. ValuEngine downgraded Achaogen from a hold rating to a sell rating in a research report on Tuesday, July 10th. Finally, SunTrust Banks lowered their price target on Achaogen from $16.00 to $10.00 and set a buy rating on the stock in a research report on Monday, August 20th. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating and five have given a buy rating to the company. Achaogen currently has a consensus rating of Hold and an average price target of $14.81.
Several large investors have recently modified their holdings of AKAO. BlackRock Inc. boosted its holdings in shares of Achaogen by 2.1% during the first quarter. BlackRock Inc. now owns 2,898,459 shares of the biopharmaceutical company’s stock worth $37,536,000 after acquiring an additional 60,613 shares during the period. Stifel Financial Corp bought a new stake in shares of Achaogen during the first quarter worth approximately $134,000. UBS Group AG boosted its holdings in shares of Achaogen by 681.5% during the first quarter. UBS Group AG now owns 297,632 shares of the biopharmaceutical company’s stock worth $3,854,000 after acquiring an additional 259,546 shares during the period. Allianz Asset Management GmbH boosted its holdings in shares of Achaogen by 81.8% during the first quarter. Allianz Asset Management GmbH now owns 92,781 shares of the biopharmaceutical company’s stock worth $1,202,000 after acquiring an additional 41,746 shares during the period. Finally, Sei Investments Co. bought a new stake in shares of Achaogen during the second quarter worth approximately $423,000. Institutional investors own 60.17% of the company’s stock.
Achaogen, Inc, a late-stage biopharmaceutical company, focuses on the discovery, development, and commercialization of antibacterial treatments against multi-drug resistant (MDR) gram-negative infections in the United States. The company is principally developing plazomicin for the treatment of serious bacterial infections, including urinary tract infections, blood stream infections, and other infections due to MDR enterobacteriaceae comprising carbapenem-resistant enterobacteriaceae.
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