Loxo Oncology (LOXO) Sets New 12-Month High and Low Following Analyst Upgrade

Loxo Oncology (NASDAQ:LOXO) hit a new 52-week high and low during trading on Monday after Citigroup raised their price target on the stock to $178.00. Citigroup currently has a buy rating on the stock. Loxo Oncology traded as low as $175.99 and last traded at $171.71, with a volume of 8492 shares changing hands. The stock had previously closed at $172.73.

A number of other brokerages also recently commented on LOXO. JMP Securities set a $182.00 price objective on shares of Loxo Oncology and gave the company a “buy” rating in a research report on Thursday. BTIG Research restated a “buy” rating and issued a $156.00 price objective on shares of Loxo Oncology in a research report on Thursday. Stifel Nicolaus raised their price objective on shares of Loxo Oncology from $145.00 to $190.00 and gave the company a “buy” rating in a research report on Thursday. Zacks Investment Research upgraded shares of Loxo Oncology from a “hold” rating to a “buy” rating and set a $148.00 price objective for the company in a research report on Friday, March 9th. Finally, ValuEngine upgraded shares of Loxo Oncology from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, May 2nd. One investment analyst has rated the stock with a hold rating, ten have assigned a buy rating and three have assigned a strong buy rating to the company. Loxo Oncology presently has an average rating of “Buy” and a consensus price target of $155.89.

In other news, insider Naarden Jacob Van sold 3,082 shares of Loxo Oncology stock in a transaction that occurred on Wednesday, March 14th. The shares were sold at an average price of $131.41, for a total transaction of $405,005.62. Following the completion of the sale, the insider now directly owns 1,541 shares in the company, valued at approximately $202,502.81. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Lori Anne Kunkel sold 5,000 shares of Loxo Oncology stock in a transaction that occurred on Friday, April 20th. The shares were sold at an average price of $132.68, for a total transaction of $663,400.00. Following the sale, the director now owns 10,940 shares of the company’s stock, valued at $1,451,519.20. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 62,646 shares of company stock valued at $8,331,001. Insiders own 27.80% of the company’s stock.

Several hedge funds have recently bought and sold shares of the company. Sands Capital Management LLC acquired a new stake in shares of Loxo Oncology during the 4th quarter valued at approximately $191,266,000. OppenheimerFunds Inc. increased its stake in shares of Loxo Oncology by 62.8% during the 4th quarter. OppenheimerFunds Inc. now owns 1,061,111 shares of the biopharmaceutical company’s stock worth $89,324,000 after purchasing an additional 409,209 shares in the last quarter. Lord Abbett & CO. LLC increased its stake in shares of Loxo Oncology by 20.8% during the 1st quarter. Lord Abbett & CO. LLC now owns 666,771 shares of the biopharmaceutical company’s stock worth $76,926,000 after purchasing an additional 114,963 shares in the last quarter. Driehaus Capital Management LLC increased its stake in shares of Loxo Oncology by 40.3% during the 4th quarter. Driehaus Capital Management LLC now owns 574,495 shares of the biopharmaceutical company’s stock worth $48,361,000 after purchasing an additional 164,959 shares in the last quarter. Finally, Franklin Resources Inc. increased its stake in shares of Loxo Oncology by 27.3% during the 4th quarter. Franklin Resources Inc. now owns 494,101 shares of the biopharmaceutical company’s stock worth $41,594,000 after purchasing an additional 106,001 shares in the last quarter.

The company has a market capitalization of $5.13 billion, a price-to-earnings ratio of -32.29 and a beta of 2.32.

Loxo Oncology (NASDAQ:LOXO) last issued its quarterly earnings data on Tuesday, May 8th. The biopharmaceutical company reported ($0.12) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.13) by $0.01. During the same quarter in the previous year, the firm earned ($0.96) EPS. equities analysts anticipate that Loxo Oncology will post 0.6 EPS for the current fiscal year.

About Loxo Oncology

Loxo Oncology, Inc, a biopharmaceutical company, develops and sells medicines for patients with genetically defined cancers in the United States. Its lead product candidate comprises larotrectinib, an oral selective inhibitor of tropomyosin receptor kinase (TRK), which is in adult Phase 1 trial, a pediatric Phase 1/2 trial, and an adult/adolescent Phase 2 trial for the treatment of patients with tumor types, such as lung, head and neck, melanoma, colorectal, sarcoma, and breast cancer.

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