Reneo Pharmaceuticals (NASDAQ:RPHM) Upgraded to “Buy” at Zacks Investment Research

Reneo Pharmaceuticals (NASDAQ:RPHM – Get Rating) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Tuesday, Zacks.com reports.

According to Zacks, “Reneo Pharmaceuticals Inc.is a clinical stage pharmaceutical company. It is focused on the development and commercialization of therapies for patients with rare, genetic, mitochondrial diseases. Reneo Pharmaceuticals Inc.is based in SAN DIEGO. “

A number of other equities research analysts have also weighed in on RPHM. SVB Leerink reiterated an “outperform” rating on shares of Reneo Pharmaceuticals in a report on Tuesday, May 10th. Robert W. Baird started coverage on shares of Reneo Pharmaceuticals in a research report on Wednesday, January 26th. They set an “outperform” rating and a $28.00 price objective for the company. One research analyst has rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Buy” and a consensus price target of $22.71.

Shares of Reneo Pharmaceuticals stock opened at $2.00 on Tuesday. The business has a 50-day moving average price of $2.70 and a two-hundred day moving average price of $5.46. The company has a market cap of $48.92 million and a P/E ratio of -1.05. Reneo Pharmaceuticals has a 1-year low of $1.92 and a 1-year high of $12.78.

Reneo Pharmaceuticals (NASDAQ:RPHM – Get Rating) last issued its earnings results on Wednesday, March 23rd. The company reported ($0.43) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.59) by $0.16. Analysts forecast that Reneo Pharmaceuticals will post -2.5 earnings per share for the current fiscal year.

A number of institutional investors have recently made changes to their positions in RPHM. Northern Trust Corp grew its holdings in shares of Reneo Pharmaceuticals by 7.7% during the 1st quarter. Northern Trust Corp now owns 68,424 shares of the company’s stock worth $201,000 after purchasing an additional 4,877 shares in the last quarter. Commonwealth Equity Services LLC bought a new stake in Reneo Pharmaceuticals during the first quarter worth about $65,000. BlackRock Inc. raised its stake in Reneo Pharmaceuticals by 7.7% in the fourth quarter. BlackRock Inc. now owns 316,875 shares of the company’s stock valued at $2,709,000 after buying an additional 22,594 shares during the period. Wells Fargo & Company MN acquired a new stake in Reneo Pharmaceuticals during the fourth quarter worth approximately $68,000. Finally, Millennium Management LLC acquired a new stake in shares of Reneo Pharmaceuticals in the 4th quarter valued at $214,000. 79.53% of the stock is owned by hedge funds and other institutional investors.

Reneo Pharmaceuticals Company Profile (Get Rating)

Reneo Pharmaceuticals, Inc, a clinical-stage pharmaceutical company, focuses on the development of therapies for patients with rare genetic mitochondrial diseases. It develops REN001, a selective peroxisome proliferator-activated receptor delta agonist, which is in Phase IIb clinical trial in patients with primary mitochondrial myopathies, as well as in Phase 1b clinical trial in patients with long-chain fatty acid oxidation disorders and glycogen storage disease type V.

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