Cerevel Therapeutics (NASDAQ:CERE) Given New $20.00 Price Target at The Goldman Sachs Group

Cerevel Therapeutics (NASDAQ:CEREGet Rating) had its price target dropped by equities researchers at The Goldman Sachs Group from $28.00 to $20.00 in a report issued on Tuesday, Stock Target Advisor reports. The firm presently has a “neutral” rating on the biotechnology company’s stock. The Goldman Sachs Group’s price objective suggests a potential downside of 17.73% from the stock’s current price.

Separately, Zacks Investment Research raised shares of Cerevel Therapeutics from a “sell” rating to a “hold” rating in a research note on Monday, May 16th. Two equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus price target of $40.14.

NASDAQ CERE traded down $0.90 during midday trading on Tuesday, hitting $24.31. The company had a trading volume of 21,892 shares, compared to its average volume of 458,915. The firm has a fifty day simple moving average of $30.68 and a two-hundred day simple moving average of $30.73. Cerevel Therapeutics has a fifty-two week low of $12.01 and a fifty-two week high of $46.16. The stock has a market cap of $3.60 billion, a price-to-earnings ratio of -14.41 and a beta of 2.75.

Cerevel Therapeutics (NASDAQ:CEREGet Rating) last released its quarterly earnings results on Tuesday, May 10th. The biotechnology company reported ($0.46) EPS for the quarter, missing analysts’ consensus estimates of ($0.43) by ($0.03). During the same quarter in the previous year, the business posted ($0.40) EPS. As a group, research analysts anticipate that Cerevel Therapeutics will post -1.94 EPS for the current year.

In other news, insider John Renger sold 45,000 shares of Cerevel Therapeutics stock in a transaction on Wednesday, April 13th. The shares were sold at an average price of $34.65, for a total value of $1,559,250.00. Following the completion of the sale, the insider now owns 1,980 shares in the company, valued at approximately $68,607. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In the last 90 days, insiders have sold 100,000 shares of company stock valued at $3,309,250. Company insiders own 3.60% of the company’s stock.

A number of institutional investors and hedge funds have recently bought and sold shares of CERE. BlackRock Inc. boosted its holdings in shares of Cerevel Therapeutics by 26.8% in the 3rd quarter. BlackRock Inc. now owns 3,363,278 shares of the biotechnology company’s stock worth $99,217,000 after buying an additional 710,720 shares during the last quarter. Polar Capital Holdings Plc grew its holdings in shares of Cerevel Therapeutics by 1,400.0% during the third quarter. Polar Capital Holdings Plc now owns 750,000 shares of the biotechnology company’s stock worth $22,125,000 after purchasing an additional 700,000 shares in the last quarter. Rock Springs Capital Management LP boosted its stake in Cerevel Therapeutics by 57.4% in the third quarter. Rock Springs Capital Management LP now owns 1,600,589 shares of the biotechnology company’s stock worth $47,217,000 after buying an additional 583,644 shares in the last quarter. Goldman Sachs Group Inc. purchased a new stake in Cerevel Therapeutics in the third quarter worth approximately $15,038,000. Finally, Perceptive Advisors LLC grew its holdings in shares of Cerevel Therapeutics by 9.6% in the third quarter. Perceptive Advisors LLC now owns 5,086,727 shares of the biotechnology company’s stock worth $150,058,000 after purchasing an additional 443,632 shares during the last quarter.

Cerevel Therapeutics Company Profile (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.

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