EQRx (NASDAQ:EQRX) Upgraded to “Buy” by Zacks Investment Research

EQRx (NASDAQ:EQRXGet Rating) was upgraded by Zacks Investment Research from a “sell” rating to a “buy” rating in a note issued to investors on Tuesday, Zacks.com reports. The firm presently has a $4.75 target price on the stock. Zacks Investment Research‘s target price indicates a potential upside of 10.47% from the company’s current price.

According to Zacks, “EQRx Inc. is a pharmaceutical company is involved in developing and delivering medicines to patients. EQRx Inc., formerly known as CM Life Sciences III, is based in NEW YORK. “

A number of other brokerages have also weighed in on EQRX. Cowen started coverage on shares of EQRx in a research report on Friday, April 22nd. They issued an “outperform” rating on the stock. Cowen started coverage on shares of EQRx in a research report on Friday, April 22nd. They issued an “outperform” rating on the stock. Finally, Jefferies Financial Group started coverage on shares of EQRx in a research report on Friday, March 18th. They issued a “buy” rating and a $5.60 target price on the stock.

Shares of NASDAQ:EQRX remained flat at $$4.30 on Tuesday. 1,263,909 shares of the company’s stock were exchanged, compared to its average volume of 1,318,023. The firm’s fifty day moving average price is $4.29. EQRx has a 1 year low of $2.63 and a 1 year high of $11.10.

EQRx (NASDAQ:EQRXGet Rating) last posted its quarterly earnings results on Friday, May 13th. The company reported $0.04 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.30) by $0.34. On average, equities research analysts forecast that EQRx will post -0.83 earnings per share for the current year.

Several hedge funds have recently added to or reduced their stakes in the company. Penserra Capital Management LLC raised its stake in shares of EQRx by 69.8% during the first quarter. Penserra Capital Management LLC now owns 20,588 shares of the company’s stock valued at $85,000 after acquiring an additional 8,462 shares during the last quarter. Exos Asset Management LLC bought a new position in shares of EQRx during the fourth quarter valued at $59,000. Advisor Group Holdings Inc. bought a new position in shares of EQRx during the fourth quarter valued at $67,000. Brown Advisory Inc. bought a new position in EQRx during the fourth quarter worth $84,000. Finally, Family Management Corp bought a new position in EQRx during the fourth quarter worth $102,000. 69.24% of the stock is owned by hedge funds and other institutional investors.

About EQRx (Get Rating)

EQRx, Inc, a pharmaceutical company, engages in developing medicines primarily for the treatment of oncology and immune-inflammatory diseases in the United States. The company's pre-registrational programs in Phase III clinical trial include Aumolertinib, an epidermal growth factor receptor (EGFR) inhibitor for the treatment of patients with EGFR-mutated non-small cell lung cancer (NSCLC); and Sugemalimab, an anti-programmed death-ligand 1 antibody for the treatment of Stage III and Stage IV NSCLC.

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