HC Wainwright Reiterates “Buy” Rating for Reneo Pharmaceuticals (NASDAQ:RPHM)

Reneo Pharmaceuticals (NASDAQ:RPHM)‘s stock had its “buy” rating reissued by stock analysts at HC Wainwright in a note issued to investors on Friday, Benzinga reports. They currently have a $30.00 price objective on the stock. HC Wainwright’s price target suggests a potential upside of 321.94% from the stock’s previous close.

Separately, Bank of America started coverage on shares of Reneo Pharmaceuticals in a report on Monday, July 3rd. They set a “buy” rating on the stock.

Reneo Pharmaceuticals Stock Down 3.9 %

Shares of Reneo Pharmaceuticals stock opened at $7.11 on Friday. Reneo Pharmaceuticals has a twelve month low of $1.79 and a twelve month high of $11.30. The company has a 50-day simple moving average of $6.62 and a two-hundred day simple moving average of $6.88. The stock has a market capitalization of $240.32 million, a price-to-earnings ratio of -3.04 and a beta of 1.14.

Reneo Pharmaceuticals (NASDAQ:RPHM) last released its earnings results on Thursday, August 10th. The company reported ($0.65) EPS for the quarter, missing the consensus estimate of ($0.55) by ($0.10). On average, sell-side analysts anticipate that Reneo Pharmaceuticals will post -2.44 earnings per share for the current fiscal year.

Insider Transactions at Reneo Pharmaceuticals

In other news, major shareholder Holdings A/S Novo sold 100,000 shares of the business’s stock in a transaction that occurred on Friday, June 23rd. The shares were sold at an average price of $7.10, for a total value of $710,000.00. Following the transaction, the insider now owns 3,330,337 shares in the company, valued at approximately $23,645,392.70. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Reneo Pharmaceuticals news, insider Ashley Hall sold 15,625 shares of the company’s stock in a transaction on Monday, August 28th. The shares were sold at an average price of $6.28, for a total transaction of $98,125.00. Following the transaction, the insider now owns 39,600 shares in the company, valued at $248,688. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, major shareholder Holdings A/S Novo sold 100,000 shares of the company’s stock in a transaction on Friday, June 23rd. The stock was sold at an average price of $7.10, for a total transaction of $710,000.00. Following the transaction, the insider now owns 3,330,337 shares in the company, valued at approximately $23,645,392.70. The disclosure for this sale can be found here. Corporate insiders own 17.90% of the company’s stock.

Institutional Trading of Reneo Pharmaceuticals

Several institutional investors have recently made changes to their positions in RPHM. Tucker Asset Management LLC bought a new position in Reneo Pharmaceuticals during the second quarter valued at about $241,000. Wells Fargo & Company MN lifted its holdings in Reneo Pharmaceuticals by 352.1% during the second quarter. Wells Fargo & Company MN now owns 5,715 shares of the company’s stock valued at $37,000 after purchasing an additional 4,451 shares during the last quarter. Eventide Asset Management LLC purchased a new stake in Reneo Pharmaceuticals during the second quarter valued at about $11,480,000. Walleye Capital LLC purchased a new stake in Reneo Pharmaceuticals during the second quarter valued at about $325,000. Finally, Woodline Partners LP purchased a new stake in Reneo Pharmaceuticals during the second quarter valued at about $1,627,000. Institutional investors own 85.01% of the company’s stock.

Reneo Pharmaceuticals Company Profile

Reneo Pharmaceuticals, Inc, a clinical-stage pharmaceutical company, focuses on the development and commercialization of therapies for patients with rare genetic mitochondrial diseases. Its lead product candidate is REN001, a potent and selective agonist of the peroxisome proliferator-activated receptor delta that is in clinical development for genetic mitochondrial diseases comprising primary mitochondrial myopathies and long-chain fatty acid oxidation disorders.