Assertio (NASDAQ:ASRT) Trading Down 3.7% – Here’s Why

Assertio Holdings, Inc. (NASDAQ:ASRT)’s share price fell 3.7% during mid-day trading on Tuesday . The stock traded as low as $0.66 and last traded at $0.66. 151,355 shares changed hands during trading, a decline of 71% from the average session volume of 529,629 shares. The stock had previously closed at $0.69.

Analyst Ratings Changes

A number of research analysts recently issued reports on the stock. Alliance Global Partners reiterated a “buy” rating on shares of Assertio in a research note on Tuesday, May 13th. Wall Street Zen downgraded shares of Assertio from a “hold” rating to a “sell” rating in a report on Thursday, May 22nd. Finally, HC Wainwright reissued a “buy” rating and set a $3.50 price objective on shares of Assertio in a research note on Monday, May 19th.

Assertio Stock Performance

The company has a market cap of $63.24 million, a P/E ratio of -2.06 and a beta of 0.29. The company has a quick ratio of 1.35, a current ratio of 1.66 and a debt-to-equity ratio of 0.36. The stock’s 50-day moving average price is $0.66 and its 200 day moving average price is $0.72.

Assertio (NASDAQ:ASRT) last issued its earnings results on Monday, May 12th. The company reported ($0.14) EPS for the quarter, missing the consensus estimate of ($0.06) by ($0.08). Assertio had a negative net margin of 25.72% and a negative return on equity of 24.87%. The firm had revenue of $26.49 million during the quarter, compared to analyst estimates of $27.52 million. During the same quarter in the prior year, the firm posted $0.04 EPS. As a group, research analysts expect that Assertio Holdings, Inc. will post -0.15 EPS for the current fiscal year.

Hedge Funds Weigh In On Assertio

Institutional investors have recently added to or reduced their stakes in the company. Nantahala Capital Management LLC lifted its position in Assertio by 3.6% during the first quarter. Nantahala Capital Management LLC now owns 8,439,762 shares of the company’s stock worth $5,693,000 after purchasing an additional 291,426 shares during the period. Belpointe Asset Management LLC acquired a new stake in Assertio during the 1st quarter worth approximately $65,000. CM Management LLC boosted its position in Assertio by 18.8% during the 1st quarter. CM Management LLC now owns 475,000 shares of the company’s stock worth $320,000 after buying an additional 75,000 shares during the period. Marshall Wace LLP bought a new position in Assertio during the 4th quarter worth approximately $64,000. Finally, Wealthfront Advisers LLC bought a new position in Assertio during the 4th quarter worth approximately $53,000. 48.96% of the stock is currently owned by institutional investors and hedge funds.

About Assertio

Assertio Holdings, Inc, a commercial pharmaceutical company, provides various products to patients in the United States. Its pharmaceutical products include INDOCIN, an oral and suppository solution for the treatment of moderate to severe rheumatoid arthritis, including acute flares of chronic disease; ankylosing spondylitis and osteoarthritis; and acute painful shoulder and gouty arthritis.