Share Repurchase Program Initiated by Catalyst Pharmaceuticals (NASDAQ:CPRX) Board of Directors

Catalyst Pharmaceuticals (NASDAQ:CPRX) announced that its board has authorized a share buyback program on Wednesday, October 1st, RTT News reports. The company plans to repurchase $200.00 million in shares. This repurchase authorization allows the biopharmaceutical company to buy up to 8.3% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s board of directors believes its shares are undervalued.

Catalyst Pharmaceuticals Price Performance

CPRX opened at $20.91 on Thursday. The stock has a market cap of $2.56 billion, a P/E ratio of 12.67, a P/E/G ratio of 0.79 and a beta of 0.79. The firm has a fifty day moving average price of $20.34 and a 200 day moving average price of $22.22. Catalyst Pharmaceuticals has a 1 year low of $19.05 and a 1 year high of $26.58.

Analysts Set New Price Targets

A number of equities research analysts have commented on the company. Zacks Research cut Catalyst Pharmaceuticals from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, August 19th. Wall Street Zen raised Catalyst Pharmaceuticals from a “hold” rating to a “buy” rating in a research report on Sunday, September 21st. Finally, Cantor Fitzgerald upgraded Catalyst Pharmaceuticals to a “strong-buy” rating in a research report on Thursday, June 5th. Two analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating and one has issued a Hold rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Buy” and a consensus target price of $33.20.

Insiders Place Their Bets

In other news, CEO Richard J. Daly sold 22,970 shares of the stock in a transaction that occurred on Tuesday, August 26th. The stock was sold at an average price of $20.62, for a total transaction of $473,641.40. Following the transaction, the chief executive officer owned 226,794 shares in the company, valued at $4,676,492.28. This trade represents a 9.20% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director David S. Tierney sold 26,000 shares of Catalyst Pharmaceuticals stock in a transaction dated Wednesday, August 27th. The shares were sold at an average price of $20.20, for a total transaction of $525,200.00. Following the completion of the sale, the director owned 379,620 shares in the company, valued at approximately $7,668,324. This trade represents a 6.41% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 243,970 shares of company stock worth $4,927,241. Company insiders own 10.40% of the company’s stock.

Catalyst Pharmaceuticals Company Profile

Catalyst Pharmaceuticals, Inc, a commercial-stage biopharmaceutical company, focuses on developing and commercializing therapies for people with rare debilitating, chronic neuromuscular, and neurological diseases in the United States. It offers Firdapse, an amifampridine phosphate tablets for the treatment of patients with lambert-eaton myasthenic syndrome (LEMS); and Ruzurgi for the treatment of pediatric LEMS patients.