Elanco Animal Health (NYSE:ELAN) Shares Down 6.4% – Here’s Why

Shares of Elanco Animal Health Incorporated (NYSE:ELAN) dropped 6.4% on Friday . The stock traded as low as $11.35 and last traded at $10.92. Approximately 291,906 shares changed hands during mid-day trading, a decline of 93% from the average daily volume of 4,436,308 shares. The stock had previously closed at $11.66.

Analysts Set New Price Targets

ELAN has been the topic of a number of recent analyst reports. Barclays raised their target price on shares of Elanco Animal Health from $19.00 to $20.00 and gave the company an “overweight” rating in a research note on Friday, November 8th. Leerink Partners began coverage on shares of Elanco Animal Health in a research report on Monday, December 2nd. They set a “market perform” rating and a $14.00 price objective on the stock. Morgan Stanley cut their target price on shares of Elanco Animal Health from $15.00 to $14.00 and set an “equal weight” rating for the company in a research report on Wednesday, January 29th. UBS Group initiated coverage on Elanco Animal Health in a research report on Monday, December 9th. They set a “buy” rating and a $18.00 price target on the stock. Finally, Leerink Partnrs upgraded Elanco Animal Health to a “hold” rating in a report on Monday, December 2nd. One analyst has rated the stock with a sell rating, four have assigned a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat, Elanco Animal Health has an average rating of “Hold” and an average price target of $16.29.

Elanco Animal Health Stock Down 4.1 %

The company has a debt-to-equity ratio of 0.66, a current ratio of 2.55 and a quick ratio of 1.31. The stock has a 50 day moving average price of $11.96 and a 200-day moving average price of $13.16. The stock has a market capitalization of $5.53 billion, a P/E ratio of 27.99, a PEG ratio of 2.69 and a beta of 1.42.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the company. AM Squared Ltd purchased a new position in Elanco Animal Health during the 3rd quarter valued at about $34,000. Wilmington Savings Fund Society FSB bought a new stake in shares of Elanco Animal Health in the 3rd quarter worth approximately $35,000. Farther Finance Advisors LLC increased its stake in shares of Elanco Animal Health by 158.7% during the third quarter. Farther Finance Advisors LLC now owns 3,332 shares of the company’s stock valued at $49,000 after buying an additional 2,044 shares during the period. Venturi Wealth Management LLC raised its holdings in shares of Elanco Animal Health by 89.9% during the third quarter. Venturi Wealth Management LLC now owns 3,382 shares of the company’s stock valued at $50,000 after acquiring an additional 1,601 shares in the last quarter. Finally, Jones Financial Companies Lllp lifted its stake in Elanco Animal Health by 95.6% in the fourth quarter. Jones Financial Companies Lllp now owns 4,212 shares of the company’s stock worth $51,000 after acquiring an additional 2,059 shares during the period. 97.48% of the stock is owned by hedge funds and other institutional investors.

Elanco Animal Health Company Profile

Elanco Animal Health Incorporated, an animal health company, innovates, develops, manufactures, and markets products for pets and farm animals. It offers pet health disease prevention products, such as parasiticide and vaccine products that protect pets from worms, fleas, and ticks under the Seresto, Advantage, Advantix, and Advocate brands; pet health therapeutics for pain, osteoarthritis, ear infections, cardiovascular, and dermatology indications in canines and felines under the Galliprant and Claro brands; vaccines, antibiotics, parasiticides, and other products for use in poultry and aquaculture production, as well as nutritional health products, including enzymes, probiotics, and prebiotics; and a range of vaccines, antibiotics, implants, parasiticides, and other products used in ruminant and swine production under the Rumensin and Baytril brands.