Short Interest in Eton Pharmaceuticals, Inc. (NASDAQ:ETON) Drops By 6.2%

Eton Pharmaceuticals, Inc. (NASDAQ:ETON) saw a large decline in short interest in October. As of October 31st, there was short interest totalling 191,900 shares, a decline of 6.2% from the October 15th total of 204,600 shares. Based on an average trading volume of 156,700 shares, the days-to-cover ratio is presently 1.2 days. Approximately 0.8% of the shares of the stock are short sold.

Analyst Ratings Changes

A number of equities analysts have commented on ETON shares. Craig Hallum lifted their target price on shares of Eton Pharmaceuticals from $10.00 to $15.00 and gave the stock a “buy” rating in a research note on Monday, October 28th. HC Wainwright reiterated a “buy” rating and set a $11.00 price target on shares of Eton Pharmaceuticals in a research report on Wednesday, November 13th.

Eton Pharmaceuticals Trading Up 1.7 %

NASDAQ:ETON traded up $0.17 during midday trading on Monday, reaching $10.19. The company had a trading volume of 43,091 shares, compared to its average volume of 94,729. Eton Pharmaceuticals has a 12-month low of $3.03 and a 12-month high of $11.11. The firm has a market capitalization of $263.27 million, a price-to-earnings ratio of -45.55 and a beta of 1.25. The stock’s fifty day simple moving average is $7.40 and its 200-day simple moving average is $5.00.

Insider Buying and Selling

In related news, major shareholder Opaleye Management Inc. bought 16,852 shares of the company’s stock in a transaction on Friday, October 4th. The stock was bought at an average cost of $6.77 per share, for a total transaction of $114,088.04. Following the acquisition, the insider now directly owns 2,720,000 shares in the company, valued at $18,414,400. This represents a 0.62 % increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In the last quarter, insiders purchased 85,600 shares of company stock valued at $462,674. 14.89% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. Parkman Healthcare Partners LLC boosted its position in shares of Eton Pharmaceuticals by 2.8% in the 3rd quarter. Parkman Healthcare Partners LLC now owns 260,226 shares of the company’s stock valued at $1,561,000 after purchasing an additional 7,029 shares during the period. Point72 Asia Singapore Pte. Ltd. purchased a new position in shares of Eton Pharmaceuticals during the third quarter worth approximately $54,000. Westside Investment Management Inc. grew its position in Eton Pharmaceuticals by 2.0% during the 2nd quarter. Westside Investment Management Inc. now owns 585,400 shares of the company’s stock worth $1,926,000 after purchasing an additional 11,440 shares during the last quarter. Jane Street Group LLC purchased a new position in shares of Eton Pharmaceuticals in the 3rd quarter valued at approximately $90,000. Finally, Acadian Asset Management LLC increased its position in Eton Pharmaceuticals by 13.7% during the 1st quarter. Acadian Asset Management LLC now owns 156,386 shares of the company’s stock worth $585,000 after purchasing an additional 18,898 shares during the period. 27.86% of the stock is owned by hedge funds and other institutional investors.

Eton Pharmaceuticals Company Profile

Eton Pharmaceuticals, Inc, a specialty pharmaceutical company, focuses on developing, acquiring, and commercializing pharmaceutical products for rare diseases. The company offers ALKINDI SPRINKLE, a replacement therapy for adrenocortical insufficiency in children under 17 years of age; Carglumic Acid for the treatment of acute and chronic hyperammonemia due to N-acetylglutamate Synthase deficiency; Betaine Anhydrous for the treatment of homocystinuria; and Nitisinone for the treatment of tyrosinemia type 1.