Eton Pharmaceuticals, Inc. (NASDAQ:ETON) Sees Large Decline in Short Interest

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

Insider Buying and Selling at Eton Pharmaceuticals

In other Eton Pharmaceuticals news, major shareholder Opaleye Management Inc. purchased 16,852 shares of the business's stock in a transaction that occurred on Friday, October 4th. The stock was purchased at an average price of $6.77 per share, for a total transaction of $114,088.04. Following the purchase, the insider now directly owns 2,720,000 shares in the company, valued at approximately $18,414,400. This trade represents a 0.62 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Over the last ninety days, insiders acquired 85,600 shares of company stock worth $462,674. 14.89% of the stock is owned by insiders.

Institutional Trading of Eton Pharmaceuticals

Several large investors have recently modified their holdings of the business. Point72 Asia Singapore Pte. Ltd. bought a new stake in shares of Eton Pharmaceuticals during the 3rd quarter valued at about $54,000. Jane Street Group LLC acquired a new position in shares of Eton Pharmaceuticals during the third quarter valued at approximately $90,000. Connor Clark & Lunn Investment Management Ltd. boosted its stake in Eton Pharmaceuticals by 86.6% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 65,014 shares of the company's stock valued at $390,000 after buying an additional 30,167 shares in the last quarter. Renaissance Technologies LLC lifted its holdings in Eton Pharmaceuticals by 63.8% in the 2nd quarter. Renaissance Technologies LLC now owns 106,500 shares of the company's stock valued at $350,000 after acquiring an additional 41,469 shares during the last quarter. Finally, Stonepine Capital Management LLC bought a new position in shares of Eton Pharmaceuticals during the 2nd quarter valued at about $362,000. 27.86% of the stock is currently owned by institutional investors and hedge funds.

Eton Pharmaceuticals Stock Performance

NASDAQ ETON traded up $0.01 during trading hours on Monday, hitting $10.03. 240,284 shares of the company's stock were exchanged, compared to its average volume of 95,614. The firm has a market capitalization of $259.14 million, a P/E ratio of -45.55 and a beta of 1.25. Eton Pharmaceuticals has a 12-month low of $3.03 and a 12-month high of $11.11. The business's 50 day moving average is $7.40 and its 200-day moving average is $5.00.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on the stock. Craig Hallum raised 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 restated a "buy" rating and issued a $11.00 target price on shares of Eton Pharmaceuticals in a report on Wednesday, November 13th.

About Eton Pharmaceuticals

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.