Eton Pharmaceuticals, Inc. (NASDAQ:ETON) Sees Significant Decrease in Short Interest

Eton Pharmaceuticals, Inc. (NASDAQ:ETON) was the recipient of 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 daily trading volume, of 156,700 shares, the days-to-cover ratio is currently 1.2 days. Approximately 0.8% of the company’s stock are short sold.

Insiders Place Their Bets

In related news, major shareholder Opaleye Management Inc. acquired 16,852 shares of the business’s stock in a transaction dated Friday, October 4th. The stock was bought at an average price of $6.77 per share, with a total value of $114,088.04. Following the acquisition, the insider now owns 2,720,000 shares in the company, valued at $18,414,400. This represents a 0.62 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders have acquired 85,600 shares of company stock valued at $462,674 in the last three months. 14.89% of the stock is currently owned by corporate insiders.

Institutional Trading of Eton Pharmaceuticals

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Point72 Asia Singapore Pte. Ltd. bought a new position in Eton Pharmaceuticals in the 3rd quarter valued at about $54,000. Jane Street Group LLC bought a new position in shares of Eton Pharmaceuticals during the third quarter worth approximately $90,000. Connor Clark & Lunn Investment Management Ltd. lifted its holdings in Eton Pharmaceuticals by 86.6% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 65,014 shares of the company’s stock worth $390,000 after purchasing an additional 30,167 shares during the last quarter. Renaissance Technologies LLC boosted its stake 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 purchasing an additional 41,469 shares during the period. Finally, Stonepine Capital Management LLC acquired a new stake in shares of Eton Pharmaceuticals during the second quarter worth $362,000. Institutional investors own 27.86% of the company’s stock.

Wall Street Analysts Forecast Growth

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

Eton Pharmaceuticals Stock Up 0.1 %

ETON stock opened at $10.03 on Tuesday. Eton Pharmaceuticals has a one year low of $3.03 and a one year high of $11.11. The company has a fifty day moving average price of $7.50 and a two-hundred day moving average price of $5.04.

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.