Short Interest in Nightstar Therapeutics PLC (NITE) Declines By 77.7%

Nightstar Therapeutics PLC (NASDAQ:NITE) was the recipient of a large drop in short interest during the month of March. As of March 15th, there was short interest totalling 133,116 shares, a drop of 77.7% from the February 28th total of 596,324 shares. Based on an average daily volume of 1,619,166 shares, the days-to-cover ratio is presently 0.1 days. Currently, 0.4% of the shares of the company are short sold.

Nightstar Therapeutics stock remained flat at $$25.54 during midday trading on Wednesday. The company’s stock had a trading volume of 32,222 shares, compared to its average volume of 358,826. Nightstar Therapeutics has a 1 year low of $9.59 and a 1 year high of $29.55. The company has a market capitalization of $716.83 million, a PE ratio of -15.67 and a beta of 3.38.

Several research analysts recently issued reports on NITE shares. Chardan Capital reiterated a “buy” rating on shares of Nightstar Therapeutics in a research report on Monday, March 4th. Barclays downgraded shares of Nightstar Therapeutics from an “overweight” rating to an “equal weight” rating and cut their target price for the company from $28.00 to $26.00 in a research report on Monday, March 25th. Wedbush cut Nightstar Therapeutics from an “outperform” rating to a “neutral” rating in a research note on Monday, March 4th. Leerink Swann cut Nightstar Therapeutics from an “outperform” rating to a “market perform” rating and set a $25.18 price target for the company. in a research note on Tuesday, March 5th. Finally, UBS Group cut Nightstar Therapeutics from a “buy” rating to a “neutral” rating and increased their target price for the stock from $21.00 to $25.50 in a research note on Tuesday, March 5th. Eight research analysts have rated the stock with a hold rating and four have given a buy rating to the company. The company presently has a consensus rating of “Hold” and an average target price of $27.06.

In other news, insider Tuyen Ong sold 2,446 shares of Nightstar Therapeutics stock in a transaction that occurred on Monday, April 1st. The shares were sold at an average price of $25.31, for a total value of $61,908.26. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO David A. Fellows sold 9,305 shares of the firm’s stock in a transaction that occurred on Monday, April 1st. The stock was sold at an average price of $25.31, for a total transaction of $235,509.55. The disclosure for this sale can be found here. Over the last quarter, insiders sold 12,142 shares of company stock worth $307,314.

A number of institutional investors and hedge funds have recently modified their holdings of NITE. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. bought a new position in Nightstar Therapeutics in the 4th quarter valued at $127,000. Bank of America Corp DE bought a new stake in shares of Nightstar Therapeutics in the 2nd quarter worth $132,000. Janney Montgomery Scott LLC bought a new stake in shares of Nightstar Therapeutics in the third quarter worth $204,000. JPMorgan Chase & Co. bought a new stake in shares of Nightstar Therapeutics in the third quarter worth $214,000. Finally, Virtus ETF Advisers LLC bought a new stake in shares of Nightstar Therapeutics in the fourth quarter worth $314,000. 39.15% of the stock is currently owned by hedge funds and other institutional investors.

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Nightstar Therapeutics Company Profile

Nightstar Therapeutics plc, a clinical-stage gene therapy company, focuses on developing and commercializing novel one-time treatments for patients suffering from rare inherited retinal diseases in the United Kingdom. The company's lead product candidate is NSR-REP1, a candidate that is in phase 3 clinical development for the treatment of patients with choroideremia.

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