Assertio Holdings Inc. [NASDAQ: ASRT] price plunged by -24.73 percent to reach at -$0.9. The company report on August 22, 2022 that Assertio Prices $60 Million Convertible Senior Notes Offering to Refinance Existing 13% Senior Secured Notes Due 2024.
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Assertio Holdings, Inc. (“Assertio” or the “Company”) (Nasdaq: ASRT), a specialty pharmaceutical company offering differentiated products to patients, today announced the pricing of its offering of $60 million aggregate principal amount of 6.50% convertible senior notes due 2027 (the “Convertible Notes”) in a private offering to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”). The issuance and sale of the Convertible Notes are scheduled to settle on August 25, 2022, subject to customary closing conditions. Assertio also granted the initial purchaser of the Convertible Notes an option to purchase, within a 13-day period beginning on, and including, the date on which the Convertible Notes are first issued, up to an additional $10 million principal amount of Convertible Notes.
Assertio estimates that the net proceeds from the offering will be approximately $56.7 million (or approximately $66.2 million if the initial purchaser fully exercises its option to purchase additional Convertible Notes), after deducting the initial purchaser’s discounts and commissions and estimated offering expenses. Assertio intends to use the net proceeds from the offering to repurchase or redeem its 13% Senior Secured Notes due 2024 and for general corporate purposes.
A sum of 6732459 shares traded at recent session while its average daily volume was at 1.06M shares. Assertio Holdings Inc. shares reached a high of $2.79 and dropped to a low of $2.59 until finishing in the latest session at $2.74.
The one-year ASRT stock forecast points to a potential upside of 53.0. The average equity rating for ASRT stock is currently 2.00, trading closer to a bullish pattern in the stock market.
Guru’s Opinion on Assertio Holdings Inc. [ASRT]:
Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for ASRT shares is $5.83 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on ASRT stock is a recommendation set at 2.00. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.
Mizuho have made an estimate for Assertio Holdings Inc. shares, keeping their opinion on the stock as Neutral, with their previous recommendation back on November 30, 2018.
The Average True Range (ATR) for Assertio Holdings Inc. is set at 0.32, with the Price to Sales ratio for ASRT stock in the period of the last 12 months amounting to 1.04. The Price to Book ratio for the last quarter was 0.99, with the Price to Cash per share for the same quarter was set at 1.06.
ASRT Stock Performance Analysis:
Assertio Holdings Inc. [ASRT] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -25.54. With this latest performance, ASRT shares dropped by -19.17% in over the last four-week period, additionally plugging by 15.13% over the last 6 months – not to mention a rise of 184.23% in the past year of trading.
Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for ASRT stock in for the last two-week period is set at 34.95, with the RSI for the last a single of trading hit 27.96, and the three-weeks RSI is set at 39.71 for Assertio Holdings Inc. [ASRT]. The present Moving Average for the last 50 days of trading for this stock 3.26, while it was recorded at 3.38 for the last single week of trading, and 2.58 for the last 200 days.
Insight into Assertio Holdings Inc. Fundamentals:
Operating Margin for any stock indicates how profitable investing would be, and Assertio Holdings Inc. [ASRT] shares currently have an operating margin of +9.47 and a Gross Margin at +60.41. Assertio Holdings Inc.’s Net Margin is presently recorded at -1.15.
Return on Equity for this stock declined to -1.62, with Return on Assets sitting at -0.41.
Assertio Holdings Inc.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 0.90 and a Current Ratio set at 1.00.
ASRT Stock EPS
The progress of the company may be observed through the prism of EPS growth rate, while Wall Street analysts are focusing on predicting the 5-year EPS growth rate for ASRT. When it comes to the mentioned value, analysts are expecting to see the 5-year EPS growth rate for Assertio Holdings Inc. go to 25.00%.
Assertio Holdings Inc. [ASRT] Insider Position Details
There are presently around $37 million, or 28.90% of ASRT stock, in the hands of institutional investors. The top three institutional holders of ASRT stocks are: VANGUARD GROUP INC with ownership of 2,105,876, which is approximately 16.544% of the company’s market cap and around 2.50% of the total institutional ownership; LITTLEJOHN & CO LLC, holding 945,677 shares of the stock with an approximate value of $2.59 million in ASRT stocks shares; and MARSHALL WACE, LLP, currently with $2.54 million in ASRT stock with ownership of nearly 35.982% of the company’s market capitalization.
Positions in Assertio Holdings Inc. stocks held by institutional investors increased at the end of August and at the time of the August reporting period, where 43 institutional holders increased their position in Assertio Holdings Inc. [NASDAQ:ASRT] by around 4,822,781 shares. Additionally, 17 investors decreased positions by around 593,687 shares, while 10 investors held positions by with 8,036,342 shares. The mentioned changes placed institutional holdings at 13,452,810 shares, according to the latest SEC report filing. ASRT stock had 18 new institutional investments in for a total of 2,141,765 shares, while 6 institutional investors sold positions of 74,899 shares during the same period.