Embecta (NASDAQ:EMBC) Upgraded by Morgan Stanley to Equal Weight Rating

Embecta (NASDAQ:EMBC) was upgraded by investment analysts at Morgan Stanley from an “underweight” rating to an “equal weight” rating in a research note issued to investors on Monday, MarketBeat.com reports. The brokerage presently has a $20.00 target price on the stock, up from their prior target price of $13.00. Morgan Stanley’s price target would suggest a potential downside of 3.98% from the stock’s current price.

Separately, BTIG Research raised Embecta from a “neutral” rating to a “buy” rating and set a $26.00 price target on the stock in a research report on Wednesday, November 27th.

Embecta Price Performance

NASDAQ:EMBC opened at $20.83 on Monday. The firm has a market capitalization of $1.20 billion, a P/E ratio of 15.43 and a beta of 0.97. Embecta has a one year low of $9.93 and a one year high of $20.86. The company’s 50-day simple moving average is $14.68 and its 200 day simple moving average is $14.21.

Institutional Trading of Embecta

A number of institutional investors and hedge funds have recently bought and sold shares of EMBC. Rubric Capital Management LP bought a new position in shares of Embecta in the third quarter worth approximately $15,306,000. AQR Capital Management LLC raised its holdings in Embecta by 136.2% in the 2nd quarter. AQR Capital Management LLC now owns 614,645 shares of the company’s stock worth $7,683,000 after acquiring an additional 354,454 shares during the last quarter. Meros Investment Management LP bought a new position in Embecta in the 3rd quarter valued at approximately $2,679,000. Vanguard Group Inc. boosted its stake in Embecta by 2.7% during the 1st quarter. Vanguard Group Inc. now owns 7,213,992 shares of the company’s stock valued at $95,730,000 after purchasing an additional 187,916 shares during the last quarter. Finally, Mercer Global Advisors Inc. ADV bought a new stake in shares of Embecta in the 2nd quarter worth $1,663,000. 93.83% of the stock is currently owned by institutional investors.

Embecta Company Profile

Embecta Corp., a medical device company, focuses on the provision of various solutions to enhance the health and wellbeing of people living with diabetes. Its products include pen needles, syringes, and safety injection devices, as well as digital applications to assist people with managing patient's diabetes.