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After two years during which it earned $21.38 a share (non-GAAP), boutique investment bank Cowen Inc.’s (COWN) stock is trading around $27 a share.
After being the beneficiary of market conditions - namely significant healthcare and SPAC activity during the pandemic - the firm’s stock is trading at a forward PE multiple of 4.
With beefed-up advisory and research efforts transforming Cowen into a more diversified firm, the recent insider buying warranted a closer examination.
A full investment analysis follows in the paragraphs below.