Benitec Biopharma (NASDAQ:BNTC) Downgraded by Wall Street Zen to Sell

Key Points

• Wall Street Zen downgraded Benitec Biopharma to “sell” from “hold,” contrasting with a broader analyst consensus of “Moderate Buy,” an average target price of $24, and several recent “outperform” ratings.
• BNTC shares opened at $11.02, below their 50-day moving average of $12.43, with a 52-week range of $9.85 to $16.76 and a market capitalization of approximately $384 million.
• Benitec reported quarterly earnings of -$0.26 per share, matching estimates, while institutional investors own 52.19% of the stock and have recently increased or initiated positions.

Benitec Biopharma (NASDAQ:BNTC - Get Free Report) was downgraded by equities research analysts at Wall Street Zen from a "hold" rating to a "sell" rating in a research note issued to investors on Saturday, Wall Street Zen reports.

Other research analysts have also recently issued reports about the stock. Citigroup restated a "market outperform" rating on shares of Benitec Biopharma in a report on Tuesday. Wedbush raised their target price on shares of Benitec Biopharma from $16.00 to $17.00 and gave the stock an "outperform" rating in a research report on Tuesday. Royal Bank Of Canada upgraded Benitec Biopharma to an "outperform" rating in a report on Tuesday. Guggenheim cut Benitec Biopharma from a "buy" rating to a "neutral" rating in a research note on Wednesday, June 10th. Finally, Weiss Ratings reissued a "sell (d-)" rating on shares of Benitec Biopharma in a research note on Friday, July 17th. Seven equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, Benitec Biopharma presently has an average rating of "Moderate Buy" and an average target price of $24.00.

Benitec Biopharma Stock Performance

Shares of BNTC stock opened at $11.02 on Friday. The stock has a 50 day moving average price of $12.43 and a 200 day moving average price of $12.03. Benitec Biopharma has a 52-week low of $9.85 and a 52-week high of $16.76. The firm has a market capitalization of $384.38 million, a P/E ratio of -11.24 and a beta of 0.27.

Benitec Biopharma (NASDAQ:BNTC - Get Free Report) last released its earnings results on Monday, September 14th. The biotechnology company reported ($0.26) earnings per share for the quarter, hitting analysts' consensus estimates of ($0.26). As a group, sell-side analysts forecast that Benitec Biopharma will post -1.29 EPS for the current year.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. Simplify Asset Management Inc. boosted its position in Benitec Biopharma by 271.9% during the first quarter. Simplify Asset Management Inc. now owns 562,242 shares of the biotechnology company's stock valued at $5,988,000 after purchasing an additional 411,079 shares in the last quarter. AWM Investment Company Inc. bought a new position in Benitec Biopharma in the second quarter worth about $2,515,000. MYDA Advisors LLC raised its holdings in Benitec Biopharma by 221.4% in the fourth quarter. MYDA Advisors LLC now owns 225,000 shares of the biotechnology company's stock worth $3,031,000 after purchasing an additional 155,000 shares in the last quarter. Bank of New York Mellon Corp purchased a new stake in shares of Benitec Biopharma during the second quarter valued at about $804,000. Finally, Empery Asset Management LP purchased a new stake in shares of Benitec Biopharma during the fourth quarter valued at about $747,000. 52.19% of the stock is owned by institutional investors.

About Benitec Biopharma

Benitec Biopharma Inc NASDAQ: BNTC is a clinical-stage biotechnology company developing genetic medicines based on DNA-directed RNA interference (ddRNAi). The company's technology is designed to enable long-lasting suppression of disease-causing genes by delivering genetic instructions that produce RNA interference molecules within targeted cells.

Benitec's lead product candidate is BB-301, an investigational gene therapy being developed for oculopharyngeal muscular dystrophy type 1 (OPMD), a rare inherited disorder that can cause progressive weakness of the muscles involved in swallowing and eye movement.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.