HC Wainwright Upgrades iBio (NASDAQ:IBIO) to Strong-Buy

Key Points

• HC Wainwright upgraded iBio to “strong buy,” joining a generally positive analyst outlook. MarketBeat reports a consensus “Buy” rating and an average price target of $5.29.
• iBio shares opened at $1.25, with a market capitalization of approximately $80.4 million and a 52-week range of $0.77 to $3.82. The company recently reported a quarterly loss of $0.04 per share, beating estimates by $0.03.
• Institutional investors have increased exposure, including Affinity Asset Advisors, which expanded its stake by 51%; hedge funds and other institutions collectively own 7.9% of iBio.

iBio (NASDAQ:IBIO - Get Free Report) was upgraded by stock analysts at HC Wainwright to a "strong-buy" rating in a report released on Thursday, Zacks reports.

Several other research firms also recently commented on IBIO. Chardan Capital restated a "buy" rating and issued a $5.00 price target on shares of iBio in a research note on Thursday, July 2nd. B. Riley Financial began coverage on iBio in a research note on Friday, June 5th. They issued a "buy" rating and a $6.00 price objective on the stock. Raymond James Financial assumed coverage on iBio in a report on Monday, June 8th. They issued an "outperform" rating and a $5.00 target price for the company. Weiss Ratings reissued a "sell (d-)" rating on shares of iBio in a research note on Wednesday, June 24th. Finally, Wall Street Zen downgraded iBio from a "hold" rating to a "sell" rating in a report on Sunday, September 13th. Four investment analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Buy" and a consensus target price of $5.29.

iBio Stock Performance

Shares of IBIO opened at $1.25 on Thursday. The stock has a market capitalization of $80.39 million, a PE ratio of -3.68 and a beta of 1.29. iBio has a 1 year low of $0.77 and a 1 year high of $3.82. The company's 50-day simple moving average is $1.37 and its 200-day simple moving average is $1.72.

iBio (NASDAQ:IBIO - Get Free Report) last announced its quarterly earnings data on Friday, August 28th. The company reported ($0.04) earnings per share for the quarter, beating analysts' consensus estimates of ($0.07) by $0.03. On average, sell-side analysts predict that iBio will post -0.41 earnings per share for the current year.

Institutional Investors Weigh In On iBio

Institutional investors have recently modified their holdings of the company. Affinity Asset Advisors LLC grew its stake in shares of iBio by 51.0% during the first quarter. Affinity Asset Advisors LLC now owns 3,107,200 shares of the company's stock worth $5,904,000 after purchasing an additional 1,050,000 shares in the last quarter. EcoR1 Capital LLC acquired a new stake in iBio in the fourth quarter valued at $4,300,000. Frazier Life Sciences Management L.P. acquired a new stake in iBio in the fourth quarter valued at $3,770,000. ADAR1 Capital Management LLC lifted its holdings in iBio by 15.9% during the 1st quarter. ADAR1 Capital Management LLC now owns 469,878 shares of the company's stock worth $893,000 after buying an additional 64,347 shares during the last quarter. Finally, Squarepoint Ops LLC purchased a new stake in iBio during the 2nd quarter worth about $873,000. 7.90% of the stock is owned by hedge funds and other institutional investors.

About iBio

iBio, Inc is a biotechnology company focused on discovering and developing next-generation antibody therapeutics. The company uses artificial intelligence, machine learning and computational biology to identify antibody candidates and optimize their properties for potential use in cancer, autoimmune, inflammatory and fibrotic diseases.

iBio's technology platform is based in part on the antibody-discovery capabilities obtained through its acquisition of RubrYc Therapeutics. The platform is designed to support target selection, antibody generation and optimization, with an emphasis on identifying antibodies that bind specific disease-related epitopes.

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