iBio (NASDAQ:IBIO) Stock Rating Lowered by Wall Street Zen

Key Points

• Wall Street Zen downgraded iBio from “hold” to “sell,” while the broader analyst consensus remains “Buy” with an average price target of $5.00.
• iBio shares opened at $1.21, down 1.6%, and remain well below their 52-week high of $3.82; the company has a market capitalization of approximately $77.5 million.
• The company reported a quarterly loss of $0.04 per share, beating estimates of a $0.07 loss, while institutional investors and hedge funds collectively own 7.9% of its stock.

iBio (NASDAQ:IBIO - Get Free Report) was downgraded by equities research analysts at Wall Street Zen from a "hold" rating to a "sell" rating in a research report issued to clients and investors on Sunday, Wall Street Zen reports.

IBIO has been the subject of several other research reports. Weiss Ratings reissued a "sell (d-)" rating on shares of iBio in a research report on Wednesday, June 24th. B. Riley Financial assumed coverage on iBio in a research report on Friday, June 5th. They issued a "buy" rating and a $6.00 price objective on the stock. Raymond James Financial initiated coverage on iBio in a research note on Monday, June 8th. They set an "outperform" rating and a $5.00 price objective on the stock. Finally, Chardan Capital reiterated a "buy" rating and set a $5.00 price objective on shares of iBio in a research report on Thursday, July 2nd. Three equities research analysts have rated the stock with a Strong Buy rating, four have given a Buy rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, iBio has an average rating of "Buy" and an average price target of $5.00.

iBio Stock Down 1.6%

NASDAQ:IBIO opened at $1.21 on Friday. The stock's fifty day moving average is $1.40 and its two-hundred day moving average is $1.77. The company has a market capitalization of $77.49 million, a P/E ratio of -3.54 and a beta of 1.29. iBio has a 52 week low of $0.77 and a 52 week high of $3.82.

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

Institutional Investors Weigh In On iBio

Several hedge funds have recently modified their holdings of the stock. EcoR1 Capital LLC acquired a new position in iBio during the fourth quarter worth approximately $4,300,000. Affinity Asset Advisors LLC acquired a new position in shares of iBio in the 4th quarter valued at $3,970,000. Logos Global Management LP purchased a new stake in shares of iBio during the 4th quarter valued at $3,860,000. Frazier Life Sciences Management L.P. purchased a new stake in shares of iBio during the 4th quarter valued at $3,770,000. Finally, Balyasny Asset Management L.P. increased its holdings in shares of iBio by 10,440.2% during the 4th quarter. Balyasny Asset Management L.P. now owns 1,096,179 shares of the company's stock worth $2,116,000 after buying an additional 1,085,779 shares during the last quarter. 7.90% of the stock is owned by institutional investors and hedge funds.

iBio Company Profile

iBio, Inc, a biotechnology company, provides contract development and manufacturing services to collaborators and third-party customers in the United States. The company operates in two segments: Biopharmaceuticals and Bioprocessing. Its lead therapeutic candidate is IBIO-100 that is being advanced for investigational new drug development for the treatment of systemic scleroderma and idiopathic pulmonary fibrosis. The company is also developing vaccine candidates comprising IBIO-200 and IBIO-201, which are in preclinical development for the prevention of severe acute respiratory syndrome coronavirus 2; and IBIO-400 for the treatment of classical swine fever.

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.