iBio (NASDAQ:IBIO) Upgraded by Wall Street Zen to Hold Rating

Key Points

• Wall Street Zen upgraded iBio from “sell” to “hold,” while broader analyst sentiment remains “Buy,” with a consensus price target of $5.00.
• iBio shares opened at $1.31, significantly below the consensus target, with a market capitalization of approximately $84.25 million and a 52-week range of $0.77 to $3.82.
• The company exceeded quarterly earnings expectations, reporting a loss of $0.04 per share versus the anticipated $0.07 loss; institutional investors own 7.90% of outstanding shares.

iBio (NASDAQ:IBIO - Get Free Report) was upgraded by analysts at Wall Street Zen from a "sell" rating to a "hold" rating in a note issued to investors on Saturday, Wall Street Zen reports.

Other research analysts also recently issued research reports about the stock. Weiss Ratings reiterated a "sell (d-)" rating on shares of iBio in a report on Wednesday, June 24th. Chardan Capital restated a "buy" rating and set a $5.00 price target on shares of iBio in a report on Thursday, July 2nd. B. Riley Financial began coverage on iBio in a research report on Friday, June 5th. They set a "buy" rating and a $6.00 price objective for the company. Finally, Raymond James Financial started coverage on iBio in a research note on Monday, June 8th. They set an "outperform" rating and a $5.00 target price for the company. Three equities research analysts have rated the stock with a Strong Buy rating, four have issued a Buy rating and one has given a Sell rating to the company. According to MarketBeat, the company presently has a consensus rating of "Buy" and an average price target of $5.00.

iBio Stock Performance

IBIO opened at $1.31 on Friday. The firm has a market cap of $84.25 million, a P/E ratio of -3.85 and a beta of 1.29. The business has a 50 day moving average price of $1.45 and a 200 day moving average price of $1.80. iBio has a twelve month low of $0.77 and a twelve month 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. As a group, analysts anticipate that iBio will post -0.31 earnings per share for the current fiscal year.

Institutional Trading of iBio

Several hedge funds have recently modified their holdings of IBIO. Headlands Technologies LLC boosted its holdings in shares of iBio by 333.0% in the 2nd quarter. Headlands Technologies LLC now owns 47,413 shares of the company's stock worth $83,000 after acquiring an additional 36,463 shares in the last quarter. Bank of America Corp DE raised its position in iBio by 150.8% in the 1st quarter. Bank of America Corp DE now owns 290,413 shares of the company's stock valued at $552,000 after purchasing an additional 174,620 shares during the last quarter. ADAR1 Capital Management LLC raised its position in iBio by 15.9% in the 1st quarter. ADAR1 Capital Management LLC now owns 469,878 shares of the company's stock valued at $893,000 after purchasing an additional 64,347 shares during the last quarter. Affinity Asset Advisors LLC grew its holdings 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 during the last quarter. Finally, Walleye Capital LLC grew its holdings in shares of iBio by 95.9% during the first quarter. Walleye Capital LLC now owns 388,554 shares of the company's stock worth $738,000 after purchasing an additional 190,179 shares during the last quarter. Institutional investors and hedge funds own 7.90% of the company's stock.

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.

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