Benitec Biopharma (NASDAQ:BNTC) Stock Passes Below 50 Day Moving Average - Here's Why

Shares of Benitec Biopharma Limited (NASDAQ:BNTC - Get Free Report) passed below its 50-day moving average during trading on Friday . The stock has a 50-day moving average of $14.27 and traded as low as $12.47. Benitec Biopharma shares last traded at $13.14, with a volume of 74,946 shares trading hands.

Wall Street Analysts Forecast Growth

BNTC has been the topic of a number of recent research reports. JMP Securities restated a "market outperform" rating and set a $20.00 price target on shares of Benitec Biopharma in a research note on Thursday, May 15th. HC Wainwright reiterated a "buy" rating and issued a $28.00 target price on shares of Benitec Biopharma in a research note on Monday, May 19th. Finally, TD Cowen assumed coverage on shares of Benitec Biopharma in a research note on Monday. They issued a "buy" rating on the stock. Eight research analysts have rated the stock with a buy rating and two have issued a strong buy rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Buy" and an average target price of $23.83.

Benitec Biopharma Stock Down 6.4%

The stock's fifty day moving average price is $14.25 and its 200 day moving average price is $12.95. The stock has a market cap of $331.28 million, a P/E ratio of -8.36 and a beta of 0.37. The company has a current ratio of 14.80, a quick ratio of 14.80 and a debt-to-equity ratio of 0.01.

Benitec Biopharma (NASDAQ:BNTC - Get Free Report) last issued its quarterly earnings results on Wednesday, May 14th. The biotechnology company reported ($0.24) EPS for the quarter, topping analysts' consensus estimates of ($0.36) by $0.12. As a group, research analysts forecast that Benitec Biopharma Limited will post -1.48 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Benitec Biopharma

A number of institutional investors have recently made changes to their positions in the stock. Suvretta Capital Management LLC increased its holdings in shares of Benitec Biopharma by 1.5% in the 4th quarter. Suvretta Capital Management LLC now owns 8,960,009 shares of the biotechnology company's stock worth $113,165,000 after buying an additional 130,956 shares during the last quarter. Franklin Resources Inc. increased its holdings in shares of Benitec Biopharma by 269.0% in the 4th quarter. Franklin Resources Inc. now owns 2,939,287 shares of the biotechnology company's stock worth $37,123,000 after buying an additional 2,142,643 shares during the last quarter. Janus Henderson Group PLC increased its holdings in shares of Benitec Biopharma by 198.5% in the 4th quarter. Janus Henderson Group PLC now owns 2,616,427 shares of the biotechnology company's stock worth $33,268,000 after buying an additional 1,739,904 shares during the last quarter. Adage Capital Partners GP L.L.C. increased its holdings in shares of Benitec Biopharma by 134.4% in the 4th quarter. Adage Capital Partners GP L.L.C. now owns 1,972,524 shares of the biotechnology company's stock worth $24,913,000 after buying an additional 1,131,129 shares during the last quarter. Finally, Infinitum Asset Management LLC grew its holdings in shares of Benitec Biopharma by 435.7% during the 1st quarter. Infinitum Asset Management LLC now owns 1,125,000 shares of the biotechnology company's stock valued at $14,636,000 after purchasing an additional 915,000 shares during the last quarter. Institutional investors own 52.19% of the company's stock.

Benitec Biopharma Company Profile

Benitec Biopharma Inc, a clinical-stage biotechnology company, focuses on the development of novel genetic medicines. The company develops DNA-directed RNA interference-based therapeutics for chronic and life-threatening human conditions. It is developing BB-301, an adeno-associated virus based gene therapy agent for treating oculopharyngeal muscular dystrophy.