526,565 Shares in Generate Biomedicines Inc $GENB Purchased by State Street Corp

Key Points

• State Street Corp acquired 526,565 shares of Generate Biomedicines in the second quarter, valued at approximately $8.9 million and representing a 0.41% stake. Several other institutional investors also initiated positions, led by Braidwell LP’s roughly $55.4 million investment.
• Generate Biomedicines shares opened at $15.15, down 5.3%, with a market capitalization of approximately $1.94 billion. The company reported a quarterly loss of $0.52 per share, missing analyst expectations, on revenue of $6.31 million.
• Analyst sentiment remains broadly positive, with six Buy ratings, one Hold and one Sell; the consensus rating is Moderate Buy with a $26.40 price target, despite the company’s ongoing losses and expected full-year EPS of -$2.29.

State Street Corp acquired a new position in shares of Generate Biomedicines Inc (NASDAQ:GENB - Free Report) in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 526,565 shares of the company's stock, valued at approximately $8,883,000. State Street Corp owned 0.41% of Generate Biomedicines as of its most recent SEC filing.

A number of other institutional investors have also bought and sold shares of the company. Braidwell LP acquired a new stake in Generate Biomedicines during the second quarter worth approximately $55,398,000. The Manufacturers Life Insurance Company acquired a new position in shares of Generate Biomedicines during the second quarter valued at about $1,431,000. Bank of New York Mellon Corp bought a new position in Generate Biomedicines in the 2nd quarter valued at about $967,000. Squarepoint Ops LLC acquired a new position in Generate Biomedicines during the 2nd quarter valued at about $530,000. Finally, AXQ Capital LP bought a new position in Generate Biomedicines during the 2nd quarter valued at $218,000.

Generate Biomedicines Stock Down 5.3%

Generate Biomedicines stock opened at $15.15 on Friday. The firm has a fifty day simple moving average of $15.46 and a two-hundred day simple moving average of $14.29. The company has a market capitalization of $1.94 billion and a PE ratio of -9.53. Generate Biomedicines Inc has a twelve month low of $11.00 and a twelve month high of $22.67.

Generate Biomedicines (NASDAQ:GENB - Get Free Report) last released its quarterly earnings data on Thursday, August 6th. The company reported ($0.52) earnings per share for the quarter, missing analysts' consensus estimates of ($0.48) by ($0.04). The firm had revenue of $6.31 million during the quarter. As a group, equities analysts expect that Generate Biomedicines Inc will post -2.29 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on GENB shares. Weiss Ratings assumed coverage on shares of Generate Biomedicines in a research report on Tuesday, August 11th. They set a "sell (d)" rating on the stock. HC Wainwright reiterated a "buy" rating and issued a $30.00 price objective on shares of Generate Biomedicines in a research note on Tuesday, September 8th. Finally, Wall Street Zen upgraded Generate Biomedicines from a "sell" rating to a "hold" rating in a research note on Saturday. Six equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $26.40.

Generate Biomedicines Company Profile

Generate Biomedicines is a biotechnology company that uses generative artificial intelligence and machine learning to discover and design protein-based medicines. Its technology is intended to model relationships among protein sequences, structures and biological functions, helping researchers create therapeutic proteins with desired characteristics.

The company's research activities are focused on developing novel biologic medicines for areas of significant unmet medical need, including oncology, immunology, infectious diseases and rare diseases.

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.