77,778 Shares in Generate Biomedicines Inc $GENB Bought by Bank Pictet & Cie Europe AG

Key Points

• Bank Pictet & Cie Europe AG initiated a position in Generate Biomedicines, purchasing 77,778 shares valued at approximately $1.17 million, or 0.06% of the company.
• Several other institutional investors also established positions, including Banque Pictet & Cie SA with an investment worth about $26.6 million and State Street with $8.9 million.
• Analyst sentiment remains broadly positive, with an average “Moderate Buy” rating and a $26.40 target price, although GENB recently traded at $12.90 after missing quarterly earnings expectations.

Bank Pictet & Cie Europe AG acquired a new stake in Generate Biomedicines Inc (NASDAQ:GENB - Free Report) during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 77,778 shares of the company's stock, valued at approximately $1,168,000. Bank Pictet & Cie Europe AG owned 0.06% of Generate Biomedicines as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. Banque Pictet & Cie SA bought a new position in shares of Generate Biomedicines during the 3rd quarter worth approximately $26,631,000. State Street Corp bought a new stake in Generate Biomedicines in the 2nd quarter valued at $8,883,000. The Manufacturers Life Insurance Company bought a new stake in Generate Biomedicines in the 2nd quarter valued at $1,431,000. Squarepoint Ops LLC acquired a new stake in Generate Biomedicines during the 2nd quarter valued at $530,000. Finally, AXQ Capital LP acquired a new stake in Generate Biomedicines during the 2nd quarter valued at $218,000.

Analyst Ratings Changes

Several equities analysts have commented on the stock. HC Wainwright reiterated a "buy" rating and issued a $30.00 price objective on shares of Generate Biomedicines in a report on Monday, October 5th. Wall Street Zen lowered shares of Generate Biomedicines from a "hold" rating to a "sell" rating in a research report on Saturday. Finally, Weiss Ratings upgraded shares of Generate Biomedicines from a "sell (d)" rating to a "sell (d+)" rating in a research note on Friday, September 25th. Six research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, Generate Biomedicines has an average rating of "Moderate Buy" and an average target price of $26.40.

Generate Biomedicines Price Performance

GENB traded up $0.34 during trading on Tuesday, hitting $12.90. The stock had a trading volume of 215,778 shares, compared to its average volume of 852,357. The company has a 50 day moving average price of $15.37 and a 200-day moving average price of $14.45. Generate Biomedicines Inc has a one year low of $11.00 and a one year high of $22.67. The firm has a market cap of $1.66 billion and a price-to-earnings ratio of -8.09.

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

Generate Biomedicines Company Profile

Generate Biomedicines is a biotechnology company focused on discovering and developing protein-based medicines. The company uses generative artificial intelligence, machine learning and laboratory-based biological research to design new therapeutic proteins and identify candidates with potential applications in a range of diseases.

Its platform, often described as a generative biology approach, is designed to model biological systems and create proteins with desired characteristics rather than relying solely on modifying naturally occurring molecules.

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