Bank of America Corp DE Buys New Shares in Caribou Biosciences, Inc. $CRBU

Key Points

• Bank of America purchased 1.41 million Caribou Biosciences shares in the second quarter, worth approximately $2.48 million and representing about 1.42% of the company.
• Institutional ownership remains high at 77.51%, with BlackRock, Renaissance Technologies and other investment firms also adding to or initiating positions.
• CRBU opened at $1.26, near its 12-month low, while analysts maintain a “Moderate Buy” consensus and a $7.75 average price target despite the company’s ongoing losses and weak revenue.

Bank of America Corp DE purchased a new position in shares of Caribou Biosciences, Inc. (NASDAQ:CRBU - Free Report) in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 1,410,958 shares of the company's stock, valued at approximately $2,483,000. Bank of America Corp DE owned approximately 1.42% of Caribou Biosciences at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. BlackRock Inc. bought a new stake in shares of Caribou Biosciences in the 2nd quarter worth about $13,756,000. Renaissance Technologies LLC grew its stake in Caribou Biosciences by 58.0% in the first quarter. Renaissance Technologies LLC now owns 2,590,497 shares of the company's stock worth $4,922,000 after purchasing an additional 950,640 shares in the last quarter. GSA Capital Partners LLP bought a new stake in Caribou Biosciences in the second quarter valued at about $816,000. Green Alpha Advisors LLC bought a new stake in Caribou Biosciences in the second quarter valued at about $641,000. Finally, Man Group plc acquired a new stake in Caribou Biosciences during the second quarter valued at approximately $423,000. Institutional investors own 77.51% of the company's stock.

Caribou Biosciences Price Performance

Shares of CRBU opened at $1.26 on Thursday. Caribou Biosciences, Inc. has a 12 month low of $1.22 and a 12 month high of $3.54. The stock has a fifty day moving average price of $1.50 and a 200 day moving average price of $1.78. The company has a market cap of $135.62 million, a P/E ratio of -1.17 and a beta of 2.28.

Caribou Biosciences (NASDAQ:CRBU - Get Free Report) last posted its earnings results on Thursday, August 13th. The company reported ($0.24) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.32) by $0.08. The company had revenue of $1.50 million for the quarter, compared to analysts' expectations of $2.28 million. Caribou Biosciences had a negative return on equity of 89.11% and a negative net margin of 1,030.42%. As a group, research analysts anticipate that Caribou Biosciences, Inc. will post -0.88 earnings per share for the current year.

Analysts Set New Price Targets

Several research analysts have recently commented on the company. Weiss Ratings reiterated a "sell (d-)" rating on shares of Caribou Biosciences in a research report on Friday, July 17th. Bank of America reduced their price objective on Caribou Biosciences from $6.00 to $5.00 and set a "buy" rating on the stock in a research note on Friday, August 14th. Finally, Wall Street Zen lowered shares of Caribou Biosciences from a "hold" rating to a "sell" rating in a research note on Saturday, September 19th. One equities research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $7.75.

Caribou Biosciences Company Profile

Caribou Biosciences, Inc is a clinical-stage biotechnology company developing genome-edited cell therapies for the treatment of cancer. The company uses its CRISPR-based chRDNA™ technology platform to make targeted genetic modifications to immune cells, with the goal of creating more effective and scalable therapies.

Caribou's pipeline has focused primarily on allogeneic, or “off-the-shelf,” CAR-T cell therapies. Its investigational programs have included CB-010, an anti-CD19 CAR-T therapy designed for certain blood cancers, as well as additional programs targeting diseases such as multiple myeloma and acute myeloid leukemia.

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