Bank of America Corp DE Purchases 341,187 Shares of Zenas BioPharma, Inc. $ZBIO

Key Points

• Bank of America increased its Zenas BioPharma stake by 723.5% in the first quarter, purchasing 341,187 additional shares and ending with 388,347 shares worth approximately $7.6 million.
• Analysts maintain a generally positive outlook, with six Buy, two Hold, and one Sell rating. The stock has an average price target of $45.71, including Wedbush’s $45 target and Morgan Stanley’s raised $32 objective.
• Zenas BioPharma reported a larger-than-expected quarterly loss of $1.77 per share and revenue of $1 million versus the $15 million consensus estimate. Shares opened at $33.77, while the stock’s 12-month range is $13.50 to $44.60.

Bank of America Corp DE boosted its position in shares of Zenas BioPharma, Inc. (NASDAQ:ZBIO - Free Report) by 723.5% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 388,347 shares of the company's stock after buying an additional 341,187 shares during the period. Bank of America Corp DE owned approximately 0.62% of Zenas BioPharma worth $7,592,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of ZBIO. Quarry LP lifted its holdings in shares of Zenas BioPharma by 34.5% during the 3rd quarter. Quarry LP now owns 1,134 shares of the company's stock worth $25,000 after acquiring an additional 291 shares during the period. Russell Investments Group Ltd. bought a new stake in Zenas BioPharma during the third quarter worth $30,000. CWM LLC lifted its stake in Zenas BioPharma by 48.3% during the fourth quarter. CWM LLC now owns 2,178 shares of the company's stock worth $79,000 after purchasing an additional 709 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. acquired a new stake in shares of Zenas BioPharma in the 4th quarter valued at $95,000. Finally, BNP Paribas Financial Markets boosted its holdings in shares of Zenas BioPharma by 120.0% in the 3rd quarter. BNP Paribas Financial Markets now owns 3,146 shares of the company's stock valued at $70,000 after purchasing an additional 1,716 shares in the last quarter.

Analysts Set New Price Targets

A number of equities analysts have recently commented on ZBIO shares. Citigroup reissued a "buy" rating on shares of Zenas BioPharma in a report on Wednesday, June 3rd. Morgan Stanley raised their price objective on Zenas BioPharma from $22.00 to $32.00 and gave the company an "equal weight" rating in a research note on Friday, August 14th. Wall Street Zen upgraded Zenas BioPharma from a "strong sell" rating to a "sell" rating in a research report on Saturday, June 27th. HC Wainwright reissued a "buy" rating on shares of Zenas BioPharma in a research note on Wednesday, June 3rd. Finally, Wedbush reissued an "outperform" rating and issued a $45.00 target price on shares of Zenas BioPharma in a report on Friday, August 14th. Six research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $45.71.

Zenas BioPharma Price Performance

Shares of ZBIO opened at $33.77 on Wednesday. The company has a quick ratio of 9.93, a current ratio of 9.93 and a debt-to-equity ratio of 1.57. The stock has a market cap of $2.20 billion, a PE ratio of -3.76 and a beta of -1.03. Zenas BioPharma, Inc. has a 12-month low of $13.50 and a 12-month high of $44.60. The business has a 50-day simple moving average of $28.84 and a two-hundred day simple moving average of $24.00.

Zenas BioPharma (NASDAQ:ZBIO - Get Free Report) last released its quarterly earnings results on Wednesday, August 12th. The company reported ($1.77) earnings per share for the quarter, missing the consensus estimate of ($1.12) by ($0.65). The firm had revenue of $1.00 million during the quarter, compared to the consensus estimate of $15.00 million. Analysts anticipate that Zenas BioPharma, Inc. will post -5.81 earnings per share for the current fiscal year.

Zenas BioPharma Profile

Zenas BioPharma, Inc is a clinical-stage biotechnology company focused on the discovery and development of novel therapies in oncology and infectious diseases. The company's proprietary platform integrates structure-guided design, computational modeling and high-throughput screening to address challenging protein-protein interactions. Zenas BioPharma is advancing multiple preclinical and clinical-stage candidates aimed at providing new treatment options where current modalities may be limited by efficacy or safety concerns.

Founded in 2021 and headquartered in Cambridge, Massachusetts, Zenas BioPharma was built to streamline the drug discovery process from target identification through to IND-enabling studies.

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