Bank of New York Mellon Corp Sells 481,913 Shares of Rezolute, Inc. $RZLT

Key Points

• Bank of New York Mellon cut its Rezolute stake by 71.7% in the first quarter, selling 481,913 shares and retaining 189,779 shares worth approximately $579,000.
• Institutional ownership remains high at 82.97%, while several funds—including Goldman Sachs, JPMorgan, Legal & General, Rhumbline Advisers, and New York State’s retirement fund—recently initiated positions.
• Analyst sentiment is mixed but leans positive: Rezolute has a “Moderate Buy” consensus rating and a $9.38 average price target, compared with its recent price of $4.60.

Bank of New York Mellon Corp trimmed its position in shares of Rezolute, Inc. (NASDAQ:RZLT - Free Report) by 71.7% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 189,779 shares of the company's stock after selling 481,913 shares during the period. Bank of New York Mellon Corp owned about 0.20% of Rezolute worth $579,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Goldman Sachs Group Inc. bought a new stake in shares of Rezolute in the 1st quarter worth approximately $685,000. JPMorgan Chase & Co. purchased a new stake in Rezolute in the second quarter worth $141,000. Legal & General Group Plc purchased a new stake in Rezolute in the second quarter worth $32,000. Rhumbline Advisers bought a new stake in Rezolute in the second quarter valued at $432,000. Finally, New York State Common Retirement Fund bought a new stake in Rezolute in the second quarter valued at $104,000. 82.97% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of research analysts have issued reports on RZLT shares. Weiss Ratings reissued a "sell (d-)" rating on shares of Rezolute in a research report on Friday, July 17th. Wall Street Zen downgraded shares of Rezolute from a "hold" rating to a "sell" rating in a research note on Tuesday, June 30th. Citigroup raised shares of Rezolute from a "market perform" rating to an "outperform" rating in a research note on Wednesday, June 3rd. BTIG Research raised their price objective on shares of Rezolute from $5.00 to $6.00 and gave the stock a "buy" rating in a report on Tuesday, June 2nd. Finally, Maxim Group upped their target price on Rezolute from $10.00 to $14.00 and gave the stock a "buy" rating in a report on Tuesday, June 2nd. Eight research analysts have rated the stock with a Buy rating, two have given a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, Rezolute currently has a consensus rating of "Moderate Buy" and a consensus price target of $9.38.

Rezolute Price Performance

RZLT opened at $4.60 on Monday. The stock has a market capitalization of $442.93 million, a price-to-earnings ratio of -5.61 and a beta of 0.58. The firm has a 50 day moving average price of $4.76 and a 200-day moving average price of $3.79. Rezolute, Inc. has a twelve month low of $1.07 and a twelve month high of $11.46.

Rezolute Company Profile

Rezolute, Inc, a clinical stage biopharmaceutical company, develops therapies for metabolic diseases associated with chronic glucose imbalance in the United States. The company's lead product candidate is RZ358, a human monoclonal antibody that is in Phase 2b clinical trial for the treatment of congenital hyperinsulinism, an ultra-rare pediatric genetic disorder. It is also developing RZ402, an oral plasma kallikrein inhibitor, which is in clinical trial for the chronic treatment of diabetic macular edema.

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.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source