Banque Pictet & Cie SA Buys New Position in Generate Biomedicines Inc $GENB

Key Points

• Banque Pictet & Cie SA acquired 1.77 million shares of Generate Biomedicines in the third quarter, valued at approximately $26.6 million and representing about 1.38% of the company. Several other institutional investors also initiated positions.
• Generate Biomedicines reported quarterly revenue of $6.31 million and an adjusted loss of $0.52 per share, missing analysts’ estimate of a $0.48 loss. The stock recently traded at $12.09, near its 52-week low of $11.00.
• Analyst sentiment remains positive overall, with a “Moderate Buy” consensus rating and an average price target of $26.40; HC Wainwright reiterated a Buy rating with a $30 target.

Banque Pictet & Cie SA purchased a new stake in Generate Biomedicines Inc (NASDAQ:GENB - Free Report) in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 1,773,043 shares of the company's stock, valued at approximately $26,631,000. Banque Pictet & Cie SA owned approximately 1.38% of Generate Biomedicines at the end of the most recent quarter.

Other institutional investors have also made changes to their positions in the company. State Street Corp acquired a new stake in Generate Biomedicines during the second quarter worth approximately $8,883,000. The Manufacturers Life Insurance Company acquired a new stake in shares of Generate Biomedicines during the 2nd quarter worth $1,431,000. Squarepoint Ops LLC acquired a new stake in shares of Generate Biomedicines during the 2nd quarter worth $530,000. AXQ Capital LP bought a new position in shares of Generate Biomedicines in the second quarter worth $218,000. Finally, Braidwell LP bought a new position in shares of Generate Biomedicines in the second quarter worth $55,398,000.

Generate Biomedicines Stock Performance

Shares of Generate Biomedicines stock opened at $12.09 on Friday. Generate Biomedicines Inc has a fifty-two week low of $11.00 and a fifty-two week high of $22.67. The company's 50 day moving average price is $15.42 and its two-hundred day moving average price is $14.43.

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

Analysts Set New Price Targets

Several equities research analysts recently weighed in on GENB shares. HC Wainwright reaffirmed a "buy" rating and set a $30.00 price objective on shares of Generate Biomedicines in a research report on Monday, October 5th. Wall Street Zen upgraded shares of Generate Biomedicines from a "sell" rating to a "hold" rating in a research note on Saturday, September 26th. Finally, Weiss Ratings raised shares of Generate Biomedicines from a "sell (d)" rating to a "sell (d+)" rating in a report on Friday, September 25th. Six investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $26.40.

About Generate Biomedicines

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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