BlackRock Inc. Purchases New Position in Greenwich LifeSciences, Inc. $GLSI

Key Points

• BlackRock acquired 485,854 shares of Greenwich LifeSciences in the second quarter, worth approximately $11.4 million and representing about 3.31% of the company. Institutional investors collectively owned 4.16% of GLSI.
• GLSI opened at $15.95, well below its 52-week high of $34.10, while reporting a quarterly loss of $0.27 per share—better than the expected $0.33 loss. Analysts project a full-year loss of $1.38 per share.
• Analyst views are mixed: HC Wainwright raised its price target to $69 and maintained a “buy” rating, while other firms rated the stock “sell.” The overall consensus is “hold,” despite CEO insider purchases and insiders owning 51.47% of the company.

BlackRock Inc. acquired a new stake in Greenwich LifeSciences, Inc. (NASDAQ:GLSI - Free Report) in the second quarter, according to its most recent filing with the SEC. The fund acquired 485,854 shares of the company's stock, valued at approximately $11,398,000. BlackRock Inc. owned approximately 3.31% of Greenwich LifeSciences at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Bank of America Corp DE grew its holdings in Greenwich LifeSciences by 22.3% during the 4th quarter. Bank of America Corp DE now owns 7,262 shares of the company's stock valued at $82,000 after buying an additional 1,322 shares in the last quarter. Strs Ohio purchased a new stake in shares of Greenwich LifeSciences in the first quarter worth about $177,000. Rhumbline Advisers boosted its position in shares of Greenwich LifeSciences by 48.7% in the first quarter. Rhumbline Advisers now owns 9,673 shares of the company's stock valued at $92,000 after acquiring an additional 3,168 shares during the period. Geode Capital Management LLC increased its holdings in Greenwich LifeSciences by 1.4% during the 2nd quarter. Geode Capital Management LLC now owns 138,982 shares of the company's stock worth $1,261,000 after acquiring an additional 1,972 shares during the period. Finally, Marshall Wace LLP purchased a new stake in Greenwich LifeSciences in the 2nd quarter worth approximately $509,000. Institutional investors own 4.16% of the company's stock.

Greenwich LifeSciences Stock Performance

NASDAQ:GLSI opened at $15.95 on Friday. The stock has a 50-day simple moving average of $16.83 and a two-hundred day simple moving average of $22.05. The firm has a market capitalization of $234.15 million, a PE ratio of -10.36 and a beta of 1.47. Greenwich LifeSciences, Inc. has a 52-week low of $7.78 and a 52-week high of $34.10.

Greenwich LifeSciences (NASDAQ:GLSI - Get Free Report) last announced its quarterly earnings results on Tuesday, August 11th. The company reported ($0.27) EPS for the quarter, topping the consensus estimate of ($0.33) by $0.06. Equities analysts forecast that Greenwich LifeSciences, Inc. will post -1.38 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Snehal Patel acquired 2,500 shares of the company's stock in a transaction that occurred on Thursday, July 23rd. The shares were bought at an average price of $13.14 per share, with a total value of $32,850.00. Following the completion of the purchase, the chief executive officer directly owned 5,606,602 shares in the company, valued at $73,670,750.28. This trade represents a 0.04% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In the last three months, insiders have bought 5,800 shares of company stock worth $76,618. Company insiders own 51.47% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on GLSI. HC Wainwright boosted their price objective on shares of Greenwich LifeSciences from $50.00 to $69.00 and gave the stock a "buy" rating in a report on Tuesday, July 21st. Wall Street Zen cut shares of Greenwich LifeSciences from a "hold" rating to a "sell" rating in a research report on Saturday, June 6th. Finally, Weiss Ratings restated a "sell (d-)" rating on shares of Greenwich LifeSciences in a report on Wednesday, August 12th. One equities research analyst has rated the stock with a Buy rating and one has given a Sell rating to the company. According to MarketBeat, the stock has an average rating of "Hold" and an average price target of $69.00.

Greenwich LifeSciences Company Profile

Greenwich LifeSciences, Inc NASDAQ: GLSI is a clinical-stage biotechnology company focused on the development of novel immune modulators for the treatment of cancer and autoimmune diseases. The company's product pipeline includes candidates engineered to activate or regulate key components of the innate and adaptive immune systems, with programs advancing through preclinical and early-stage clinical studies.

Headquartered in Greenwich, Connecticut, Greenwich LifeSciences conducts its research and development activities primarily in the United States.

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