Opaleye Management Inc. Has $3.22 Million Stock Position in Jade Biosciences, Inc. $JBIO

Key Points

• Opaleye Management reduced its Jade Biosciences stake by 66.1% in the second quarter, selling 282,608 shares and retaining 145,000 shares worth approximately $3.22 million, or 0.23% of the company.
• JBIO shares opened at $19.14, compared with a 52-week range of $6.91 to $28.00. Jade reported a quarterly loss of $0.76 per share, missing analysts’ $0.66-per-share loss estimate.
• Analysts remain broadly positive, with the stock carrying a “Moderate Buy” consensus rating and an average price target of $51.75, well above its recent trading level.

Opaleye Management Inc. cut its holdings in shares of Jade Biosciences, Inc. (NASDAQ:JBIO - Free Report) by 66.1% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 145,000 shares of the company's stock after selling 282,608 shares during the period. Opaleye Management Inc. owned approximately 0.23% of Jade Biosciences worth $3,222,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in JBIO. California State Teachers Retirement System raised its stake in shares of Jade Biosciences by 40.3% in the fourth quarter. California State Teachers Retirement System now owns 2,850 shares of the company's stock worth $44,000 after purchasing an additional 819 shares during the last quarter. Quantinno Capital Management LP boosted its position in shares of Jade Biosciences by 3.6% during the first quarter. Quantinno Capital Management LP now owns 30,551 shares of the company's stock valued at $429,000 after buying an additional 1,059 shares during the last quarter. Bank of America Corp DE boosted its position in shares of Jade Biosciences by 2.9% during the first quarter. Bank of America Corp DE now owns 38,598 shares of the company's stock valued at $542,000 after buying an additional 1,086 shares during the last quarter. Russell Investments Group Ltd. grew its holdings in Jade Biosciences by 40.7% during the third quarter. Russell Investments Group Ltd. now owns 4,422 shares of the company's stock worth $38,000 after buying an additional 1,279 shares in the last quarter. Finally, Police & Firemen s Retirement System of New Jersey grew its holdings in Jade Biosciences by 16.5% during the fourth quarter. Police & Firemen s Retirement System of New Jersey now owns 12,097 shares of the company's stock worth $187,000 after buying an additional 1,709 shares in the last quarter.

Jade Biosciences Price Performance

Shares of NASDAQ:JBIO opened at $19.14 on Friday. Jade Biosciences, Inc. has a 1 year low of $6.91 and a 1 year high of $28.00. The company has a market capitalization of $1.22 billion, a PE ratio of -9.97 and a beta of 1.45. The business has a fifty day moving average price of $21.15 and a two-hundred day moving average price of $19.56.

Jade Biosciences (NASDAQ:JBIO - Get Free Report) last released its earnings results on Monday, August 10th. The company reported ($0.76) EPS for the quarter, missing analysts' consensus estimates of ($0.66) by ($0.10). Sell-side analysts anticipate that Jade Biosciences, Inc. will post -2.84 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on JBIO. UBS Group initiated coverage on Jade Biosciences in a research note on Monday, June 15th. They set a "buy" rating and a $45.00 price objective on the stock. Piper Sandler set a $55.00 target price on shares of Jade Biosciences in a report on Tuesday, June 2nd. Guggenheim restated a "buy" rating and set a $47.00 price target on shares of Jade Biosciences in a report on Tuesday, June 2nd. Jefferies Financial Group reaffirmed a "buy" rating and issued a $48.00 price objective on shares of Jade Biosciences in a research report on Tuesday, August 11th. Finally, Wedbush increased their price objective on shares of Jade Biosciences from $45.00 to $47.00 and gave the company an "outperform" rating in a research note on Monday, August 10th. Two research analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $51.75.

About Jade Biosciences

Jade Biosciences, Inc is a clinical‐stage biotechnology company focused on the discovery and development of novel therapeutics for inflammatory skin diseases and chronic itch. Leveraging a small‐molecule platform, the company seeks to address significant unmet needs in dermatology by targeting key pathways involved in pruritus and skin inflammation. Its research efforts are centered on identifying and advancing molecules that can modulate receptor activity in the skin, with a goal of improving safety and efficacy compared to existing treatments.

The company’s lead programs are built around proprietary compounds designed to penetrate the epidermal barrier and selectively inhibit molecular drivers of itch and inflammation.

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