Orbimed Advisors LLC Sells 346,152 Shares of Jade Biosciences, Inc. $JBIO

Key Points

• Orbimed Advisors cut its Jade Biosciences stake by 65.2% in the first quarter, selling 346,152 shares and retaining 185,011 shares valued at approximately $2.6 million.
• Other institutional investors increased their exposure substantially, including RA Capital Management, which raised its position by 245.6% to 3.67 million shares.
• Analysts remain broadly bullish, with the stock carrying a “Moderate Buy” consensus rating and an average price target of $51.57, despite Jade Biosciences reporting a larger-than-expected quarterly loss.

Orbimed Advisors LLC lessened its holdings in shares of Jade Biosciences, Inc. (NASDAQ:JBIO - Free Report) by 65.2% in the first quarter, according to its most recent filing with the SEC. The firm owned 185,011 shares of the company's stock after selling 346,152 shares during the period. Orbimed Advisors LLC owned 0.37% of Jade Biosciences worth $2,599,000 as of its most recent filing with the SEC.

A number of other large investors also recently made changes to their positions in the stock. RA Capital Management L.P. boosted its position in shares of Jade Biosciences by 245.6% in the 4th quarter. RA Capital Management L.P. now owns 3,671,083 shares of the company's stock worth $56,645,000 after purchasing an additional 2,608,757 shares during the last quarter. Baker BROS. Advisors LP bought a new stake in shares of Jade Biosciences in the 4th quarter valued at about $25,323,000. Remedium Capital Partners LLC bought a new stake in shares of Jade Biosciences in the 4th quarter valued at about $24,345,000. Avidity Partners Management LP raised its position in shares of Jade Biosciences by 24.3% in the 4th quarter. Avidity Partners Management LP now owns 1,400,708 shares of the company's stock valued at $21,613,000 after acquiring an additional 273,522 shares during the period. Finally, Marshall Wace LLP raised its holdings in Jade Biosciences by 2,198.5% in the fourth quarter. Marshall Wace LLP now owns 875,273 shares of the company's stock worth $13,505,000 after purchasing an additional 837,193 shares during the period.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on the stock. BTIG Research lifted their price target on shares of Jade Biosciences from $39.00 to $74.00 and gave the company a "buy" rating in a research note on Monday, June 1st. Guggenheim restated a "buy" rating and set a $47.00 price objective on shares of Jade Biosciences in a report on Tuesday, June 2nd. Jefferies Financial Group reaffirmed a "buy" rating on shares of Jade Biosciences in a research note on Monday, June 1st. Piper Sandler set a $55.00 target price on Jade Biosciences in a report on Tuesday, June 2nd. Finally, Zacks Research upgraded Jade Biosciences from a "strong sell" rating to a "hold" rating in a report on Wednesday, April 8th. Two investment analysts have rated the stock with a Strong Buy rating, six have given a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $51.57.

Jade Biosciences Price Performance

Shares of JBIO stock opened at $20.08 on Monday. The company's fifty day simple moving average is $19.99 and its 200-day simple moving average is $18.06. The firm has a market cap of $991.15 million, a PE ratio of -9.94 and a beta of 1.43. Jade Biosciences, Inc. has a 12 month low of $6.67 and a 12 month high of $28.00.

Jade Biosciences (NASDAQ:JBIO - Get Free Report) last released its earnings results on Thursday, May 7th. The company reported ($0.57) earnings per share for the quarter, missing analysts' consensus estimates of ($0.52) by ($0.05). On average, equities analysts predict that Jade Biosciences, Inc. will post -2.54 earnings per share for the current fiscal year.

Jade Biosciences Company Profile

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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