Rezolute, Inc. $RZLT Shares Sold by Bank of America Corp DE

Key Points

• Bank of America cut its Rezolute stake by 31.3% in the first quarter, selling 1.35 million shares and retaining 2.97 million shares worth approximately $9.06 million, or 3.09% of the company.
• Institutional ownership remains high at 82.97%, with Dimensional Fund Advisors significantly increasing its position and several firms establishing new stakes.
• Analyst sentiment is broadly positive: Rezolute has a “Moderate Buy” consensus rating and an average price target of $9.38, compared with a recent share price of $5.01.

Bank of America Corp DE reduced its stake in Rezolute, Inc. (NASDAQ:RZLT - Free Report) by 31.3% during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 2,970,549 shares of the company's stock after selling 1,354,699 shares during the period. Bank of America Corp DE owned 3.09% of Rezolute worth $9,060,000 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. Dimensional Fund Advisors LP boosted its holdings in shares of Rezolute by 273.7% in the first quarter. Dimensional Fund Advisors LP now owns 530,229 shares of the company's stock valued at $1,617,000 after acquiring an additional 388,346 shares during the period. Siren L.L.C. purchased a new position in shares of Rezolute during the first quarter worth approximately $10,151,000. Jennison Associates LLC acquired a new stake in shares of Rezolute during the first quarter worth about $10,489,000. Caitong International Asset Management Co. Ltd purchased a new position in shares of Rezolute during the fourth quarter worth about $494,000. Finally, WINTON GROUP Ltd purchased a new position in shares of Rezolute during the fourth quarter worth about $44,000. Hedge funds and other institutional investors own 82.97% of the company's stock.

Rezolute Price Performance

RZLT opened at $5.01 on Tuesday. Rezolute, Inc. has a 12 month low of $1.07 and a 12 month high of $11.46. The stock has a market capitalization of $482.41 million, a P/E ratio of -6.11 and a beta of 0.58. The business has a 50 day simple moving average of $4.85 and a 200-day simple moving average of $3.85.

Wall Street Analyst Weigh In

A number of analysts have weighed in on RZLT shares. BTIG Research increased their price objective on Rezolute from $5.00 to $6.00 and gave the stock a "buy" rating in a research report on Tuesday, June 2nd. Cantor Fitzgerald reissued a "neutral" rating on shares of Rezolute in a report on Wednesday, June 3rd. Citigroup upgraded Rezolute from a "market perform" rating to an "outperform" rating in a research note on Wednesday, June 3rd. Maxim Group increased their price target on Rezolute from $10.00 to $14.00 and gave the stock a "buy" rating in a report on Tuesday, June 2nd. Finally, Citizens Jmp upgraded shares of Rezolute from a "market perform" rating to an "outperform" rating and set a $11.00 price objective on the stock in a research report on Wednesday, June 3rd. Eight investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat.com, Rezolute presently has an average rating of "Moderate Buy" and a consensus price target of $9.38.

About Rezolute

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