The Manufacturers Life Insurance Company Buys New Position in Generate Biomedicines Inc $GENB

Key Points

• The Manufacturers Life Insurance Company acquired 84,803 shares of Generate Biomedicines, worth approximately $1.43 million, giving it a 0.07% stake. Several other institutional investors also initiated positions, including Braidwell LP with a stake valued at $55.4 million.
• Generate Biomedicines reported quarterly revenue of $6.31 million and an adjusted loss of $0.52 per share, missing the consensus estimate of a $0.48 loss. Analysts expect a full-year loss of approximately $2.29 per share.
• GENB shares opened at $16.00, compared with a 52-week range of $11.00 to $22.67. Despite mixed ratings—including recent “sell” calls—the stock has a consensus “Moderate Buy” rating and a $26.40 price target.

The Manufacturers Life Insurance Company bought a new stake in shares of Generate Biomedicines Inc (NASDAQ:GENB - Free Report) in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 84,803 shares of the company's stock, valued at approximately $1,431,000. The Manufacturers Life Insurance Company owned about 0.07% of Generate Biomedicines at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in GENB. Braidwell LP bought a new position in Generate Biomedicines in the 2nd quarter worth $55,398,000. Bank of New York Mellon Corp bought a new stake in Generate Biomedicines during the second quarter valued at about $967,000. Squarepoint Ops LLC purchased a new stake in Generate Biomedicines in the second quarter worth about $530,000. AXQ Capital LP purchased a new stake in Generate Biomedicines in the second quarter worth about $218,000. Finally, Susquehanna International Group LLP bought a new position in shares of Generate Biomedicines in the second quarter worth about $196,000.

Generate Biomedicines Price Performance

Shares of GENB opened at $16.00 on Tuesday. The stock has a fifty day simple moving average of $15.12. Generate Biomedicines Inc has a fifty-two week low of $11.00 and a fifty-two week high of $22.67. The company has a market capitalization of $2.05 billion and a PE ratio of -10.06.

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

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the company. Wall Street Zen downgraded Generate Biomedicines from a "hold" rating to a "sell" rating in a research note on Saturday. Weiss Ratings initiated coverage on shares of Generate Biomedicines in a research note on Tuesday, August 11th. They set a "sell (d)" rating on the stock. Finally, HC Wainwright reiterated a "buy" rating and issued a $30.00 price target on shares of Generate Biomedicines in a research report on Tuesday, September 8th. Six analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $26.40.

About Generate Biomedicines

Generate Biomedicines is a biotechnology company that uses generative artificial intelligence and machine learning to discover and design protein-based medicines. Its technology is intended to model relationships among protein sequences, structures and biological functions, helping researchers create therapeutic proteins with desired characteristics.

The company's research activities are focused on developing novel biologic medicines for areas of significant unmet medical need, including oncology, immunology, infectious diseases and rare diseases.

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