Gossamer Bio (NASDAQ:GOSS) Hits New 1-Year High - Still a Buy?

Key Points

• Gossamer Bio shares reached a new 52-week high of $2.68, closing at $2.59 with a trading volume of over 7.5 million shares.
• Research firms have mixed ratings on the stock, with Wall Street Zen downgrading it to "sell" while others like Scotiabank set a target price of $11.00, reflecting varying analyst confidence.
• The company reported earnings of ($0.17) EPS, surpassing estimates and generating revenues of $11.49 million, significantly higher than the expected $4.12 million.

Gossamer Bio, Inc. (NASDAQ:GOSS - Get Free Report) hit a new 52-week high during trading on Wednesday . The stock traded as high as $2.68 and last traded at $2.59, with a volume of 7577381 shares trading hands. The stock had previously closed at $2.47.

Analysts Set New Price Targets

A number of research firms recently commented on GOSS. The Goldman Sachs Group boosted their price objective on shares of Gossamer Bio from $7.00 to $8.00 and gave the stock a "buy" rating in a report on Friday, May 16th. Wedbush upped their price target on Gossamer Bio from $4.00 to $5.00 and gave the stock an "outperform" rating in a report on Wednesday, August 6th. Scotiabank started coverage on Gossamer Bio in a research report on Monday, July 14th. They set a "sector outperform" rating and a $11.00 target price on the stock. Finally, Wall Street Zen cut Gossamer Bio from a "hold" rating to a "sell" rating in a research report on Saturday, August 9th. Four investment analysts have rated the stock with a Buy rating, According to MarketBeat, Gossamer Bio has an average rating of "Buy" and an average price target of $8.50.

Gossamer Bio Price Performance

The company has a market capitalization of $668.50 million, a price-to-earnings ratio of -4.74 and a beta of 1.95. The company has a current ratio of 4.40, a quick ratio of 4.40 and a debt-to-equity ratio of 6.70. The company's 50 day simple moving average is $1.90 and its 200-day simple moving average is $1.40.

Gossamer Bio (NASDAQ:GOSS - Get Free Report) last announced its earnings results on Tuesday, August 5th. The company reported ($0.17) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.18) by $0.01. The firm had revenue of $11.49 million for the quarter, compared to analyst estimates of $4.12 million. Gossamer Bio had a negative net margin of 344.81% and a negative return on equity of 1,774.72%. On average, equities research analysts predict that Gossamer Bio, Inc. will post -0.28 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Gossamer Bio

Several hedge funds have recently modified their holdings of the stock. Octagon Capital Advisors LP raised its stake in Gossamer Bio by 99.7% during the fourth quarter. Octagon Capital Advisors LP now owns 18,350,000 shares of the company's stock worth $16,599,000 after purchasing an additional 9,162,117 shares during the period. Acadian Asset Management LLC increased its stake in Gossamer Bio by 12.4% during the second quarter. Acadian Asset Management LLC now owns 7,146,022 shares of the company's stock worth $8,786,000 after acquiring an additional 787,909 shares during the last quarter. Geode Capital Management LLC raised its holdings in shares of Gossamer Bio by 100.4% in the 2nd quarter. Geode Capital Management LLC now owns 4,555,080 shares of the company's stock worth $5,604,000 after purchasing an additional 2,282,632 shares during the period. Corient Private Wealth LLC lifted its stake in shares of Gossamer Bio by 8.9% in the 2nd quarter. Corient Private Wealth LLC now owns 3,693,683 shares of the company's stock valued at $4,543,000 after purchasing an additional 302,200 shares in the last quarter. Finally, Millennium Management LLC increased its position in Gossamer Bio by 14.6% during the 4th quarter. Millennium Management LLC now owns 3,586,067 shares of the company's stock worth $3,244,000 after purchasing an additional 457,179 shares in the last quarter. 81.23% of the stock is owned by institutional investors and hedge funds.

Gossamer Bio Company Profile

Gossamer Bio, Inc, a clinical-stage biopharmaceutical company, focuses on developing and commercializing seralutinib for the treatment of pulmonary arterial hypertension (PAH) in the United States. The company is developing GB002, an inhaled, small molecule, platelet-derived growth factor receptor, or PDGFR, colony-stimulatin factor 1 receptor and c-KIT inhibitor, which is in Phase 3 clinical trial for the treatment of PAH.