Gossamer Bio (NASDAQ:GOSS) Reaches New 52-Week High - Here's Why

Key Points

• Gossamer Bio's stock reached a new 52-week high of $3.00 during trading, although it last traded at $2.66 with over 5.5 million shares exchanged.
• Recent analyst ratings show a mix of upgrades and downgrades, with target prices ranging from $5.00 to $11.00, leading to a consensus target price of $8.50.
• The company reported better-than-expected earnings with $11.49 million in revenue, exceeding analysts' estimates significantly, although it continues to have a negative return on equity.

Shares of Gossamer Bio, Inc. (NASDAQ:GOSS - Get Free Report) reached a new 52-week high during mid-day trading on Tuesday . The company traded as high as $3.00 and last traded at $2.66, with a volume of 5546023 shares trading hands. The stock had previously closed at $2.94.

Analysts Set New Price Targets

Several brokerages have weighed in on GOSS. Scotiabank began coverage on Gossamer Bio in a report on Monday, July 14th. They issued a "sector outperform" rating and a $11.00 price target for the company. Cantor Fitzgerald reiterated an "overweight" rating on shares of Gossamer Bio in a report on Thursday. Wedbush boosted their price target on Gossamer Bio from $4.00 to $5.00 and gave the company an "outperform" rating in a report on Wednesday, August 6th. Finally, Wall Street Zen upgraded Gossamer Bio from a "sell" rating to a "hold" rating in a report on Saturday. Five investment analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and a consensus price target of $8.50.

Gossamer Bio Price Performance

The firm has a 50-day moving average of $2.08 and a two-hundred day moving average of $1.46. 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 firm has a market capitalization of $786.73 million, a PE ratio of -5.58 and a beta of 1.95.

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

Institutional Investors Weigh In On Gossamer Bio

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Legal & General Group Plc acquired a new position in Gossamer Bio in the 2nd quarter worth $26,000. Banco BTG Pactual S.A. purchased a new stake in shares of Gossamer Bio during the second quarter worth about $27,000. Drive Wealth Management LLC increased its position in shares of Gossamer Bio by 52.7% during the second quarter. Drive Wealth Management LLC now owns 25,474 shares of the company's stock worth $31,000 after acquiring an additional 8,797 shares during the last quarter. Graham Capital Management L.P. acquired a new position in shares of Gossamer Bio in the fourth quarter worth about $32,000. Finally, Virtu Financial LLC purchased a new position in Gossamer Bio in the first quarter valued at about $38,000. Hedge funds and other institutional investors own 81.23% of the company's stock.

About Gossamer Bio

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.