Gossamer Bio (NASDAQ:GOSS) Stock Price Down 6% - Should You Sell?

Key Points

• Gossamer Bio's shares fell by 6% on Monday, trading between $2.63 and $2.77, with a total volume that exceeded average trading levels by 29%.
• Analysts have mixed sentiments, with Scotiabank issuing a "sector outperform" rating and a target price of $11.00, while Wall Street Zen downgraded the stock to a "sell" rating.
• The company reported a quarterly EPS of (0.17), surpassing estimates, alongside a revenue of $11.49 million, significantly exceeding the expected $4.12 million.

Gossamer Bio, Inc. (NASDAQ:GOSS - Get Free Report)'s share price dropped 6% on Monday . The stock traded as low as $2.63 and last traded at $2.77. Approximately 2,697,974 shares were traded during trading, an increase of 29% from the average daily volume of 2,097,334 shares. The stock had previously closed at $2.94.

Analysts Set New Price Targets

GOSS has been the subject of several recent analyst reports. Cantor Fitzgerald restated an "overweight" rating on shares of Gossamer Bio in a research note on Thursday. Wedbush lifted their price target on Gossamer Bio from $4.00 to $5.00 and gave the stock an "outperform" rating in a research note on Wednesday, August 6th. Scotiabank initiated coverage on Gossamer Bio in a research note on Monday, July 14th. They issued a "sector outperform" rating and a $11.00 price target for the company. The Goldman Sachs Group lifted their price target on Gossamer Bio from $7.00 to $8.00 and gave the stock a "buy" rating in a research note on Friday, May 16th. Finally, Wall Street Zen upgraded Gossamer Bio from a "sell" rating to a "hold" rating in a research note on Saturday. Five research analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, Gossamer Bio presently has a consensus rating of "Buy" and a consensus price target of $8.50.

Gossamer Bio Stock Performance

The company has a quick ratio of 4.40, a current ratio of 4.40 and a debt-to-equity ratio of 6.70. The stock has a 50 day simple moving average of $2.08 and a 200 day simple moving average of $1.46. The company has a market capitalization of $786.74 million, a price-to-earnings ratio of -5.58 and a beta of 1.95.

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

Hedge Funds Weigh In On Gossamer Bio

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Acadian Asset Management LLC raised its holdings in shares of Gossamer Bio by 12.4% during the second quarter. Acadian Asset Management LLC now owns 7,146,022 shares of the company's stock valued at $8,786,000 after buying an additional 787,909 shares during the last quarter. Geode Capital Management LLC raised its holdings in shares of Gossamer Bio by 100.4% during the second quarter. Geode Capital Management LLC now owns 4,555,080 shares of the company's stock valued at $5,604,000 after buying an additional 2,282,632 shares during the last quarter. Corient Private Wealth LLC raised its holdings in shares of Gossamer Bio by 8.9% during the second quarter. Corient Private Wealth LLC now owns 3,693,683 shares of the company's stock valued at $4,543,000 after buying an additional 302,200 shares during the last quarter. Millennium Management LLC raised its holdings in shares of Gossamer Bio by 14.6% during the fourth quarter. Millennium Management LLC now owns 3,586,067 shares of the company's stock valued at $3,244,000 after buying an additional 457,179 shares during the last quarter. Finally, Two Sigma Advisers LP raised its holdings in shares of Gossamer Bio by 44.7% during the fourth quarter. Two Sigma Advisers LP now owns 1,157,500 shares of the company's stock valued at $1,047,000 after buying an additional 357,500 shares during the last quarter. 81.23% of the stock is currently 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.