Gossamer Bio (NASDAQ:GOSS) Shares Up 9% - Time to Buy?

Key Points

• Gossamer Bio's shares surged by 9% to $3.39, with trading volume increasing by 93% compared to the average session.
• Several research analysts rated Gossamer Bio's stock with a consensus rating of "Buy" and an average price target of $8.50, highlighting recent upgrades from various firms.
• The company reported a loss of $0.17 earnings per share for the recent quarter, but this was still an improvement over analysts' expectations, alongside significant revenue of $11.49 million.

Gossamer Bio, Inc. (NASDAQ:GOSS - Get Free Report) was up 9% during trading on Thursday . The company traded as high as $3.39 and last traded at $3.39. Approximately 4,225,282 shares changed hands during trading, an increase of 93% from the average daily volume of 2,183,854 shares. The stock had previously closed at $3.11.

Analyst Ratings Changes

A number of research analysts have commented on GOSS shares. Wall Street Zen upgraded shares of Gossamer Bio from a "sell" rating to a "hold" rating in a research report on Saturday. Wedbush raised their target price on shares of Gossamer Bio from $4.00 to $5.00 and gave the stock an "outperform" rating in a report on Wednesday, August 6th. Scotiabank began coverage on shares of Gossamer Bio in a report on Monday, July 14th. They issued a "sector outperform" rating and a $11.00 target price on the stock. Finally, Cantor Fitzgerald restated an "overweight" rating on shares of Gossamer Bio in a report on Thursday, September 11th. Five investment analysts have rated the stock with a Buy rating, According to MarketBeat, Gossamer Bio currently has an average rating of "Buy" and an average target price of $8.50.

Gossamer Bio Price Performance

The firm's fifty day moving average price is $2.16 and its 200-day moving average price is $1.49. The stock has a market cap of $727.62 million, a P/E ratio of -5.16 and a beta of 1.95. The company has a quick ratio of 4.40, a current ratio of 4.40 and a debt-to-equity ratio of 6.70.

Gossamer Bio (NASDAQ:GOSS - Get Free Report) last announced its quarterly earnings results on Tuesday, August 5th. The company reported ($0.17) EPS for the quarter, topping 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 analyst estimates of $4.12 million. Analysts forecast that Gossamer Bio, Inc. will post -0.28 earnings per share for the current year.

Institutional Trading of Gossamer Bio

A number of institutional investors and hedge funds have recently added to or reduced their stakes in GOSS. Bank of America Corp DE lifted its stake in Gossamer Bio by 107.2% in the fourth quarter. Bank of America Corp DE now owns 84,788 shares of the company's stock worth $77,000 after acquiring an additional 43,866 shares during the period. Graham Capital Management L.P. purchased a new stake in Gossamer Bio in the fourth quarter worth $32,000. Jefferies Financial Group Inc. purchased a new stake in Gossamer Bio in the fourth quarter worth $90,000. Lazard Asset Management LLC lifted its stake in Gossamer Bio by 7,992.6% in the fourth quarter. Lazard Asset Management LLC now owns 107,470 shares of the company's stock worth $97,000 after acquiring an additional 106,142 shares during the period. Finally, Millennium Management LLC lifted its stake in Gossamer Bio by 14.6% in the fourth quarter. Millennium Management LLC now owns 3,586,067 shares of the company's stock worth $3,244,000 after acquiring an additional 457,179 shares during the period. Hedge funds and other institutional investors own 81.23% of the company's stock.

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.