Gossamer Bio (NASDAQ:GOSS) Trading 10.8% Higher - Here's What Happened

Key Points

• Gossamer Bio shares increased by 10.8% to $2.32, with a significant decline in trading volume at 385,476 shares, compared to its average of over 2.4 million shares.
• Wall Street analysts show mixed ratings for Gossamer Bio, with five rating it as a Buy and one as a Sell, while the average target price is set at $8.50.
• The company reported a revenue of $11.49 million for its latest quarter, exceeding estimates, but the EPS was still negative at ($0.17).

Shares of Gossamer Bio, Inc. (NASDAQ:GOSS - Get Free Report) were up 10.8% during trading on Friday . The stock traded as high as $2.27 and last traded at $2.32. Approximately 385,476 shares changed hands during trading, a decline of 84% from the average daily volume of 2,404,332 shares. The stock had previously closed at $2.09.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on GOSS shares. Wall Street Zen downgraded Gossamer Bio from a "hold" rating to a "sell" rating in a report on Sunday, September 21st. Weiss Ratings reiterated a "sell (d-)" rating on shares of Gossamer Bio in a research note on Wednesday, October 8th. Cantor Fitzgerald reaffirmed an "overweight" rating on shares of Gossamer Bio in a research report on Thursday, September 11th. Scotiabank began coverage on Gossamer Bio in a research report on Monday, July 14th. They issued a "sector outperform" rating and a $11.00 price target on the stock. Finally, Wedbush raised their target price on Gossamer Bio from $4.00 to $5.00 and gave the company an "outperform" rating in a report on Wednesday, August 6th. Five equities research analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $8.50.

Gossamer Bio Stock Performance

The company has a market cap of $557.99 million, a price-to-earnings ratio of -3.94 and a beta of 1.94. The company's 50 day moving average price is $2.58 and its 200 day moving average price is $1.74.

Gossamer Bio (NASDAQ:GOSS - Get Free Report) last posted its quarterly earnings data 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 for the quarter, compared to analyst estimates of $4.12 million. As a group, analysts predict that Gossamer Bio, Inc. will post -0.28 EPS for the current year.

Institutional Investors Weigh In On Gossamer Bio

Several hedge funds have recently bought and sold shares of GOSS. Legal & General Group Plc acquired a new stake in Gossamer Bio during the 2nd quarter worth approximately $26,000. Ciovacco Capital Management LLC bought a new position in Gossamer Bio during the third quarter worth about $27,000. Banco BTG Pactual S.A. bought a new position in shares of Gossamer Bio during the 2nd quarter worth approximately $27,000. Drive Wealth Management LLC boosted its position in 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 purchasing an additional 8,797 shares during the period. Finally, Brighton Jones LLC bought a new stake in shares of Gossamer Bio during the 3rd quarter worth about $36,000. 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.

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