iBio (NASDAQ:IBIO) Rating Increased to Hold at Wall Street Zen

Key Points

• Wall Street Zen upgraded iBio from “sell” to “hold,” while the broader analyst consensus remains “Buy” with an average price target of $5.00.
• iBio shares opened at $1.43, with a market capitalization of approximately $71 million; the stock has traded between $0.67 and $3.82 over the past year.
• The company reported a quarterly loss of $0.07 per share, missing estimates by $0.01, and analysts expect a full-year loss of $0.36 per share. Institutional investors own about 7.9% of iBio.

iBio (NASDAQ:IBIO - Get Free Report) was upgraded by research analysts at Wall Street Zen from a "sell" rating to a "hold" rating in a research note issued to investors on Saturday.

A number of other equities research analysts have also weighed in on IBIO. Chardan Capital reaffirmed a "buy" rating and set a $5.00 target price on shares of iBio in a research note on Thursday, July 2nd. Raymond James Financial initiated coverage on shares of iBio in a research report on Monday, June 8th. They set an "outperform" rating and a $5.00 price target on the stock. Weiss Ratings reissued a "sell (d-)" rating on shares of iBio in a research note on Wednesday, June 24th. Finally, B. Riley Financial initiated coverage on shares of iBio in a report on Friday, June 5th. They issued a "buy" rating and a $6.00 price objective for the company. Three analysts have rated the stock with a Strong Buy rating, four have given a Buy rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Buy" and a consensus price target of $5.00.

iBio Stock Up 2.1%

Shares of IBIO stock opened at $1.43 on Friday. The stock has a fifty day moving average of $1.53 and a 200 day moving average of $1.89. iBio has a 52 week low of $0.67 and a 52 week high of $3.82. The firm has a market capitalization of $71.04 million, a price-to-earnings ratio of -2.47 and a beta of 1.30.

iBio (NASDAQ:IBIO - Get Free Report) last released its quarterly earnings results on Tuesday, May 12th. The company reported ($0.07) earnings per share for the quarter, missing the consensus estimate of ($0.06) by ($0.01). Equities research analysts anticipate that iBio will post -0.36 earnings per share for the current year.

Hedge Funds Weigh In On iBio

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Affinity Asset Advisors LLC boosted its holdings in shares of iBio by 51.0% during the 1st quarter. Affinity Asset Advisors LLC now owns 3,107,200 shares of the company's stock valued at $5,904,000 after buying an additional 1,050,000 shares in the last quarter. Frazier Life Sciences Management L.P. bought a new position in shares of iBio in the 4th quarter worth about $3,770,000. EcoR1 Capital LLC bought a new position in shares of iBio in the 4th quarter worth about $4,300,000. Susquehanna International Group LLP bought a new position in shares of iBio in the 3rd quarter worth about $37,000. Finally, Bank of America Corp DE lifted its position in iBio by 150.8% during the 1st quarter. Bank of America Corp DE now owns 290,413 shares of the company's stock valued at $552,000 after acquiring an additional 174,620 shares during the period. Hedge funds and other institutional investors own 7.90% of the company's stock.

About iBio

iBio, Inc, a biotechnology company, provides contract development and manufacturing services to collaborators and third-party customers in the United States. The company operates in two segments: Biopharmaceuticals and Bioprocessing. Its lead therapeutic candidate is IBIO-100 that is being advanced for investigational new drug development for the treatment of systemic scleroderma and idiopathic pulmonary fibrosis. The company is also developing vaccine candidates comprising IBIO-200 and IBIO-201, which are in preclinical development for the prevention of severe acute respiratory syndrome coronavirus 2; and IBIO-400 for the treatment of classical swine fever.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source