Jade Biosciences (NASDAQ:JBIO) Stock Price Up 1.9% - Here's What Happened

Key Points

• Jade Biosciences (NASDAQ:JBIO) shares increased by 1.9%, trading at $7.62 after reaching a high of $7.67 during the day.
• Wall Street analysts have mixed ratings for JBIO, with three analysts rating it a Buy and an average target price of $16.00, though some have downgraded their ratings.
• The company reported a loss of $0.86 per share in its latest earnings report, which was below analyst expectations of a loss of $0.43 per share.

Jade Biosciences, Inc. (NASDAQ:JBIO - Get Free Report) traded up 1.9% during mid-day trading on Tuesday . The company traded as high as $7.67 and last traded at $7.62. 30,588 shares were traded during trading, a decline of 66% from the average session volume of 89,708 shares. The stock had previously closed at $7.48.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the stock. Wedbush raised their price target on shares of Jade Biosciences from $17.00 to $18.00 and gave the company an "outperform" rating in a report on Thursday, August 14th. Wall Street Zen downgraded shares of Jade Biosciences from a "hold" rating to a "sell" rating in a report on Saturday, August 16th. Jefferies Financial Group assumed coverage on shares of Jade Biosciences in a report on Monday, July 14th. They set a "buy" rating and a $16.00 price target on the stock. Finally, Guggenheim raised shares of Jade Biosciences from a "neutral" rating to a "buy" rating and set a $14.00 price target on the stock in a report on Monday, June 16th. Three research analysts have rated the stock with a Buy rating, Based on data from MarketBeat, Jade Biosciences has an average rating of "Buy" and a consensus target price of $16.00.

Jade Biosciences Stock Performance

The stock has a market cap of $235.57 million, a P/E ratio of -0.24 and a beta of 1.04. The business has a 50 day moving average of $8.09.

Jade Biosciences (NASDAQ:JBIO - Get Free Report) last released its earnings results on Wednesday, August 13th. The company reported ($0.86) EPS for the quarter, missing analysts' consensus estimates of ($0.43) by ($0.43).

Institutional Investors Weigh In On Jade Biosciences

Several institutional investors and hedge funds have recently modified their holdings of JBIO. Frazier Life Sciences Management L.P. bought a new stake in shares of Jade Biosciences during the second quarter valued at approximately $17,703,000. Versant Venture Management LLC bought a new stake in Jade Biosciences in the second quarter worth $15,243,000. Soleus Capital Management L.P. bought a new stake in Jade Biosciences in the second quarter worth $7,959,000. Geode Capital Management LLC bought a new position in Jade Biosciences during the second quarter valued at $6,759,000. Finally, Orbimed Advisors LLC bought a new position in Jade Biosciences during the second quarter valued at $5,306,000.

About Jade Biosciences

Aerovate Therapeutics, Inc, a clinical-stage biopharmaceutical company, focuses on the development of drugs that enhance the lives of patients with rare cardiopulmonary diseases in the United States. The company focuses on advancing AV-101, a dry powder inhaled formulation of imatinib for the treatment of pulmonary arterial hypertension, which is in Phase 2b/Phase 3 trial.