Benitec Biopharma (NASDAQ:BNTC) Share Price Breaks Below 50-Day Moving Average - Here's What Happened

Key Points

• Benitec Biopharma shares fell below their 50-day moving average, trading as low as $8.00 versus the $11.14 average before closing at $8.36.
• Analyst sentiment remains broadly positive: seven analysts rate the stock a Buy, while the average target price is $24.00; however, Weiss Ratings maintained a “sell” rating.
• Institutional investors own 52.19% of the company, and Benitec’s lead program is BB-301, a gene therapy being developed for the rare muscle disorder oculopharyngeal muscular dystrophy.

Benitec Biopharma Limited (NASDAQ:BNTC - Get Free Report) shares passed below its fifty day moving average during trading on Monday. The stock has a fifty day moving average of $11.14 and traded as low as $8.00. Benitec Biopharma shares last traded at $8.36, with a volume of 194,119 shares.

Analyst Ratings Changes

Several analysts recently commented on the stock. Weiss Ratings reiterated a "sell (d-)" rating on shares of Benitec Biopharma in a research report on Thursday. Wedbush raised their price objective on shares of Benitec Biopharma from $16.00 to $17.00 and gave the stock an "outperform" rating in a research report on Tuesday, September 15th. HC Wainwright reissued a "buy" rating on shares of Benitec Biopharma in a research report on Monday, September 28th. Royal Bank Of Canada upgraded shares of Benitec Biopharma to an "outperform" rating in a research note on Tuesday, September 15th. Finally, Citigroup reaffirmed a "market outperform" rating on shares of Benitec Biopharma in a report on Tuesday, October 6th. Seven investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, Benitec Biopharma currently has an average rating of "Moderate Buy" and an average target price of $24.00.

Benitec Biopharma Price Performance

The company has a 50 day moving average price of $11.14 and a 200 day moving average price of $11.75. The firm has a market cap of $291.60 million, a PE ratio of -8.53 and a beta of 0.25.

Benitec Biopharma (NASDAQ:BNTC - Get Free Report) last posted its quarterly earnings data on Monday, September 14th. The biotechnology company reported ($0.26) earnings per share for the quarter, meeting analysts' consensus estimates of ($0.26). On average, equities analysts anticipate that Benitec Biopharma Limited will post -1.31 earnings per share for the current fiscal year.

Institutional Trading of Benitec Biopharma

Several hedge funds and other institutional investors have recently made changes to their positions in BNTC. Simplify Asset Management Inc. raised its holdings in Benitec Biopharma by 271.9% during the first quarter. Simplify Asset Management Inc. now owns 562,242 shares of the biotechnology company's stock worth $5,988,000 after purchasing an additional 411,079 shares in the last quarter. AWM Investment Company Inc. acquired a new position in Benitec Biopharma during the second quarter worth $2,515,000. Bank of New York Mellon Corp purchased a new position in Benitec Biopharma in the second quarter worth $804,000. ADAR1 Capital Management LLC purchased a new position in Benitec Biopharma in the first quarter worth $186,000. Finally, Bank of America Corp DE raised its position in Benitec Biopharma by 43.3% in the first quarter. Bank of America Corp DE now owns 17,376 shares of the biotechnology company's stock worth $185,000 after acquiring an additional 5,251 shares in the last quarter. Hedge funds and other institutional investors own 52.19% of the company's stock.

Benitec Biopharma Company Profile

Benitec Biopharma Limited NASDAQ: BNTC is a clinical-stage biotechnology company developing genetic medicines for chronic and potentially life-threatening diseases. The company's work is based on DNA-directed RNA interference (ddRNAi), a gene-silencing technology designed to produce sustained suppression of disease-causing genes within targeted cells.

Benitec's lead investigational product is BB-301, an adeno-associated virus gene therapy being developed for oculopharyngeal muscular dystrophy (OPMD), a rare inherited disorder that can cause progressive difficulty swallowing and weakness of the eyelid and throat muscles.

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