Benitec Biopharma (NASDAQ:BNTC) Stock Crosses Below 50 Day Moving Average - Here's Why

Key Points

• Benitec Biopharma shares fell below their 50-day moving average, trading as low as $9.65 and last changing hands at $9.75, down 2.7%. The stock’s 50-day and 200-day moving averages are $12.08 and $11.97, respectively.
• Analyst sentiment remains generally positive, with seven Buy ratings, two Holds and one Sell, producing a “Moderate Buy” consensus and an average price target of $24.00.
• Institutional investors own 52.19% of the company, with several firms recently increasing positions or initiating stakes. Benitec’s lead candidate is BB-301, an experimental gene therapy for a rare muscular disorder.

Benitec Biopharma Limited (NASDAQ:BNTC - Get Free Report)'s share price crossed below its 50-day moving average during trading on Tuesday. The stock has a 50-day moving average of $12.08 and traded as low as $9.65. Benitec Biopharma shares last traded at $9.75, with a volume of 110,967 shares changing hands.

Analyst Ratings Changes

A number of research firms have weighed in on BNTC. Royal Bank Of Canada raised Benitec Biopharma to an "outperform" rating in a report on Tuesday, September 15th. Weiss Ratings restated a "sell (d-)" rating on shares of Benitec Biopharma in a research note on Friday, July 17th. Wall Street Zen lowered shares of Benitec Biopharma from a "hold" rating to a "sell" rating in a research report on Saturday, September 19th. HC Wainwright reiterated a "buy" rating on shares of Benitec Biopharma in a research note on Monday. Finally, Citigroup reissued a "market outperform" rating on shares of Benitec Biopharma in a report on Tuesday, September 15th. Seven investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $24.00.

Benitec Biopharma Trading Down 2.7%

The firm has a 50 day moving average price of $12.08 and a 200 day moving average price of $11.97. The stock has a market capitalization of $340.11 million, a PE ratio of -9.95 and a beta of 0.27.

Benitec Biopharma (NASDAQ:BNTC - Get Free Report) last released its earnings results on Monday, September 14th. The biotechnology company reported ($0.26) earnings per share for the quarter, meeting the consensus estimate of ($0.26). On average, equities research analysts expect that Benitec Biopharma Limited will post -1.29 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the stock. GAMMA Investing LLC increased its holdings in Benitec Biopharma by 18.7% in the 2nd quarter. GAMMA Investing LLC now owns 7,961 shares of the biotechnology company's stock worth $107,000 after acquiring an additional 1,256 shares in the last quarter. Bank of America Corp DE raised its stake in Benitec Biopharma by 43.3% during the 1st 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 during the period. ADAR1 Capital Management LLC purchased a new position in Benitec Biopharma during the first quarter valued at approximately $186,000. Bank of New York Mellon Corp lifted its holdings in Benitec Biopharma by 37.6% during the first quarter. Bank of New York Mellon Corp now owns 43,489 shares of the biotechnology company's stock valued at $463,000 after purchasing an additional 11,877 shares in the last quarter. Finally, Empery Asset Management LP purchased a new position in Benitec Biopharma during the fourth quarter valued at approximately $747,000. Institutional investors own 52.19% of the company's stock.

Benitec Biopharma Company Profile

Benitec Biopharma Inc NASDAQ: BNTC is a clinical-stage biotechnology company developing genetic medicines based on DNA-directed RNA interference (ddRNAi). The company's technology is designed to enable long-lasting suppression of disease-causing genes by delivering genetic instructions that produce RNA interference molecules within targeted cells.

Benitec's lead product candidate is BB-301, an investigational gene therapy being developed for oculopharyngeal muscular dystrophy type 1 (OPMD), a rare inherited disorder that can cause progressive weakness of the muscles involved in swallowing and eye movement.

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