SELLAS Life Sciences Group (NASDAQ:SLS) Shares Down 15.4% - Here's What Happened

Key Points

• SELLAS shares fell 15.4% to about $10.30, with trading volume below its average session level.
• Analyst sentiment is mixed: two analysts rate the stock a Buy and one rates it a Sell, resulting in a consensus “Hold” rating and a $10.00 price target.
• The clinical-stage cancer biotech missed quarterly earnings expectations, reporting a $0.05 loss per share versus the $0.04 loss analysts expected; institutional investors own 17.38% of the stock.

SELLAS Life Sciences Group, Inc. (NASDAQ:SLS - Get Free Report) shares dropped 15.4% on Wednesday. The company traded as low as $10.51 and last traded at $10.2990. Approximately 3,980,290 shares were traded during trading, a decline of 49% from the average session volume of 7,797,942 shares. The stock had previously closed at $12.17.

Wall Street Analysts Forecast Growth

SLS has been the subject of a number of analyst reports. Alliance Global Partners restated a "buy" rating on shares of SELLAS Life Sciences Group in a report on Wednesday, August 12th. Weiss Ratings reiterated a "sell (d-)" rating on shares of SELLAS Life Sciences Group in a research note on Thursday, October 15th. Two analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus price target of $10.00.

SELLAS Life Sciences Group Stock Performance

The business's fifty day moving average is $12.36 and its 200-day moving average is $8.47. The firm has a market cap of $2.02 billion, a P/E ratio of -47.45 and a beta of 2.56.

SELLAS Life Sciences Group (NASDAQ:SLS - Get Free Report) last released its quarterly earnings data on Tuesday, August 11th. The company reported ($0.05) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.04) by ($0.01).

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the business. Bank of New York Mellon Corp increased its stake in shares of SELLAS Life Sciences Group by 86.6% in the 1st quarter. Bank of New York Mellon Corp now owns 478,366 shares of the company's stock worth $2,023,000 after purchasing an additional 221,957 shares in the last quarter. Bank of America Corp DE lifted its holdings in shares of SELLAS Life Sciences Group by 535.7% in the 1st quarter. Bank of America Corp DE now owns 641,683 shares of the company's stock valued at $2,714,000 after acquiring an additional 540,748 shares during the last quarter. Dagco Inc. raised its position in SELLAS Life Sciences Group by 19.8% during the second quarter. Dagco Inc. now owns 1,232,433 shares of the company's stock valued at $18,191,000 after purchasing an additional 203,653 shares during the period. Wellington Management Group LLP raised its holdings in SELLAS Life Sciences Group by 73.2% during the 2nd quarter. Wellington Management Group LLP now owns 597,309 shares of the company's stock valued at $8,816,000 after buying an additional 252,531 shares during the period. Finally, Quantinno Capital Management LP bought a new position in SELLAS Life Sciences Group during the first quarter valued at $315,000. 17.38% of the stock is currently owned by institutional investors.

About SELLAS Life Sciences Group

SELLAS Life Sciences Group, Inc is a clinical-stage biopharmaceutical company focused on developing novel cancer therapies. The company's research and development programs are centered on treatments designed to stimulate or restore the immune system's ability to recognize and attack cancer cells, as well as targeted therapies for hematologic malignancies.

SELLAS' lead product candidate is galinpepimut-S (GPS), a multi-peptide immunotherapeutic targeting Wilms' tumor 1 (WT1), a protein expressed in multiple types of cancer.

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