XBiotech (NASDAQ:XBIT) Share Price Passes Above 50 Day Moving Average - Here's What Happened

Key Points

• XBiotech shares briefly moved above their 50-day moving average of $2.30, reaching $2.32 before last trading at $2.30. The stock was down 0.4% and had a market capitalization of approximately $70.1 million.
• Analyst sentiment remains negative: Weiss Ratings upgraded the stock from “sell (e+)” to “sell (d-),” while the overall consensus rating is still Sell.
• XBiotech reported a quarterly loss of $0.22 per share, missing the consensus estimate of a $0.03 loss. Institutional investors own 55.7% of the company, with several hedge funds recently increasing or initiating positions.

XBiotech Inc. (NASDAQ:XBIT - Get Free Report) shares passed above its fifty day moving average during trading on Tuesday . The stock has a fifty day moving average of $2.30 and traded as high as $2.32. XBiotech shares last traded at $2.30, with a volume of 52,245 shares.

Analysts Set New Price Targets

Separately, Weiss Ratings upgraded shares of XBiotech from a "sell (e+)" rating to a "sell (d-)" rating in a research note on Tuesday, August 18th. One investment analyst has rated the stock with a Sell rating, According to data from MarketBeat, XBiotech has a consensus rating of "Sell".

XBiotech Trading Down 0.4%

The firm has a market cap of $70.13 million, a price-to-earnings ratio of -1.55 and a beta of 0.84. The stock has a 50-day moving average of $2.30 and a 200-day moving average of $2.36.

XBiotech (NASDAQ:XBIT - Get Free Report) last issued its quarterly earnings data on Thursday, August 13th. The biopharmaceutical company reported ($0.22) earnings per share for the quarter, missing analysts' consensus estimates of $0.03 by ($0.25).

Institutional Investors Weigh In On XBiotech

Several hedge funds have recently modified their holdings of XBIT. Bank of America Corp DE lifted its holdings in shares of XBiotech by 42.0% in the fourth quarter. Bank of America Corp DE now owns 19,888 shares of the biopharmaceutical company's stock valued at $79,000 after purchasing an additional 5,887 shares in the last quarter. XTX Topco Ltd purchased a new position in shares of XBiotech during the second quarter valued at $61,000. Qube Research & Technologies Ltd acquired a new position in XBiotech during the second quarter valued at $96,000. Jane Street Group LLC acquired a new position in XBiotech during the second quarter valued at $75,000. Finally, BNP Paribas Financial Markets lifted its stake in XBiotech by 27.1% in the 2nd quarter. BNP Paribas Financial Markets now owns 20,729 shares of the biopharmaceutical company's stock worth $62,000 after acquiring an additional 4,416 shares in the last quarter. 55.70% of the stock is owned by hedge funds and other institutional investors.

About XBiotech

XBiotech Inc is a clinical-stage biopharmaceutical company developing human antibodies to treat cancer and other inflammatory-driven diseases. The company's core technology, the True Human™ antibody platform, enables the discovery and development of monoclonal antibodies that mimic the human immune response without the need for genetic humanization. XBiotech's lead therapeutic candidate targets interleukin-1 alpha (IL-1α), a key mediator of inflammation associated with tumor growth and chronic disease.

The company's most advanced program, Xilonix® (MABp1), is a first-in-class anti-IL-1α antibody that has completed Phase 3 clinical trials in metastatic colorectal cancer patients.

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