Rezolute (NASDAQ:RZLT) Reaches New 52-Week High - Here's Why

Key Points

• Rezolute, Inc. stock reached a new 52-week high of $8.34, showing significant trading volume of 664,008 shares.
• Analysts have mixed views on the stock, with a consensus price target of $11.67 and ratings ranging from "buy" to "sell."
• Company insiders, including Director Young-Jin Kim, increased their holdings significantly, purchasing over 1.2 million shares recently.

Rezolute, Inc. (NASDAQ:RZLT - Get Free Report)'s stock price hit a new 52-week high during mid-day trading on Thursday . The company traded as high as $8.34 and last traded at $8.10, with a volume of 664008 shares traded. The stock had previously closed at $8.08.

Analyst Ratings Changes

RZLT has been the subject of a number of research analyst reports. HC Wainwright restated a "buy" rating and issued a $14.00 price target on shares of Rezolute in a research note on Wednesday, September 3rd. Wall Street Zen lowered shares of Rezolute from a "hold" rating to a "sell" rating in a research note on Thursday, May 22nd. Finally, Wedbush reissued an "outperform" rating and set a $12.00 price target on shares of Rezolute in a research report on Wednesday, May 14th. One equities research analyst has rated the stock with a Strong Buy rating and four have given a Buy rating to the company. According to MarketBeat.com, the company presently has an average rating of "Buy" and a consensus price target of $11.67.

Rezolute Stock Up 0.2%

The stock has a 50 day simple moving average of $6.24 and a 200 day simple moving average of $4.56. The company has a market capitalization of $704.70 million, a price-to-earnings ratio of -7.04 and a beta of 0.03.

Insiders Place Their Bets

In related news, Director Young-Jin Kim bought 1,230,769 shares of the company's stock in a transaction on Friday, June 13th. The shares were purchased at an average cost of $3.25 per share, with a total value of $3,999,999.25. Following the completion of the transaction, the director directly owned 8,423,386 shares of the company's stock, valued at approximately $27,376,004.50. This represents a 17.11% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders acquired 1,241,345 shares of company stock valued at $4,041,196 over the last quarter. 18.39% of the stock is owned by company insiders.

Hedge Funds Weigh In On Rezolute

Hedge funds and other institutional investors have recently modified their holdings of the company. Man Group plc acquired a new position in shares of Rezolute during the fourth quarter valued at $425,000. XTX Topco Ltd acquired a new position in shares of Rezolute during the first quarter valued at $95,000. Ameriprise Financial Inc. acquired a new position in shares of Rezolute during the fourth quarter valued at $342,000. Dimensional Fund Advisors LP boosted its holdings in shares of Rezolute by 222.6% during the fourth quarter. Dimensional Fund Advisors LP now owns 185,768 shares of the company's stock valued at $910,000 after acquiring an additional 128,190 shares during the period. Finally, Balyasny Asset Management L.P. acquired a new position in shares of Rezolute during the fourth quarter valued at $168,000. Institutional investors and hedge funds own 82.97% of the company's stock.

About Rezolute

Rezolute, Inc, a clinical stage biopharmaceutical company, develops therapies for metabolic diseases associated with chronic glucose imbalance in the United States. The company's lead product candidate is RZ358, a human monoclonal antibody that is in Phase 2b clinical trial for the treatment of congenital hyperinsulinism, an ultra-rare pediatric genetic disorder.

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