Rezolute (NASDAQ:RZLT) Shares Up 6.5% - Here's What Happened

Key Points

• Rezolute's stock price increased by 6.5% on Friday, closing at $6.25 after trading as high as $6.10, although the trading volume was down significantly by 70% from the average.
• Analyst ratings have been mixed, with Wall Street Zen downgrading the stock to a "sell" rating, while other firms like Wedbush and HC Wainwright have maintained higher price targets of $12 and $14, respectively.
• Recently, insider buying activity was notable, as Director Young-Jin Kim purchased over 1.2 million shares, increasing their ownership by 17%.
• Institutional investors control approximately 82.97% of Rezolute's stock, indicating significant institutional interest in the company.

Rezolute, Inc. (NASDAQ:RZLT - Get Free Report)'s share price shot up 6.5% during mid-day trading on Friday . The stock traded as high as $6.10 and last traded at $6.25. 283,075 shares changed hands during mid-day trading, a decline of 70% from the average session volume of 956,428 shares. The stock had previously closed at $5.87.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on RZLT. HC Wainwright reaffirmed a "buy" rating and issued a $14.00 price objective on shares of Rezolute in a research note on Monday, April 28th. Wedbush reaffirmed an "outperform" rating and issued a $12.00 price objective on shares of Rezolute in a research note on Wednesday, May 14th. Finally, Wall Street Zen downgraded Rezolute from a "hold" rating to a "sell" rating in a research note on Thursday, May 22nd. One equities research analyst has rated the stock with a sell rating, six have assigned a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $11.83.

Rezolute Trading Down 3.4%

The firm has a market cap of $535.92 million, a price-to-earnings ratio of -5.36 and a beta of 1.03. The business's 50-day simple moving average is $4.64 and its two-hundred day simple moving average is $4.14.

Rezolute (NASDAQ:RZLT - Get Free Report) last posted its quarterly earnings results on Tuesday, May 13th. The company reported ($0.27) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.22) by ($0.05). On average, analysts forecast that Rezolute, Inc. will post -0.93 earnings per share for the current fiscal year.

Insider Activity

In other Rezolute news, Director Young-Jin Kim purchased 1,230,769 shares of the business's stock in a transaction on Friday, June 13th. The shares were purchased at an average cost of $3.25 per share, for a total transaction of $3,999,999.25. Following the acquisition, the director 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In the last quarter, insiders purchased 1,241,345 shares of company stock worth $4,041,196. 18.39% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Rezolute

Large investors have recently modified their holdings of the company. Adage Capital Partners GP L.L.C. increased its holdings in Rezolute by 699.7% in the 4th quarter. Adage Capital Partners GP L.L.C. now owns 2,525,883 shares of the company's stock worth $12,377,000 after acquiring an additional 2,210,038 shares during the last quarter. Woodline Partners LP lifted its position in Rezolute by 2,817.1% in the 4th quarter. Woodline Partners LP now owns 1,089,345 shares of the company's stock worth $5,338,000 after buying an additional 1,052,002 shares during the last quarter. Susquehanna International Group LLP lifted its position in Rezolute by 749.0% in the 4th quarter. Susquehanna International Group LLP now owns 893,601 shares of the company's stock worth $4,379,000 after buying an additional 788,349 shares during the last quarter. Walleye Capital LLC purchased a new position in Rezolute in the 4th quarter worth approximately $2,408,000. Finally, Nantahala Capital Management LLC increased its stake in Rezolute by 10.9% in the 4th quarter. Nantahala Capital Management LLC now owns 2,857,982 shares of the company's stock worth $14,004,000 after purchasing an additional 280,861 shares during the period. 82.97% of the stock is currently owned by institutional investors.

Rezolute Company Profile

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.