Western Copper and Gold's (WRN) "Buy" Rating Reiterated at HC Wainwright

Key Points

• HC Wainwright reiterated a "Buy" rating and set a $5.75 price target on Western Copper and Gold, implying roughly a 138.6% upside from the prior close.
• Institutional investors have been increasing exposure—Goldman Sachs nearly doubled its stake to 488,693 shares and several other firms (JPMorgan, XTX, Quadrature, Raymond James) added or initiated positions; institutions now own about 21.96% of the stock.
• Western Copper and Gold is advancing the large Casino Project in the Yukon (a major undeveloped copper–gold deposit), while its stock trades around $2.41 with a market cap of about $544 million.

Western Copper and Gold (NYSEAMERICAN:WRN - Get Free Report) TSE: WRN's stock had its "buy" rating reissued by stock analysts at HC Wainwright in a report issued on Wednesday,Benzinga reports. They currently have a $5.75 price objective on the stock. HC Wainwright's price objective indicates a potential upside of 138.59% from the company's previous close.

Western Copper and Gold Stock Down 1.2%

WRN opened at $2.41 on Wednesday. Western Copper and Gold has a twelve month low of $0.90 and a twelve month high of $4.26. The company has a fifty day moving average of $3.19 and a 200-day moving average of $2.61. The stock has a market cap of $543.74 million, a PE ratio of -241.00 and a beta of 1.02.

Hedge Funds Weigh In On Western Copper and Gold

Institutional investors and hedge funds have recently modified their holdings of the business. Goldman Sachs Group Inc. increased its stake in shares of Western Copper and Gold by 98.0% in the 1st quarter. Goldman Sachs Group Inc. now owns 488,693 shares of the company's stock valued at $555,000 after acquiring an additional 241,868 shares in the last quarter. JPMorgan Chase & Co. bought a new stake in Western Copper and Gold in the second quarter valued at $87,000. XTX Topco Ltd increased its stake in Western Copper and Gold by 317.9% in the second quarter. XTX Topco Ltd now owns 50,877 shares of the company's stock valued at $64,000 after purchasing an additional 38,704 shares in the last quarter. Quadrature Capital Ltd acquired a new position in shares of Western Copper and Gold during the second quarter valued at about $271,000. Finally, Raymond James Financial Inc. boosted its position in shares of Western Copper and Gold by 23.1% during the 2nd quarter. Raymond James Financial Inc. now owns 53,253 shares of the company's stock worth $67,000 after purchasing an additional 10,000 shares in the last quarter. 21.96% of the stock is currently owned by institutional investors.

Western Copper and Gold Company Profile

Western Copper and Gold Corporation is a Canada-based mineral exploration and development company focused on advancing one of the world's largest undeveloped copper-gold deposits. Listed on the NYSE American under the symbol WRN, the company's primary asset is the Casino Project, located in the Yukon Territory of northern Canada. Western Copper and Gold's activities are centered on resource definition, engineering studies, environmental assessment and community engagement to prepare the deposit for eventual production.

The Casino Project comprises multiple porphyry-style mineralized zones containing copper, gold, molybdenum and silver.

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