Zenas BioPharma (NASDAQ:ZBIO) Shares Down 5.1% - Here's Why

Key Points

• Zenas BioPharma's shares fell by 5.1%, trading as low as $20.74, with a significant decrease in trading volume compared to its average.
• Wall Street Zen upgraded the stock from a "sell" to a "hold" rating, while the consensus rating remains a "Buy" with a target price of $36.67.
• The company reported a quarterly loss of ($1.25) per share, missing the consensus estimate by ($0.23).

Zenas BioPharma, Inc. (NASDAQ:ZBIO - Get Free Report)'s share price dropped 5.1% during mid-day trading on Tuesday . The company traded as low as $20.74 and last traded at $20.84. Approximately 74,078 shares traded hands during trading, a decline of 61% from the average daily volume of 188,490 shares. The stock had previously closed at $21.95.

Analyst Ratings Changes

Separately, Wall Street Zen raised shares of Zenas BioPharma from a "sell" rating to a "hold" rating in a research report on Friday, September 5th. Three investment analysts have rated the stock with a Buy rating, According to data from MarketBeat, the stock has a consensus rating of "Buy" and a consensus price target of $36.67.

Zenas BioPharma Stock Performance

The business's 50-day moving average is $16.06. The company has a market capitalization of $768.09 million and a P/E ratio of -5.14.

Zenas BioPharma (NASDAQ:ZBIO - Get Free Report) last issued its quarterly earnings results on Tuesday, August 12th. The company reported ($1.25) earnings per share for the quarter, missing the consensus estimate of ($1.02) by ($0.23).

Institutional Investors Weigh In On Zenas BioPharma

Several institutional investors and hedge funds have recently made changes to their positions in ZBIO. Intech Investment Management LLC increased its holdings in shares of Zenas BioPharma by 13.9% in the 2nd quarter. Intech Investment Management LLC now owns 13,206 shares of the company's stock worth $128,000 after purchasing an additional 1,607 shares in the last quarter. PNC Financial Services Group Inc. lifted its holdings in shares of Zenas BioPharma by 41.2% during the second quarter. PNC Financial Services Group Inc. now owns 9,179 shares of the company's stock valued at $89,000 after purchasing an additional 2,679 shares in the last quarter. Bank of America Corp DE boosted its position in shares of Zenas BioPharma by 32.3% during the second quarter. Bank of America Corp DE now owns 13,991 shares of the company's stock valued at $136,000 after buying an additional 3,412 shares during the last quarter. New York State Common Retirement Fund purchased a new stake in shares of Zenas BioPharma during the first quarter valued at $49,000. Finally, Rhumbline Advisers increased its holdings in Zenas BioPharma by 71.3% in the 2nd quarter. Rhumbline Advisers now owns 19,721 shares of the company's stock worth $191,000 after buying an additional 8,207 shares in the last quarter.

Zenas BioPharma Company Profile

Zenas BioPharma, Inc is a clinical-stage global biopharmaceutical company, which engages in the development and commercialization of transformative immunology-based therapies for patients. The company was founded by Lonnie O. Moulder Jr on November 12, 2019 and is headquartered in Waltham, MA.

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