Zenas BioPharma (NASDAQ:ZBIO) Shares Down 5.3% - What's Next?

Key Points

• Zenas BioPharma's stock price decreased by 5.3%, trading as low as $20.93, with a significant drop in trading volume, down 63% from its average.
• Wall Street analysts have cut Zenas BioPharma's rating from "hold" to "sell", while its current consensus rating remains "Buy" with a target price of $36.67.
• The company reported a quarterly loss of ($1.25) earnings per share, which was a miss compared to the consensus estimate of (1.02).

Zenas BioPharma, Inc. (NASDAQ:ZBIO - Get Free Report)'s stock price dropped 5.3% on Thursday . The company traded as low as $20.93 and last traded at $20.95. Approximately 71,037 shares traded hands during mid-day trading, a decline of 63% from the average daily volume of 193,717 shares. The stock had previously closed at $22.12.

Wall Street Analysts Forecast Growth

Separately, Wall Street Zen cut shares of Zenas BioPharma from a "hold" rating to a "sell" rating in a report on Friday, September 26th. Three analysts have rated the stock with a Buy rating, According to MarketBeat.com, the company currently has a consensus rating of "Buy" and a consensus target price of $36.67.

Zenas BioPharma Trading Down 5.7%

The company has a market cap of $878.41 million and a PE ratio of -5.88. The firm's fifty day moving average is $17.75 and its 200 day moving average is $12.65.

Zenas BioPharma (NASDAQ:ZBIO - Get Free Report) last announced 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 Trading of Zenas BioPharma

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Bank of America Corp DE raised its holdings in Zenas BioPharma by 32.3% during the second quarter. Bank of America Corp DE now owns 13,991 shares of the company's stock worth $136,000 after purchasing an additional 3,412 shares in the last quarter. Sei Investments Co. purchased a new position in shares of Zenas BioPharma during the second quarter worth approximately $118,000. Federated Hermes Inc. grew its position in shares of Zenas BioPharma by 60.8% during the second quarter. Federated Hermes Inc. now owns 1,861,838 shares of the company's stock worth $18,041,000 after acquiring an additional 703,838 shares during the last quarter. Rhumbline Advisers grew its position in shares of Zenas BioPharma by 71.3% during the second quarter. Rhumbline Advisers now owns 19,721 shares of the company's stock worth $191,000 after acquiring an additional 8,207 shares during the last quarter. Finally, Intech Investment Management LLC grew its position in shares of Zenas BioPharma by 13.9% during the second quarter. Intech Investment Management LLC now owns 13,206 shares of the company's stock worth $128,000 after acquiring an additional 1,607 shares during the last quarter.

About Zenas BioPharma

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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