Zenas BioPharma (NASDAQ:ZBIO) Shares Up 9.8% - Here's What Happened

Key Points

• Zenas BioPharma's shares rose by 9.8%, reaching a trading price of $17.57, despite a notable decline in trading volume.
• Wall Street analysts maintain a consensus rating of "Buy" for Zenas BioPharma, with price targets ranging from $30.00 to $36.67.
• The company reported a quarterly loss of ($1.25) earnings per share, which was less favorable than the consensus estimate of ($1.02).

Zenas BioPharma, Inc. (NASDAQ:ZBIO - Get Free Report) shares traded up 9.8% during trading on Tuesday . The stock traded as high as $17.60 and last traded at $17.57. 83,756 shares were traded during mid-day trading, a decline of 54% from the average session volume of 180,729 shares. The stock had previously closed at $16.00.

Analysts Set New Price Targets

Several analysts recently commented on the company. Wedbush reaffirmed an "outperform" rating and issued a $35.00 price objective on shares of Zenas BioPharma in a report on Thursday, May 15th. Wall Street Zen raised Zenas BioPharma from a "sell" rating to a "hold" rating in a report on Friday. Finally, HC Wainwright reaffirmed a "buy" rating and issued a $30.00 price objective on shares of Zenas BioPharma in a report on Friday, May 16th. Three research analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, Zenas BioPharma has a consensus rating of "Buy" and a consensus target price of $36.67.

Zenas BioPharma Price Performance

The company has a market cap of $863.68 million and a P/E ratio of -5.78. The stock's 50-day simple moving average is $14.73.

Zenas BioPharma (NASDAQ:ZBIO - Get Free Report) last released its 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).

Hedge Funds Weigh In On Zenas BioPharma

Institutional investors and hedge funds have recently bought and sold shares of the stock. New York State Common Retirement Fund purchased a new position in Zenas BioPharma during the first quarter valued at $49,000. Nuveen LLC purchased a new position in shares of Zenas BioPharma in the first quarter valued at about $250,000. Jefferies Financial Group Inc. purchased a new position in shares of Zenas BioPharma in the first quarter valued at about $348,000. Geode Capital Management LLC lifted its position in shares of Zenas BioPharma by 4.6% in the second quarter. Geode Capital Management LLC now owns 373,617 shares of the company's stock valued at $3,621,000 after acquiring an additional 16,461 shares in the last quarter. Finally, Rhumbline Advisers lifted its position in shares of Zenas BioPharma by 71.3% in the second quarter. Rhumbline Advisers now owns 19,721 shares of the company's stock valued at $191,000 after acquiring 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.