Zhengye Biotechnology (NASDAQ:ZYBT) Trading 5.3% Higher - Here's What Happened

Key Points

• Zhengye Biotechnology's share price increased by 5.3% to $8.42 during mid-day trading on Tuesday, despite a significant drop in trading volume.
• Wall Street analysts have upgraded the stock to a "hold" rating, indicating a cautious optimism about its future performance.
• Several large investors, including Geode Capital Management and Invesco Ltd., have recently purchased new stakes in Zhengye Biotechnology, signaling potential confidence from institutional investors.

Zhengye Biotechnology Holding Limited (NASDAQ:ZYBT - Get Free Report) traded up 5.3% on Tuesday . The stock traded as high as $8.96 and last traded at $8.42. 44,872 shares traded hands during trading, a decline of 69% from the average session volume of 145,402 shares. The stock had previously closed at $8.00.

Wall Street Analyst Weigh In

Separately, Wall Street Zen upgraded shares of Zhengye Biotechnology to a "hold" rating in a report on Saturday, August 2nd.

Zhengye Biotechnology Stock Up 5.5%

The company has a current ratio of 1.31, a quick ratio of 0.88 and a debt-to-equity ratio of 0.01. The firm's 50-day moving average price is $6.55 and its 200 day moving average price is $6.73.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Geode Capital Management LLC purchased a new stake in shares of Zhengye Biotechnology during the 2nd quarter valued at approximately $174,000. Invesco Ltd. bought a new position in shares of Zhengye Biotechnology in the 2nd quarter worth $220,000. Finally, Jane Street Group LLC purchased a new position in Zhengye Biotechnology in the 2nd quarter worth $1,158,000.

Zhengye Biotechnology Company Profile

Zhengye Biotechnology Holding Limited is a veterinary vaccine manufacturer which encompasses research, development, manufacturing and sales of veterinary vaccines, with a focus on livestock vaccine principally in China. Zhengye Biotechnology Holding Limited is based in Jilin, China.