Zura Bio (NASDAQ:ZURA) Trading Up 7.5% - Time to Buy?

Key Points

• Zura Bio's stock price increased by 7.5% during trading, reaching a high of $1.61 before closing at $1.57.
• Despite the positive movement in stock price, Oppenheimer lowered their price target on Zura Bio from $19.00 to $17.00 while maintaining an "outperform" rating.
• The company recently reported an EPS of (-$0.19), missing estimates, and is projected to post an EPS of (-$0.65) for the current fiscal year according to analysts.

Zura Bio Limited (NASDAQ:ZURA - Get Free Report) shot up 7.5% during mid-day trading on Tuesday . The company traded as high as $1.61 and last traded at $1.57. 410,732 shares changed hands during mid-day trading, a decline of 59% from the average session volume of 991,829 shares. The stock had previously closed at $1.46.

Wall Street Analysts Forecast Growth

Separately, Oppenheimer lowered their price objective on shares of Zura Bio from $19.00 to $17.00 and set an "outperform" rating for the company in a research note on Friday, May 9th. Seven equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Buy" and an average target price of $14.33.

Zura Bio Stock Performance

The firm's 50 day simple moving average is $1.30 and its 200 day simple moving average is $1.33. The firm has a market capitalization of $103.94 million, a price-to-earnings ratio of -2.17 and a beta of -0.06.

Zura Bio (NASDAQ:ZURA - Get Free Report) last announced its quarterly earnings results on Thursday, May 8th. The company reported ($0.19) earnings per share for the quarter, missing the consensus estimate of ($0.17) by ($0.02). As a group, sell-side analysts forecast that Zura Bio Limited will post -0.65 earnings per share for the current year.

Hedge Funds Weigh In On Zura Bio

Several large investors have recently made changes to their positions in ZURA. Millennium Management LLC increased its stake in Zura Bio by 1,499.0% during the fourth quarter. Millennium Management LLC now owns 701,278 shares of the company's stock worth $1,753,000 after acquiring an additional 657,420 shares during the last quarter. Barclays PLC lifted its position in shares of Zura Bio by 22.6% during the 4th quarter. Barclays PLC now owns 78,523 shares of the company's stock worth $197,000 after buying an additional 14,462 shares during the last quarter. JPMorgan Chase & Co. boosted its holdings in shares of Zura Bio by 12,060.8% in the fourth quarter. JPMorgan Chase & Co. now owns 2,633,185 shares of the company's stock valued at $6,583,000 after acquiring an additional 2,611,532 shares during the period. ProShare Advisors LLC purchased a new position in shares of Zura Bio in the 4th quarter valued at approximately $35,000. Finally, Renaissance Technologies LLC lifted its stake in shares of Zura Bio by 102.1% in the 4th quarter. Renaissance Technologies LLC now owns 129,114 shares of the company's stock worth $323,000 after acquiring an additional 65,214 shares during the period. 61.14% of the stock is currently owned by institutional investors and hedge funds.

About Zura Bio

Zura Bio Limited, a clinical-stage biotechnology company, focuses on developing novel medicines for immune and inflammatory disorders. It develops Tibulizumab, an IgG-scFv bispecific dual-antagonist antibody engineered by the fusion of ixekizumab and tabalumab that neutralizes IL-17A and BAFF, which is in Phase 2 clinical trial development; ZB-168, a monoclonal antibody that binds and neutralizes the IL-7 receptor chain that impact on diseases driven by IL7 and thymic stromal lymphopoietin immune pathways; and Torudokimab, a monoclonal antibody that neutralizes IL33, which is in Phase 2 clinical trial development.