Gritstone bio (NASDAQ:GRTS) Lifted to Strong-Buy at Evercore ISI

Gritstone bio (NASDAQ:GRTS) was upgraded by analysts at Evercore ISI to a “strong-buy” rating in a report issued on Tuesday, Zacks.com reports.

A number of other research analysts have also recently commented on the stock. HC Wainwright reissued a “neutral” rating and issued a $0.50 target price (down previously from $4.00) on shares of Gritstone bio in a report on Tuesday. B. Riley reissued a “neutral” rating and issued a $1.00 price objective (down previously from $3.00) on shares of Gritstone bio in a research note on Wednesday. Finally, JMP Securities cut shares of Gritstone bio from an “outperform” rating to a “market perform” rating in a research note on Tuesday.

Gritstone bio Price Performance

Shares of NASDAQ:GRTS opened at $0.21 on Tuesday. The company has a current ratio of 2.54, a quick ratio of 2.54 and a debt-to-equity ratio of 1.83. The stock has a market capitalization of $22.37 million, a PE ratio of -0.17 and a beta of 0.47. The firm has a 50 day moving average of $0.53 and a 200-day moving average of $0.84. Gritstone bio has a 12 month low of $0.18 and a 12 month high of $3.33.

Gritstone bio (NASDAQ:GRTS) last released its earnings results on Tuesday, August 13th. The company reported ($0.16) earnings per share for the quarter, topping the consensus estimate of ($0.28) by $0.12. Gritstone bio had a negative return on equity of 328.51% and a negative net margin of 910.50%. The firm had revenue of $0.92 million during the quarter, compared to analysts’ expectations of $2.77 million. On average, equities research analysts predict that Gritstone bio will post -0.88 EPS for the current fiscal year.

Institutional Trading of Gritstone bio

Several institutional investors have recently modified their holdings of the business. Point72 DIFC Ltd acquired a new position in Gritstone bio during the 2nd quarter worth about $29,000. Point72 Asia Singapore Pte. Ltd. bought a new stake in Gritstone bio in the second quarter valued at approximately $96,000. Victory Capital Management Inc. increased its position in Gritstone bio by 4,598.5% during the 2nd quarter. Victory Capital Management Inc. now owns 553,150 shares of the company’s stock valued at $342,000 after purchasing an additional 541,377 shares during the period. Forum Financial Management LP raised its holdings in Gritstone bio by 63.1% during the 2nd quarter. Forum Financial Management LP now owns 250,000 shares of the company’s stock worth $154,000 after purchasing an additional 96,763 shares during the last quarter. Finally, Artal Group S.A. acquired a new position in shares of Gritstone bio in the 1st quarter worth approximately $2,650,000. Institutional investors own 48.46% of the company’s stock.

About Gritstone bio

Gritstone bio, Inc, a clinical-stage biotechnology company, engages in developing vaccine-based immunotherapy candidates against cancer and infectious diseases. Its primary product candidate is GRANITE, an individualized immunotherapy candidate, which is in Phase 2/3 clinical trials for the treatment of microsatellite stable colorectal cancers; and has completed Phase 1/2 clinical trials for treating solid tumors.