Gritstone bio (NASDAQ:GRTS – Get Free Report)‘s stock had its “neutral” rating restated by equities researchers at HC Wainwright in a research note issued on Tuesday, Benzinga reports. They currently have a $0.50 target price on the stock, down from their prior target price of $4.00. HC Wainwright’s price target points to a potential upside of 98.49% from the company’s previous close.
Separately, JMP Securities cut shares of Gritstone bio from an “outperform” rating to a “market perform” rating in a research note on Tuesday.
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Gritstone bio Stock Performance
Gritstone bio (NASDAQ:GRTS – Get Free Report) last released its earnings results on Tuesday, August 13th. The company reported ($0.16) earnings per share for the quarter, beating the consensus estimate of ($0.28) by $0.12. Gritstone bio had a negative net margin of 910.50% and a negative return on equity of 328.51%. The business had revenue of $0.92 million during the quarter, compared to analysts’ expectations of $2.77 million. As a group, analysts predict that Gritstone bio will post -0.88 earnings per share for the current fiscal year.
Institutional Inflows and Outflows
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. lifted its stake in Gritstone bio by 7.2% during the first quarter. Vanguard Group Inc. now owns 4,733,791 shares of the company’s stock worth $12,166,000 after purchasing an additional 317,499 shares during the period. Artal Group S.A. bought a new position in Gritstone bio during the first quarter worth about $2,650,000. Victory Capital Management Inc. lifted its stake in Gritstone bio by 4,598.5% during the second quarter. Victory Capital Management Inc. now owns 553,150 shares of the company’s stock worth $342,000 after purchasing an additional 541,377 shares during the period. Forum Financial Management LP increased its holdings in shares of Gritstone bio by 63.1% during the second quarter. Forum Financial Management LP now owns 250,000 shares of the company’s stock worth $154,000 after buying an additional 96,763 shares in the last quarter. Finally, Susquehanna Fundamental Investments LLC acquired a new stake in shares of Gritstone bio during the first quarter worth approximately $636,000. Institutional investors own 48.46% of the company’s stock.
Gritstone bio Company Profile
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.
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