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Mon. Jul 22nd, 2024

B. Riley reiterates “buy” rating on Gritstone bio (NASDAQ:GRTS)

By Vaseline May26,2024
B. Riley reiterates “buy” rating on Gritstone bio (NASDAQ:GRTS)


Gritstone bio (NASDAQ:GRTS – Get a Free Report)The stock’s “buy” rating was reaffirmed by research analysts at B. Riley in a note issued to investors on Friday, Benzinga reports. They currently have a target price of $3.00 for the stock, down from their previous target price of $6.00. B. Riley’s price target would indicate a potential upside of 274.25% from the company’s previous closing price.

Several other research firms have also recently released reports on GRTS. HC Wainwright lowered his price target on shares of Gritstone bio from $7.00 to $4.00 and set a “buy” rating on the stock in a research note on Monday, May 13th. JMP Securities raised their target price on shares of Gritstone bio from $4.00 to $5.00 and gave the stock a “market outperform” rating in a research report on Tuesday, April 2.

Check out our latest analysis on Gritstone bio

Gritstone bio Trade decrease 2.5%

Shares of Gritstone bio stock opened at $0.80 on Friday. Gritstone bio has a 1-year low of $0.67 and a 1-year high of $3.33. The company has a debt-to-equity ratio of 2.89, a current ratio of 2.00 and a quick ratio of 2.00. The company has a 50-day moving average of $1.25 and a 200-day moving average of $1.78. The company has a market cap of $87.03 million, a price-to-earnings ratio of -0.65 and a beta of 0.64.

Gritstone bio (NASDAQ:GRTS – Get Free Report) last reported its quarterly results on Thursday, May 9. The company reported ($0.34) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.30) ($0.04). The company had revenue of $1.74 million during the quarter, compared to analyst estimates of $5.90 million. Gritstone bio had a negative return on equity of 232.42% and a negative net margin of 926.13%. During the same period last year, the company earned earnings per share of ($0.30). Sell-side analysts expect Gritstone bio to post -0.94 earnings per share for the current fiscal year.

Institutional inflow and outflow

A number of institutional investors and hedge funds have recently changed their holdings of GRTS. Forum Financial Management LP increased its position in shares of Gritstone bio by 78.0% in the third quarter. Forum Financial Management LP now owns 17,799 shares of the company’s stock worth $31,000 after acquiring an additional 7,799 shares during the last quarter. BNP Paribas Financial Markets increased its stake in Gritstone bio by 85.2% during the first quarter. BNP Paribas Financial Markets now owns 46,237 shares of the company’s stock worth $119,000 after purchasing an additional 21,271 shares during the period. Tidal Investments LLC bought a new stake in shares of Gritstone bio during the first quarter, valued at $63,000. Lazard Asset Management LLC bought a new stake in shares of Gritstone bio during the first quarter, valued at $70,000. Finally, Klingman & Associates LLC acquired a new stake in shares of Gritstone bio during the first quarter worth $89,000. Institutional investors and hedge funds own 48.46% of the company’s shares.

Gritstone bio Company profile

(Get a free report)

Gritstone bio, Inc, a clinical-stage biotechnology company, is engaged in the development of vaccine-based immunotherapy candidates against cancer and infectious diseases. Its lead 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 the treatment of solid tumors.

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