Rallybio (NASDAQ:RLYB) Shares Down 11.8%

Rallybio Co. (NASDAQ:RLYB) shares were down 11.8% on Tuesday . The stock traded as low as $1.16 and last traded at $1.20. Approximately 714,816 shares were traded during trading, a decline of 24% from the average daily volume of 943,522 shares. The stock had previously closed at $1.36.

Analysts Set New Price Targets

Several equities analysts recently weighed in on RLYB shares. JPMorgan Chase & Co. lowered shares of Rallybio from an “overweight” rating to a “neutral” rating in a research report on Wednesday, May 15th. JMP Securities restated a “market outperform” rating and set a $8.00 price target on shares of Rallybio in a research report on Thursday, April 18th. HC Wainwright reaffirmed a “buy” rating and set a $9.00 price objective on shares of Rallybio in a report on Friday, May 10th. Finally, Wedbush dropped their price objective on shares of Rallybio from $13.00 to $11.00 and set an “outperform” rating on the stock in a report on Thursday, April 11th. Two investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $12.20.

Rallybio Stock Down 11.8 %

The business’s 50-day simple moving average is $1.63 and its 200 day simple moving average is $1.78. The firm has a market capitalization of $49.74 million, a P/E ratio of -0.64 and a beta of -1.69.

Rallybio (NASDAQ:RLYB) last released its quarterly earnings results on Thursday, May 9th. The company reported ($0.47) earnings per share for the quarter, beating the consensus estimate of ($0.50) by $0.03. Sell-side analysts predict that Rallybio Co. will post -1.42 earnings per share for the current year.

Hedge Funds Weigh In On Rallybio

Several large investors have recently modified their holdings of the stock. SG Americas Securities LLC bought a new stake in Rallybio in the 4th quarter worth about $40,000. Acadian Asset Management LLC bought a new stake in shares of Rallybio during the 1st quarter valued at about $57,000. Vanguard Group Inc. grew its stake in shares of Rallybio by 1.2% during the 1st quarter. Vanguard Group Inc. now owns 1,076,771 shares of the company’s stock valued at $1,992,000 after purchasing an additional 12,801 shares during the period. Finally, abrdn plc bought a new stake in shares of Rallybio during the 4th quarter valued at about $4,128,000. Hedge funds and other institutional investors own 90.34% of the company’s stock.

About Rallybio

Rallybio Corporation, a clinical-stage biotechnology company, engages in development and commercialization of life-transforming therapies for patients suffering from severe and rare diseases. Its lead product candidate is RLYB212, a monoclonal anti-HPA-1a antibody that has completed Phase I clinical trial for the prevention of fetal and neonatal alloimmune thrombocytopenia (FNAIT); and RLYB211 for the prevention of FNAIT.