Gritstone bio’s (GRTS) Neutral Rating Reiterated at HC Wainwright

Gritstone bio (NASDAQ:GRTS)‘s stock had its “neutral” rating reaffirmed by stock analysts at HC Wainwright in a report released on Tuesday, Benzinga reports. They presently have a $0.50 target price on the stock, down from their previous target price of $4.00. HC Wainwright’s price target would indicate a potential upside of 98.49% from the stock’s previous close.

Separately, JMP Securities downgraded 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 traded down $0.33 on Tuesday, reaching $0.25. 20,315,068 shares of the company traded hands, compared to its average volume of 2,155,637. Gritstone bio has a fifty-two week low of $0.24 and a fifty-two week high of $3.33. The company’s 50 day moving average is $0.54 and its 200-day moving average is $0.85. The stock has a market capitalization of $27.35 million, a PE ratio of -0.20 and a beta of 0.47. The company has a debt-to-equity ratio of 1.83, a current ratio of 2.54 and a quick ratio of 2.54.

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

Hedge Funds Weigh In On Gritstone bio

Several hedge funds have recently bought and sold shares of the business. Point72 DIFC Ltd acquired a new position in Gritstone bio during the second quarter worth $29,000. Point72 Asia Singapore Pte. Ltd. acquired a new stake in shares of Gritstone bio in the second quarter valued at about $96,000. Victory Capital Management Inc. grew its position in shares of Gritstone bio by 4,598.5% in the second 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 last quarter. Forum Financial Management LP grew its position in shares of Gritstone bio by 63.1% in the second quarter. Forum Financial Management LP now owns 250,000 shares of the company’s stock valued at $154,000 after purchasing an additional 96,763 shares during the last quarter. Finally, Artal Group S.A. acquired a new stake in shares of Gritstone bio in the first quarter valued at about $2,650,000. 48.46% of the stock is owned by institutional investors and hedge funds.

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.