XBiotech (NASDAQ:XBIT) Stock Price Crosses Below 50 Day Moving Average – Here’s What Happened
by Michael Walen · The Markets DailyXBiotech Inc. (NASDAQ:XBIT – Get Free Report)’s stock price passed below its 50 day moving average during trading on Tuesday . The stock has a 50 day moving average of $2.42 and traded as low as $2.30. XBiotech shares last traded at $2.30, with a volume of 14,689 shares traded.
Wall Street Analysts Forecast Growth
Separately, Weiss Ratings cut XBiotech from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Tuesday. One research analyst has rated the stock with a Sell rating, According to MarketBeat.com, the stock presently has a consensus rating of “Sell”.
Read Our Latest Analysis on XBIT
XBiotech Stock Performance
The firm has a market cap of $70.13 million, a P/E ratio of -1.74 and a beta of 0.86. The stock’s 50-day moving average is $2.41 and its 200 day moving average is $2.42.
XBiotech (NASDAQ:XBIT – Get Free Report) last released its quarterly earnings results on Thursday, May 14th. The biopharmaceutical company reported ($0.18) earnings per share for the quarter, missing the consensus estimate of $0.03 by ($0.21).
Institutional Trading of XBiotech
A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Bridgeway Capital Management LLC lifted its position in shares of XBiotech by 50.4% in the fourth quarter. Bridgeway Capital Management LLC now owns 89,547 shares of the biopharmaceutical company’s stock worth $214,000 after purchasing an additional 30,000 shares in the last quarter. State Street Corp increased its stake in XBiotech by 8.5% in the 4th quarter. State Street Corp now owns 73,006 shares of the biopharmaceutical company’s stock valued at $174,000 after buying an additional 5,700 shares during the last quarter. Jane Street Group LLC increased its stake in XBiotech by 25.1% in the 4th quarter. Jane Street Group LLC now owns 69,738 shares of the biopharmaceutical company’s stock valued at $167,000 after buying an additional 13,971 shares during the last quarter. Squarepoint Ops LLC increased its stake in XBiotech by 56.3% in the 3rd quarter. Squarepoint Ops LLC now owns 62,159 shares of the biopharmaceutical company’s stock valued at $165,000 after buying an additional 22,383 shares during the last quarter. Finally, Bank of America Corp DE lifted its position in XBiotech by 160.3% during the 3rd quarter. Bank of America Corp DE now owns 47,389 shares of the biopharmaceutical company’s stock worth $126,000 after buying an additional 29,181 shares in the last quarter. 55.70% of the stock is currently owned by institutional investors and hedge funds.
About XBiotech
XBiotech Inc is a clinical-stage biopharmaceutical company developing human antibodies to treat cancer and other inflammatory-driven diseases. The company’s core technology, the True Human™ antibody platform, enables the discovery and development of monoclonal antibodies that mimic the human immune response without the need for genetic humanization. XBiotech’s lead therapeutic candidate targets interleukin-1 alpha (IL-1α), a key mediator of inflammation associated with tumor growth and chronic disease.
The company’s most advanced program, Xilonix® (MABp1), is a first-in-class anti-IL-1α antibody that has completed Phase 3 clinical trials in metastatic colorectal cancer patients.