Gritstone bio (NASDAQ:GRTS) Earns “Neutral” Rating from B. Riley

B. Riley reaffirmed their neutral rating on shares of Gritstone bio (NASDAQ:GRTS) in a research report report published on Wednesday, Benzinga reports. B. Riley currently has a $1.00 price target on the stock, down from their previous price target of $3.00. B. Riley also issued estimates for Gritstone bio’s Q3 2024 earnings at ($0.14) EPS, Q4 2024 earnings at ($0.06) EPS, FY2024 earnings at ($0.62) EPS, FY2025 earnings at ($0.35) EPS and FY2026 earnings at ($0.32) EPS.

Other research analysts also recently issued reports about the stock. JMP Securities downgraded shares of Gritstone bio from an outperform rating to a market perform rating in a research report on Tuesday. HC Wainwright reiterated a neutral rating and set a $0.50 price objective (down previously from $4.00) on shares of Gritstone bio in a research note on Tuesday.

Gritstone bio Stock Down 5.0 %

Shares of GRTS stock opened at $0.19 on Wednesday. The company has a debt-to-equity ratio of 1.83, a quick ratio of 2.54 and a current ratio of 2.54. Gritstone bio has a fifty-two week low of $0.18 and a fifty-two week high of $3.33. The firm has a market capitalization of $20.63 million, a PE ratio of -0.15 and a beta of 0.47. The stock’s 50-day simple moving average is $0.50 and its 200-day simple moving average is $0.81.

Gritstone bio (NASDAQ:GRTS) last posted its quarterly earnings results on Tuesday, August 13th. The company reported ($0.16) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 company had revenue of $0.92 million during the quarter, compared to analyst estimates of $2.77 million. Equities analysts expect that Gritstone bio will post -0.88 earnings per share for the current year.

Hedge Funds Weigh In On Gritstone bio

Large investors have recently made changes to their positions in the company. Point72 DIFC Ltd acquired a new stake in Gritstone bio during the second quarter valued at $29,000. Point72 Asia Singapore Pte. Ltd. purchased a new stake in shares of Gritstone bio during the 2nd quarter worth about $96,000. Victory Capital Management Inc. grew its position in shares of Gritstone bio by 4,598.5% during the 2nd quarter. Victory Capital Management Inc. now owns 553,150 shares of the company’s stock valued at $342,000 after acquiring an additional 541,377 shares during the period. Forum Financial Management LP increased its stake in shares of Gritstone bio by 63.1% in the 2nd 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 in the last quarter. Finally, Artal Group S.A. purchased a new position in shares of Gritstone bio in the 1st quarter valued at about $2,650,000. 48.46% of the stock is currently 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.