XBiotech (NASDAQ:XBIT) Stock Breaks Below Fifty Day Moving Average – What’s Next?
by Danessa Lincoln · The Markets DailyXBiotech Inc. (NASDAQ:XBIT – Get Free Report)’s share price crossed below its 50-day moving average during trading on Friday. The stock has a 50-day moving average of $2.24 and traded as low as $2.19. XBiotech shares last traded at $2.19, with a volume of 25,235 shares trading hands.
Analyst Ratings Changes
Separately, Weiss Ratings downgraded XBiotech from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Monday, September 28th. One research analyst has rated the stock with a Sell rating, According to MarketBeat, XBiotech currently has a consensus rating of “Sell”.
Read Our Latest Analysis on XBiotech
XBiotech Price Performance
The stock has a market capitalization of $66.77 million, a P/E ratio of -1.48 and a beta of 0.79. The company’s 50 day simple moving average is $2.24 and its two-hundred day simple moving average is $2.33.
XBiotech (NASDAQ:XBIT – Get Free Report) last posted its earnings results on Thursday, August 13th. The biopharmaceutical company reported ($0.22) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.03 by ($0.25).
Institutional Trading of XBiotech
A number of hedge funds and other institutional investors have recently made changes to their positions in XBIT. Renaissance Technologies LLC bought a new position in shares of XBiotech in the first quarter valued at about $53,000. Bank of America Corp DE acquired a new stake in XBiotech in the 2nd quarter valued at about $55,000. Connor Clark & Lunn Investment Management Ltd. acquired a new stake in XBiotech in the 2nd quarter valued at about $64,000. GSA Capital Partners LLP bought a new position in shares of XBiotech in the second quarter worth about $71,000. Finally, Bank of New York Mellon Corp bought a new position in shares of XBiotech in the second quarter worth about $91,000. 55.70% of the stock is currently owned by institutional investors and hedge funds.
About XBiotech
XBiotech Inc is a biotechnology company focused on developing therapies that target inflammation and other disease processes. The company’s technology platform is based on “True Human” monoclonal antibodies, which are derived from naturally occurring human antibodies rather than genetically engineered or animal-derived antibody sequences.
XBiotech’s research has included bermekimab, a fully human antibody designed to neutralize interleukin-1 alpha, an inflammatory protein associated with cancer, autoimmune conditions and other diseases.