Regencell Bioscience (NASDAQ:RGC) Shares Down 3.9% – Here’s Why

Shares of Regencell Bioscience Holdings Limited (NASDAQ:RGC) dropped 3.9% during mid-day trading on Friday . The stock traded as low as $5.22 and last traded at $5.23. Approximately 93,399 shares traded hands during trading, a decline of 70% from the average daily volume of 307,115 shares. The stock had previously closed at $5.44.

Analysts Set New Price Targets

Several equities analysts have weighed in on RGC shares. Wall Street Zen lowered Regencell Bioscience from a “hold” rating to a “sell” rating in a report on Saturday, July 18th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Regencell Bioscience in a research report on Wednesday, June 24th. One investment analyst has rated the stock with a Sell rating, Based on data from MarketBeat.com, the company currently has an average rating of “Sell”.

Regencell Bioscience Stock Performance

The stock’s 50 day moving average is $7.19 and its 200 day moving average is $19.89.

Institutional Investors Weigh In On Regencell Bioscience

Several institutional investors have recently made changes to their positions in the stock. Seven Fleet Capital Management LP purchased a new position in shares of Regencell Bioscience in the fourth quarter valued at $92,000. Amundi purchased a new stake in Regencell Bioscience during the 1st quarter worth about $219,000. Hudson Bay Capital Management LP purchased a new stake in Regencell Bioscience during the 4th quarter worth about $275,000. Bank of America Corp DE boosted its stake in Regencell Bioscience by 59,113.8% in the 1st quarter. Bank of America Corp DE now owns 17,172 shares of the company’s stock worth $437,000 after purchasing an additional 17,143 shares during the period. Finally, Vident Advisory LLC boosted its stake in Regencell Bioscience by 65.7% in the 4th quarter. Vident Advisory LLC now owns 29,934 shares of the company’s stock worth $629,000 after purchasing an additional 11,866 shares during the period. Hedge funds and other institutional investors own 0.13% of the company’s stock.

Regencell Bioscience Company Profile

Regencell Bioscience Holdings Limited operates a Traditional Chinese medicine (TCM) bioscience company. It focuses on the research, development, and commercialization of TCM for the treatment of neurocognitive disorders and degeneration, primarily attention deficit hyperactivity disorder and autism spectrum disorder. The company was incorporated in 2014 and is headquartered in Causeway Bay, Hong Kong.