iBio (NASDAQ:IBIO) Releases Quarterly Earnings Results, Beats Estimates By $0.03 EPS

iBio (NASDAQ:IBIO) announced its quarterly earnings results on Friday. The company reported ($0.04) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.07) by $0.03, Zacks reports.

iBio Stock Performance

Shares of IBIO stock opened at $1.40 on Friday. The firm has a market cap of $69.55 million, a price-to-earnings ratio of -2.41 and a beta of 1.30. iBio has a 52 week low of $0.77 and a 52 week high of $3.82. The firm’s 50-day simple moving average is $1.49 and its two-hundred day simple moving average is $1.84.

Analysts Set New Price Targets

Several equities analysts have weighed in on IBIO shares. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of iBio in a report on Wednesday, June 24th. Raymond James Financial started coverage on shares of iBio in a report on Monday, June 8th. They issued an “outperform” rating and a $5.00 target price for the company. Wall Street Zen lowered shares of iBio from a “hold” rating to a “sell” rating in a research report on Sunday, August 23rd. Chardan Capital restated a “buy” rating and set a $5.00 price target on shares of iBio in a report on Thursday, July 2nd. Finally, B. Riley Financial began coverage on shares of iBio in a research note on Friday, June 5th. They issued a “buy” rating and a $6.00 price objective for the company. Three equities research analysts have rated the stock with a Strong Buy rating, four have given a Buy rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Buy” and an average target price of $5.00.

Institutional Investors Weigh In On iBio

Large investors have recently modified their holdings of the stock. Affinity Asset Advisors LLC bought a new stake in shares of iBio in the 4th quarter worth approximately $3,970,000. Logos Global Management LP purchased a new position in shares of iBio during the 4th quarter valued at $3,860,000. Balyasny Asset Management L.P. grew its stake in shares of iBio by 10,440.2% during the 4th quarter. Balyasny Asset Management L.P. now owns 1,096,179 shares of the company’s stock worth $2,116,000 after acquiring an additional 1,085,779 shares during the period. Ameriprise Financial Inc. bought a new position in shares of iBio during the 3rd quarter worth $399,000. Finally, ADAR1 Capital Management LLC grew its stake in shares of iBio by 1,402.0% during the 4th quarter. ADAR1 Capital Management LLC now owns 405,531 shares of the company’s stock worth $783,000 after acquiring an additional 378,531 shares during the period. Hedge funds and other institutional investors own 7.90% of the company’s stock.

iBio Company Profile

iBio, Inc, a biotechnology company, provides contract development and manufacturing services to collaborators and third-party customers in the United States. The company operates in two segments: Biopharmaceuticals and Bioprocessing. Its lead therapeutic candidate is IBIO-100 that is being advanced for investigational new drug development for the treatment of systemic scleroderma and idiopathic pulmonary fibrosis. The company is also developing vaccine candidates comprising IBIO-200 and IBIO-201, which are in preclinical development for the prevention of severe acute respiratory syndrome coronavirus 2; and IBIO-400 for the treatment of classical swine fever.