Advaxis, Inc. (ADXS) Shares Down 7.7% After Earnings Miss
Advaxis, Inc. (NASDAQ:ADXS)’s share price was down 7.7% during mid-day trading on Monday after the company announced weaker than expected quarterly earnings. The company traded as low as $6.82 and last traded at $6.84. Approximately 570,320 shares were traded during mid-day trading, an increase of 2% from the average daily volume of 556,414 shares. The stock had previously closed at $7.41.
The biotechnology company reported ($0.80) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.53) by ($0.27). Advaxis had a negative return on equity of 86.53% and a negative net margin of 655.66%. The business had revenue of $3.05 million during the quarter, compared to analysts’ expectations of $3.43 million.
Several equities research analysts have recently commented on the stock. Cantor Fitzgerald set a $19.00 price target on shares of Advaxis and gave the company a “buy” rating in a research report on Thursday, July 6th. BidaskClub upgraded Advaxis from a “sell” rating to a “hold” rating in a research note on Friday, August 25th. ValuEngine upgraded Advaxis from a “strong sell” rating to a “sell” rating in a research note on Friday, September 8th. Finally, HC Wainwright set a $23.00 price objective on Advaxis and gave the company a “buy” rating in a research note on Wednesday, June 14th.
Hedge funds have recently bought and sold shares of the business. Stevens Capital Management LP purchased a new stake in shares of Advaxis during the 1st quarter worth approximately $105,000. Voya Investment Management LLC raised its holdings in shares of Advaxis by 20.3% during the 2nd quarter. Voya Investment Management LLC now owns 17,612 shares of the biotechnology company’s stock worth $114,000 after acquiring an additional 2,975 shares in the last quarter. Cutler Capital Management LLC purchased a new stake in shares of Advaxis during the 2nd quarter worth approximately $130,000. Northern Capital Management LLC raised its holdings in shares of Advaxis by 14.6% during the 2nd quarter. Northern Capital Management LLC now owns 20,775 shares of the biotechnology company’s stock worth $135,000 after acquiring an additional 2,650 shares in the last quarter. Finally, Stonebridge Capital Management Inc. purchased a new stake in shares of Advaxis during the 2nd quarter worth approximately $146,000. Institutional investors and hedge funds own 48.78% of the company’s stock.
The firm has a 50 day moving average price of $6.50 and a 200-day moving average price of $7.51. The firm’s market cap is $207.57 million.
Advaxis, Inc is a clinical-stage biotechnology company focused on the discovery, development and commercialization of Listeria monocytogenes (Lm)-Listeriolysin O (LLO) cancer immunotherapies. These immunotherapies are based on a platform technology that utilizes live attenuated Lm bioengineered to secrete antigen/adjuvant fusion proteins.
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