Equillium (NASDAQ:EQ) Stock Rated Outperform in New Coverage at Leerink Partners

Leerink Partners initiated coverage on shares of Equillium (NASDAQ:EQ) in a report issued on Monday morning, MarketBeat Ratings reports. The firm issued an outperform rating and a $6.00 target price on the stock.

Several other research firms have also issued reports on EQ. Weiss Ratings restated a “sell (d-)” rating on shares of Equillium in a report on Monday, September 21st. Zacks Research upgraded Equillium from a “strong sell” rating to a “hold” rating in a report on Tuesday, August 11th. Roth Capital reiterated a “buy” rating and set a $12.00 price target on shares of Equillium in a report on Friday, September 4th. Piper Sandler initiated coverage on Equillium in a research report on Monday, July 13th. They issued an “overweight” rating for the company. Finally, Clear Str raised Equillium to a “strong-buy” rating in a research report on Tuesday, July 21st. Two analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $7.57.

Equillium Stock Performance

NASDAQ:EQ opened at $1.30 on Monday. The firm’s fifty day moving average is $1.99 and its 200-day moving average is $2.29. Equillium has a 52 week low of $0.76 and a 52 week high of $3.54. The firm has a market cap of $82.43 million, a P/E ratio of -6.50 and a beta of 1.93.

Equillium (NASDAQ:EQ) last posted its quarterly earnings data on Thursday, August 13th. The company reported ($0.04) earnings per share for the quarter, topping the consensus estimate of ($0.05) by $0.01. As a group, sell-side analysts anticipate that Equillium will post -0.21 earnings per share for the current year.

Hedge Funds Weigh In On Equillium

Institutional investors and hedge funds have recently modified their holdings of the business. Janus Henderson Group PLC increased its stake in shares of Equillium by 10.8% in the 1st quarter. Janus Henderson Group PLC now owns 6,494,571 shares of the company’s stock valued at $12,957,000 after acquiring an additional 632,359 shares in the last quarter. Jupiter Topco LLC acquired a new position in shares of Equillium during the 2nd quarter valued at $20,685,000. ADAR1 Capital Management LLC bought a new position in Equillium during the second quarter worth $12,027,000. Eversept Partners LP bought a new position in Equillium during the first quarter worth $2,998,000. Finally, Affinity Asset Advisors LLC bought a new position in Equillium during the first quarter worth $2,453,000. 27.05% of the stock is currently owned by institutional investors.

Equillium Company Profile

Equillium, Inc is a clinical-stage biotechnology company focused on developing therapies for severe autoimmune and inflammatory diseases. The company’s approach centers on modulating immune pathways involved in disease progression, with the goal of addressing conditions that have limited treatment options.

Equillium’s lead product candidate is itolizumab, a monoclonal antibody that targets CD6, an immune-cell receptor involved in the regulation of T-cell activity. The company is evaluating itolizumab in immune-mediated conditions, including acute graft-versus-host disease and lupus nephritis.