Generate Biomedicines (NASDAQ:GENB) Shares Gap Up – Here’s What Happened

Generate Biomedicines Inc (NASDAQ:GENB)’s share price gapped up prior to trading on Wednesday. The stock had previously closed at $13.21, but opened at $13.87. Generate Biomedicines shares last traded at $14.9610, with a volume of 310,057 shares trading hands.

Analysts Set New Price Targets

Several brokerages recently weighed in on GENB. Wall Street Zen cut Generate Biomedicines from a “hold” rating to a “sell” rating in a research note on Saturday, October 17th. Weiss Ratings upgraded shares of Generate Biomedicines from a “sell (d)” rating to a “sell (d+)” rating in a research report on Friday, September 25th. Finally, HC Wainwright reissued a “buy” rating and issued a $30.00 price target on shares of Generate Biomedicines in a report on Monday, October 5th. Six research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $26.40.

Generate Biomedicines Stock Performance

The stock has a market capitalization of $1.86 billion and a PE ratio of -9.36. The firm has a 50 day moving average of $15.07 and a 200-day moving average of $14.14.

Generate Biomedicines (NASDAQ:GENB) last issued its earnings results on Thursday, August 6th. The company reported ($0.52) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.48) by ($0.04). The firm had revenue of $6.31 million during the quarter. On average, sell-side analysts predict that Generate Biomedicines Inc will post -2.29 earnings per share for the current year.

Hedge Funds Weigh In On Generate Biomedicines

A number of hedge funds have recently modified their holdings of the stock. Braidwell LP acquired a new position in shares of Generate Biomedicines in the second quarter worth $55,398,000. Banque Pictet & Cie SA acquired a new stake in Generate Biomedicines during the third quarter valued at $26,631,000. State Street Corp acquired a new stake in Generate Biomedicines during the second quarter valued at $8,883,000. The Manufacturers Life Insurance Company purchased a new position in Generate Biomedicines in the second quarter valued at about $1,431,000. Finally, Bank Pictet & Cie Europe AG purchased a new position in Generate Biomedicines in the third quarter valued at about $1,168,000.

About Generate Biomedicines

Generate Biomedicines is a biotechnology company that uses generative artificial intelligence, machine learning and protein engineering to design novel protein-based medicines. Its platform is intended to identify and develop therapeutic proteins with desired biological properties, potentially shortening the time required to discover new drug candidates.

The company’s research activities focus on applying computational biology and laboratory experimentation to create medicines for a range of diseases, including conditions in immunology, inflammation, oncology and other areas of significant unmet medical need.