Jade Biosciences (NASDAQ:JBIO) Stock Jumps 5% – Here’s What Happened

Jade Biosciences, Inc. (NASDAQ:JBIO)’s share price traded up 5% during trading on Wednesday. The stock traded as high as $13.87 and last traded at $14.0850. Approximately 271,847 shares were traded during trading, a decline of 64% from the average session volume of 749,033 shares. The stock had previously closed at $13.41.

Wall Street Analyst Weigh In

Several research analysts have issued reports on JBIO shares. BTIG Research increased their price objective on Jade Biosciences from $74.00 to $77.00 and gave the stock a “buy” rating in a research note on Monday, August 10th. Wall Street Zen cut shares of Jade Biosciences from a “sell” rating to a “strong sell” rating in a research report on Saturday, September 12th. Jefferies Financial Group restated a “buy” rating and issued a $48.00 price target on shares of Jade Biosciences in a research report on Tuesday, August 11th. Wedbush reaffirmed an “outperform” rating and set a $47.00 price objective on shares of Jade Biosciences in a research note on Thursday, October 1st. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Jade Biosciences in a research note on Friday, September 11th. Two analysts have rated the stock with a Strong Buy rating, six have given a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $51.75.

Jade Biosciences Stock Up 2.3%

The stock has a market cap of $920.61 million, a P/E ratio of -7.54 and a beta of 1.64. The stock has a fifty day simple moving average of $18.98 and a 200-day simple moving average of $19.74.

Jade Biosciences (NASDAQ:JBIO) last announced its quarterly earnings results on Monday, August 10th. The company reported ($0.76) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.66) by ($0.10). Sell-side analysts anticipate that Jade Biosciences, Inc. will post -2.89 earnings per share for the current year.

Hedge Funds Weigh In On Jade Biosciences

Institutional investors and hedge funds have recently modified their holdings of the business. Engineers Gate Manager LP bought a new position in shares of Jade Biosciences in the second quarter valued at about $503,000. Maven Securities LTD acquired a new position in Jade Biosciences in the 2nd quarter valued at $1,111,000. Squarepoint Ops LLC raised its stake in Jade Biosciences by 22.0% in the second quarter. Squarepoint Ops LLC now owns 54,456 shares of the company’s stock valued at $1,210,000 after purchasing an additional 9,806 shares in the last quarter. Corient Private Wealth LP bought a new stake in Jade Biosciences during the second quarter worth about $1,367,000. Finally, Bank of New York Mellon Corp acquired a new stake in Jade Biosciences during the second quarter worth about $1,896,000.

Jade Biosciences Company Profile

Jade Biosciences, Inc is a clinical-stage biotechnology company focused on developing therapies for autoimmune and inflammatory diseases. The company’s research and development efforts are directed toward antibody-based medicines designed to address significant unmet needs in immune-mediated conditions.

Jade’s pipeline includes investigational therapeutic programs intended to modulate biological pathways involved in inflammation and immune-system activity. As a development-stage company, its products remain subject to clinical testing and regulatory review, and there is no assurance that any candidate will receive approval or reach the commercial market.

The company is headquartered in the United States and is developing its portfolio for potential use in global markets.