Phio Pharmaceuticals (NASDAQ:PHIO) Posts Earnings Results, Hits Expectations

Phio Pharmaceuticals (NASDAQ:PHIO) issued its earnings results on Thursday. The company reported ($0.36) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.36), FiscalAI reports.

Phio Pharmaceuticals Trading Down 1.9%

NASDAQ PHIO traded down $0.02 on Friday, hitting $1.04. The company’s stock had a trading volume of 86,066 shares, compared to its average volume of 1,532,297. Phio Pharmaceuticals has a 52-week low of $0.81 and a 52-week high of $4.19. The company’s 50-day simple moving average is $1.04 and its 200 day simple moving average is $1.12. The firm has a market cap of $12.08 million, a P/E ratio of -0.75 and a beta of 0.82.

Hedge Funds Weigh In On Phio Pharmaceuticals

A hedge fund recently raised its stake in Phio Pharmaceuticals stock. Geode Capital Management LLC lifted its stake in Phio Pharmaceuticals Corp. (NASDAQ:PHIO) by 38.7% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 57,694 shares of the company’s stock after purchasing an additional 16,108 shares during the period. Geode Capital Management LLC owned 1.20% of Phio Pharmaceuticals worth $136,000 as of its most recent SEC filing. 57.31% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Separately, Weiss Ratings reiterated a “sell (e+)” rating on shares of Phio Pharmaceuticals in a report on Friday, July 17th. One analyst has rated the stock with a Buy rating and one has given a Sell rating to the company. According to MarketBeat, Phio Pharmaceuticals presently has an average rating of “Hold” and an average price target of $14.00.

Phio Pharmaceuticals Company Profile

Phio Pharmaceuticals, Inc (NASDAQ: PHIO) is a clinical‐stage biotechnology company focused on the discovery and development of dual RNA interference (RNAi) therapeutics. Utilizing its proprietary Transitional RNAi (TRiMTM) platform, Phio aims to simultaneously silence multiple gene targets to achieve enhanced therapeutic activity. The company’s core mission is to advance next‐generation RNAi compounds with potential applications in oncology and immuno‐oncology.

Phio’s TRiMTM platform is designed around the delivery of synthetic, double‐stranded RNA duplexes that can be engineered to target specific combinations of genes implicated in tumor growth and immune evasion.