Benitec Biopharma (NASDAQ:BNTC) Shares Pass Below 50-Day Moving Average – Here’s Why

Benitec Biopharma Inc. (NASDAQ:BNTC)’s stock price crossed below its 50-day moving average during trading on Wednesday . The stock has a 50-day moving average of $11.38 and traded as low as $10.20. Benitec Biopharma shares last traded at $10.20, with a volume of 19,838 shares trading hands.

Wall Street Analysts Forecast Growth

BNTC has been the topic of several analyst reports. Robert W. Baird began coverage on Benitec Biopharma in a report on Friday, December 13th. They set an “outperform” rating and a $30.00 price target on the stock. Piper Sandler reaffirmed an “overweight” rating on shares of Benitec Biopharma in a research note on Friday, October 18th. Baird R W upgraded shares of Benitec Biopharma to a “strong-buy” rating in a report on Thursday, December 12th. Guggenheim restated a “buy” rating and set a $17.00 price target on shares of Benitec Biopharma in a report on Tuesday, December 3rd. Finally, HC Wainwright assumed coverage on Benitec Biopharma in a report on Monday, December 16th. They issued a “buy” rating and a $28.00 price objective on the stock. Seven analysts have rated the stock with a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Benitec Biopharma currently has an average rating of “Buy” and an average target price of $24.43.

Benitec Biopharma Stock Down 1.9 %

The firm’s fifty day moving average price is $11.38 and its 200 day moving average price is $10.22.

Insider Buying and Selling at Benitec Biopharma

In other news, Director Suvretta Capital Management, L bought 42,000 shares of the company’s stock in a transaction on Tuesday, December 3rd. The stock was bought at an average cost of $9.60 per share, with a total value of $403,200.00. Following the transaction, the director now directly owns 7,957,365 shares in the company, valued at $76,390,704. The trade was a 0.53 % increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 1.30% of the stock is owned by corporate insiders.

Institutional Trading of Benitec Biopharma

Several hedge funds have recently made changes to their positions in BNTC. Suvretta Capital Management LLC increased its stake in Benitec Biopharma by 422.0% during the 3rd quarter. Suvretta Capital Management LLC now owns 8,829,053 shares of the biotechnology company’s stock worth $81,139,000 after buying an additional 7,137,763 shares during the period. Franklin Resources Inc. grew its stake in shares of Benitec Biopharma by 269.0% in the fourth quarter. Franklin Resources Inc. now owns 2,939,287 shares of the biotechnology company’s stock worth $37,123,000 after acquiring an additional 2,142,643 shares in the last quarter. Geode Capital Management LLC grew its stake in shares of Benitec Biopharma by 134.7% in the fourth quarter. Geode Capital Management LLC now owns 197,096 shares of the biotechnology company’s stock worth $2,490,000 after acquiring an additional 113,109 shares in the last quarter. Simplify Asset Management Inc. increased its position in shares of Benitec Biopharma by 127.5% during the third quarter. Simplify Asset Management Inc. now owns 116,535 shares of the biotechnology company’s stock worth $1,071,000 after acquiring an additional 65,319 shares during the period. Finally, Acuta Capital Partners LLC acquired a new stake in shares of Benitec Biopharma in the third quarter valued at $274,000. Institutional investors and hedge funds own 52.19% of the company’s stock.

About Benitec Biopharma

Benitec Biopharma Inc, a clinical-stage biotechnology company, focuses on the development of novel genetic medicines. The company develops DNA-directed RNA interference-based therapeutics for chronic and life-threatening human conditions. It is developing BB-301, an adeno-associated virus based gene therapy agent for treating oculopharyngeal muscular dystrophy.