B. Riley Reiterates “Neutral” Rating for Gritstone bio (NASDAQ:GRTS)

B. Riley restated their neutral rating on shares of Gritstone bio (NASDAQ:GRTS) in a research note published on Wednesday morning, Benzinga reports. B. Riley currently has a $1.00 price target on the stock, down from their previous price target of $3.00. B. Riley also issued estimates for Gritstone bio’s Q3 2024 earnings at ($0.14) EPS, Q4 2024 earnings at ($0.06) EPS, FY2024 earnings at ($0.62) EPS, FY2025 earnings at ($0.35) EPS and FY2026 earnings at ($0.32) EPS.

Other equities research analysts have also recently issued reports about the stock. JMP Securities cut shares of Gritstone bio from an outperform rating to a market perform rating in a report on Tuesday, October 1st. HC Wainwright reaffirmed a neutral rating and set a $0.50 price objective (down from $4.00) on shares of Gritstone bio in a research note on Tuesday, October 1st.

Gritstone bio Stock Down 5.0 %

Shares of NASDAQ GRTS opened at $0.19 on Wednesday. The business has a 50-day moving average price of $0.50 and a 200 day moving average price of $0.80. The stock has a market cap of $20.63 million, a PE ratio of -0.15 and a beta of 0.49. The company has a quick ratio of 2.54, a current ratio of 2.54 and a debt-to-equity ratio of 1.83. Gritstone bio has a 52-week low of $0.18 and a 52-week high of $3.33.

Gritstone bio (NASDAQ:GRTS) last posted its quarterly earnings data on Tuesday, August 13th. The company reported ($0.16) earnings per share for the quarter, beating the consensus estimate of ($0.28) by $0.12. The business had revenue of $0.92 million during the quarter, compared to the consensus estimate of $2.77 million. Gritstone bio had a negative return on equity of 328.51% and a negative net margin of 910.50%. Equities research analysts forecast that Gritstone bio will post -0.88 earnings per share for the current year.

Institutional Trading of Gritstone bio

Several hedge funds and other institutional investors have recently made changes to their positions in GRTS. Artal Group S.A. purchased a new position in shares of Gritstone bio during the 1st quarter worth approximately $2,650,000. Victory Capital Management Inc. raised its position in Gritstone bio by 4,598.5% in the second quarter. Victory Capital Management Inc. now owns 553,150 shares of the company’s stock worth $342,000 after acquiring an additional 541,377 shares in the last quarter. Vanguard Group Inc. lifted its holdings in Gritstone bio by 7.2% in the first quarter. Vanguard Group Inc. now owns 4,733,791 shares of the company’s stock valued at $12,166,000 after acquiring an additional 317,499 shares during the period. Susquehanna Fundamental Investments LLC acquired a new stake in Gritstone bio in the first quarter valued at $636,000. Finally, Point72 Asia Singapore Pte. Ltd. purchased a new stake in shares of Gritstone bio during the 2nd quarter worth $96,000. Hedge funds and other institutional investors own 48.46% of the company’s stock.

About Gritstone bio

Gritstone bio, Inc, a clinical-stage biotechnology company, engages in developing vaccine-based immunotherapy candidates against cancer and infectious diseases. Its primary product candidate is GRANITE, an individualized immunotherapy candidate, which is in Phase 2/3 clinical trials for the treatment of microsatellite stable colorectal cancers; and has completed Phase 1/2 clinical trials for treating solid tumors.