XBiotech (NASDAQ:XBIT) Shares Cross Above Fifty Day Moving Average – Here’s Why

Shares of XBiotech Inc. (NASDAQ:XBIT) passed above its 50 day moving average during trading on Friday . The stock has a 50 day moving average of $2.49 and traded as high as $2.56. XBiotech shares last traded at $2.51, with a volume of 9,081 shares traded.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of XBiotech in a research report on Monday, December 29th. One research analyst has rated the stock with a Sell rating, According to MarketBeat.com, the company currently has a consensus rating of “Sell”.

XBiotech Stock Down 1.2%

The firm has a 50 day moving average price of $2.49 and a 200 day moving average price of $2.67. The stock has a market capitalization of $76.53 million, a PE ratio of -2.61 and a beta of 0.81.

XBiotech (NASDAQ:XBIT) last issued its quarterly earnings data on Wednesday, November 12th. The biopharmaceutical company reported ($0.20) earnings per share (EPS) for the quarter.

Hedge Funds Weigh In On XBiotech

Large investors have recently modified their holdings of the business. Bank of America Corp DE raised its stake in shares of XBiotech by 41.5% during the 2nd quarter. Bank of America Corp DE now owns 18,208 shares of the biopharmaceutical company’s stock valued at $54,000 after purchasing an additional 5,344 shares during the period. XTX Topco Ltd purchased a new stake in XBiotech during the second quarter valued at about $61,000. BNP Paribas Financial Markets lifted its position in XBiotech by 27.1% in the 2nd quarter. BNP Paribas Financial Markets now owns 20,729 shares of the biopharmaceutical company’s stock worth $62,000 after buying an additional 4,416 shares during the last quarter. Jane Street Group LLC bought a new position in XBiotech during the second quarter valued at approximately $75,000. Finally, Qube Research & Technologies Ltd purchased a new position in shares of XBiotech during the second quarter worth approximately $96,000. Hedge funds and other institutional investors own 55.70% of the company’s stock.

XBiotech Company Profile

XBiotech Inc is a clinical-stage biopharmaceutical company developing human antibodies to treat cancer and other inflammatory-driven diseases. The company’s core technology, the True Human™ antibody platform, enables the discovery and development of monoclonal antibodies that mimic the human immune response without the need for genetic humanization. XBiotech’s lead therapeutic candidate targets interleukin-1 alpha (IL-1?), a key mediator of inflammation associated with tumor growth and chronic disease.

The company’s most advanced program, Xilonix® (MABp1), is a first-in-class anti-IL-1? antibody that has completed Phase 3 clinical trials in metastatic colorectal cancer patients.