Jade Biosciences (NASDAQ:JBIO) Stock Price Down 9.6% – Time to Sell?

Jade Biosciences, Inc. (NASDAQ:JBIO)’s share price fell 9.6% on Wednesday. The stock traded as low as $15.22 and last traded at $15.15. Approximately 119,322 shares traded hands during trading, a decline of 84% from the average session volume of 742,858 shares. The stock had previously closed at $16.76.

Analyst Ratings Changes

JBIO has been the subject of several analyst reports. Jefferies Financial Group restated a “buy” rating and issued a $48.00 price objective on shares of Jade Biosciences in a research note on Tuesday, August 11th. Wedbush raised their price objective on Jade Biosciences from $45.00 to $47.00 and gave the stock an “outperform” rating in a research note on Monday, August 10th. Guggenheim reaffirmed a “buy” rating and set a $47.00 price objective on shares of Jade Biosciences in a research report on Tuesday, June 2nd. Piper Sandler set a $55.00 price objective on Jade Biosciences in a research note on Tuesday, June 2nd. Finally, BTIG Research increased their target price on shares of Jade Biosciences from $74.00 to $77.00 and gave the stock a “buy” rating in a report on Monday, August 10th. Two investment analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $51.75.

Jade Biosciences Stock Up 0.1%

The business has a 50 day moving average price of $20.17 and a two-hundred day moving average price of $19.74. The stock has a market cap of $936.83 million, a P/E ratio of -7.67 and a beta of 1.45.

Jade Biosciences (NASDAQ:JBIO) last posted its quarterly earnings results on Monday, August 10th. The company reported ($0.76) EPS for the quarter, missing analysts’ consensus estimates of ($0.66) by ($0.10). On average, research analysts forecast that Jade Biosciences, Inc. will post -2.84 earnings per share for the current year.

Institutional Trading of Jade Biosciences

Several hedge funds have recently modified their holdings of JBIO. Janus Henderson Group PLC purchased a new stake in Jade Biosciences during the first quarter valued at $43,557,000. Baker BROS. Advisors LP bought a new position in shares of Jade Biosciences in the 4th quarter valued at about $25,323,000. Avidity Partners Management LP grew its position in Jade Biosciences by 24.3% in the fourth quarter. Avidity Partners Management LP now owns 1,400,708 shares of the company’s stock worth $21,613,000 after acquiring an additional 273,522 shares in the last quarter. Stempoint Capital LP bought a new stake in Jade Biosciences during the first quarter worth approximately $2,164,000. Finally, Renaissance Technologies LLC raised its position in Jade Biosciences by 94.0% during the first quarter. Renaissance Technologies LLC now owns 135,039 shares of the company’s stock valued at $1,897,000 after purchasing an additional 65,438 shares during the period.

About Jade Biosciences

Jade Biosciences, Inc (NASDAQ: JBIO) is a clinical-stage biotechnology company focused on developing medicines for autoimmune and inflammatory diseases. The company uses antibody-based drug discovery and development approaches to pursue therapies intended to address significant unmet medical needs.

Jade Biosciences is advancing a pipeline of investigational programs and does not currently have commercially marketed products. Its work is centered on identifying and developing targeted therapies that may modulate biological pathways involved in autoimmune disease.

The company’s activities primarily consist of research, preclinical development and clinical evaluation of its drug candidates.