Jade Biosciences (NASDAQ:JBIO) Shares Up 7.9% – Here’s Why

Jade Biosciences, Inc. (NASDAQ:JBIO) rose 7.9% on Tuesday. The stock traded as high as $14.75 and last traded at $14.9250. 257,017 shares were traded during mid-day trading, a decline of 66% from the average session volume of 765,068 shares. The stock had previously closed at $13.83.

Wall Street Analyst Weigh In

Several brokerages have weighed in on JBIO. Weiss Ratings reissued a “sell (d-)” rating on shares of Jade Biosciences in a report on Friday, September 11th. Wedbush restated an “outperform” rating and set a $47.00 target price on shares of Jade Biosciences in a report on Thursday, October 1st. HC Wainwright reiterated a “buy” rating and set a $55.00 price objective on shares of Jade Biosciences in a research report on Thursday, October 1st. Jefferies Financial Group reiterated a “buy” rating and set a $48.00 price objective on shares of Jade Biosciences in a research note on Tuesday, August 11th. Finally, Wall Street Zen cut Jade Biosciences from a “sell” rating to a “strong sell” rating in a research note on Saturday, September 12th. Two analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $51.75.

Jade Biosciences Price Performance

The stock has a market cap of $935.81 million, a P/E ratio of -7.67 and a beta of 1.64. The company has a 50 day simple moving average of $17.95 and a 200-day simple moving average of $19.74.

Jade Biosciences (NASDAQ:JBIO) last issued its earnings results on Monday, August 10th. The company reported ($0.76) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.66) by ($0.10). As a group, research analysts expect that Jade Biosciences, Inc. will post -2.89 earnings per share for the current year.

Hedge Funds Weigh In On Jade Biosciences

Hedge funds have recently added to or reduced their stakes in the company. Y Intercept Hong Kong Ltd purchased a new position in shares of Jade Biosciences in the 1st quarter valued at $353,000. Quantinno Capital Management LP raised its holdings in Jade Biosciences by 3.6% in the 1st quarter. Quantinno Capital Management LP now owns 30,551 shares of the company’s stock worth $429,000 after purchasing an additional 1,059 shares during the period. Engineers Gate Manager LP acquired a new stake in shares of Jade Biosciences in the second quarter valued at about $503,000. Bank of America Corp DE raised its stake in Jade Biosciences by 2.9% in the 1st quarter. Bank of America Corp DE now owns 38,598 shares of the company’s stock valued at $542,000 after purchasing an additional 1,086 shares during the last quarter. Finally, Maven Securities LTD acquired a new position in shares of Jade Biosciences during the 2nd quarter worth approximately $1,111,000.

Jade Biosciences Company Profile

Jade Biosciences, Inc is a clinical-stage biotechnology company focused on developing therapies for autoimmune and inflammatory diseases. The company’s research and development efforts are directed toward antibody-based medicines designed to address significant unmet needs in immune-mediated conditions.

Jade’s pipeline includes investigational therapeutic programs intended to modulate biological pathways involved in inflammation and immune-system activity. As a development-stage company, its products remain subject to clinical testing and regulatory review, and there is no assurance that any candidate will receive approval or reach the commercial market.

The company is headquartered in the United States and is developing its portfolio for potential use in global markets.