Lineage Cell Therapeutics (NYSEAMERICAN:LCTX) Shares Cross Above 50 Day Moving Average – Here’s Why

Shares of Lineage Cell Therapeutics, Inc. (NYSEAMERICAN:LCTX) passed above its 50 day moving average during trading on Friday. The stock has a 50 day moving average of $1.01 and traded as high as $1.03. Lineage Cell Therapeutics shares last traded at $1.02, with a volume of 1,031,659 shares trading hands.

Wall Street Analysts Forecast Growth

Separately, HC Wainwright reaffirmed a “buy” rating on shares of Lineage Cell Therapeutics in a research note on Tuesday, July 14th. Four equities research analysts have rated the stock with a Buy rating. According to MarketBeat.com, the company has a consensus rating of “Buy” and an average target price of $6.25.

Lineage Cell Therapeutics Stock Performance

The firm has a 50-day moving average price of $1.01 and a two-hundred day moving average price of $1.31. The firm has a market cap of $257.97 million, a price-to-earnings ratio of -5.37 and a beta of 1.68.

Lineage Cell Therapeutics (NYSEAMERICAN:LCTX) last issued its earnings results on Thursday, August 6th. The company reported ($0.03) earnings per share for the quarter, meeting the consensus estimate of ($0.03). Lineage Cell Therapeutics had a negative net margin of 246.58% and a negative return on equity of 73.06%. The business had revenue of $1.07 million for the quarter, compared to analyst estimates of $1.84 million. Research analysts anticipate that Lineage Cell Therapeutics, Inc. will post -0.07 earnings per share for the current year.

Hedge Funds Weigh In On Lineage Cell Therapeutics

A number of institutional investors have recently bought and sold shares of the stock. BlackRock Inc. bought a new position in shares of Lineage Cell Therapeutics during the second quarter worth approximately $17,275,000. Raffles Associates LP purchased a new position in shares of Lineage Cell Therapeutics in the 2nd quarter valued at about $6,809,000. Fifth Third Bancorp purchased a new position in Lineage Cell Therapeutics during the first quarter worth $7,268,000. Bank of America Corp DE bought a new stake in shares of Lineage Cell Therapeutics in the 2nd quarter worth approximately $556,000. Finally, Bank of New York Mellon Corp bought a new stake in Lineage Cell Therapeutics during the 2nd quarter valued at approximately $513,000. Hedge funds and other institutional investors own 62.47% of the company’s stock.

Lineage Cell Therapeutics Company Profile

Lineage Cell Therapeutics, Inc is a biotechnology company focused on developing allogeneic cell therapies for unmet medical needs. The company uses its proprietary cell differentiation and manufacturing technologies to create specialized human cells intended to replace, repair or support damaged tissues.

Lineage’s lead program, OpRegen, is an investigational retinal pigment epithelium cell replacement therapy being developed for geographic atrophy, an advanced form of dry age-related macular degeneration.