Shares of IVERIC bio, Inc. (NASDAQ:ISEE) were down 6.3% on Wednesday . The company traded as low as $5.98 and last traded at $5.99. Approximately 585,152 shares were traded during mid-day trading, a decline of 5% from the average daily volume of 615,969 shares. The stock had previously closed at $6.39.
Several brokerages have issued reports on ISEE. BidaskClub raised IVERIC bio from a “hold” rating to a “buy” rating in a research report on Saturday, October 3rd. Zacks Investment Research raised shares of IVERIC bio from a “strong sell” rating to a “hold” rating in a report on Tuesday, January 5th. Finally, ValuEngine raised shares of IVERIC bio from a “hold” rating to a “buy” rating in a report on Monday, December 21st. Two research analysts have rated the stock with a hold rating and four have given a buy rating to the company. The company presently has a consensus rating of “Buy” and an average price target of $10.92.
The stock has a 50-day moving average price of $6.85 and a two-hundred day moving average price of $5.66. The stock has a market capitalization of $536.96 million, a PE ratio of -4.76 and a beta of 1.62.
In other IVERIC bio news, COO Keith Westby sold 3,676 shares of the stock in a transaction that occurred on Thursday, December 10th. The shares were sold at an average price of $6.96, for a total transaction of $25,584.96. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Chairman David R. Guyer sold 9,602 shares of IVERIC bio stock in a transaction that occurred on Thursday, December 10th. The shares were sold at an average price of $6.96, for a total transaction of $66,829.92. Following the sale, the chairman now owns 71,785 shares in the company, valued at approximately $499,623.60. The disclosure for this sale can be found here. Corporate insiders own 5.20% of the company’s stock.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Bank of New York Mellon Corp grew its position in IVERIC bio by 569.9% in the second quarter. Bank of New York Mellon Corp now owns 144,986 shares of the company’s stock worth $739,000 after acquiring an additional 123,342 shares in the last quarter. Nuveen Asset Management LLC purchased a new position in shares of IVERIC bio during the 2nd quarter worth about $1,093,000. Sei Investments Co. grew its holdings in IVERIC bio by 128.6% during the 2nd quarter. Sei Investments Co. now owns 27,305 shares of the company’s stock valued at $139,000 after purchasing an additional 15,358 shares during the last quarter. Goldman Sachs Group Inc. raised its position in IVERIC bio by 266.9% in the 2nd quarter. Goldman Sachs Group Inc. now owns 496,308 shares of the company’s stock worth $2,531,000 after purchasing an additional 361,040 shares during the period. Finally, Charles Schwab Investment Management Inc. bought a new stake in IVERIC bio in the second quarter worth about $544,000. Institutional investors and hedge funds own 87.25% of the company’s stock.
About IVERIC bio (NASDAQ:ISEE)
IVERIC bio, Inc, a biopharmaceutical company, develops novel therapies to treat ophthalmic diseases with a focus on age-related and orphan retinal diseases. The company is developing Zimura, an inhibitor of complement factor C5, which is in Phase IIb clinical trials for the treatment of geographic atrophy (GA) secondary to dry age-related macular degeneration.
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