Rezolute (NASDAQ:RZLT) Issues Quarterly Earnings Results, Beats Estimates By $0.09 EPS

Rezolute (NASDAQ:RZLT) posted its earnings results on Thursday. The company reported ($0.18) EPS for the quarter, beating analysts’ consensus estimates of ($0.27) by $0.09, FiscalAI reports.

Rezolute Price Performance

Shares of NASDAQ RZLT traded up $1.16 during midday trading on Friday, hitting $10.76. The company’s stock had a trading volume of 2,048,771 shares, compared to its average volume of 1,493,891. The business’s fifty day simple moving average is $8.66 and its two-hundred day simple moving average is $6.21. Rezolute has a 1 year low of $2.21 and a 1 year high of $10.94. The firm has a market capitalization of $977.33 million, a price-to-earnings ratio of -11.57 and a beta of 0.07.

Institutional Investors Weigh In On Rezolute

Hedge funds have recently added to or reduced their stakes in the business. Rosalind Advisors Inc. acquired a new position in shares of Rezolute in the second quarter worth $7,766,000. Nantahala Capital Management LLC boosted its holdings in Rezolute by 77.4% in the second quarter. Nantahala Capital Management LLC now owns 2,291,395 shares of the company’s stock valued at $10,220,000 after purchasing an additional 1,000,000 shares during the period. Opaleye Management Inc. grew its stake in Rezolute by 94.3% during the 2nd quarter. Opaleye Management Inc. now owns 903,442 shares of the company’s stock worth $4,029,000 after purchasing an additional 438,442 shares in the last quarter. Vanguard Group Inc. grew its stake in Rezolute by 9.6% during the 3rd quarter. Vanguard Group Inc. now owns 4,410,082 shares of the company’s stock worth $41,455,000 after purchasing an additional 387,502 shares in the last quarter. Finally, Ameriprise Financial Inc. purchased a new stake in Rezolute during the 2nd quarter worth about $1,166,000. 82.97% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several brokerages recently issued reports on RZLT. Weiss Ratings restated a “sell (d-)” rating on shares of Rezolute in a report on Wednesday, October 8th. Maxim Group lifted their price target on shares of Rezolute from $15.00 to $20.00 and gave the company a “buy” rating in a research report on Thursday, September 18th. BTIG Research reissued a “buy” rating and issued a $17.00 price target on shares of Rezolute in a research note on Thursday, September 18th. Guggenheim reaffirmed a “buy” rating and set a $15.00 price objective on shares of Rezolute in a research report on Monday, September 22nd. Finally, Citigroup reiterated an “outperform” rating on shares of Rezolute in a report on Wednesday, October 29th. One investment analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $16.00.

Rezolute Company Profile

Rezolute, Inc, a clinical stage biopharmaceutical company, develops therapies for metabolic diseases associated with chronic glucose imbalance in the United States. The company's lead product candidate is RZ358, a human monoclonal antibody that is in Phase 2b clinical trial for the treatment of congenital hyperinsulinism, an ultra-rare pediatric genetic disorder.