Zenas BioPharma (NASDAQ:ZBIO) Shares Down 9.9% – Here’s Why

Zenas BioPharma, Inc. (NASDAQ:ZBIO) shares dropped 9.9% on Monday . The stock traded as low as $36.51 and last traded at $36.57. Approximately 109,686 shares changed hands during mid-day trading, a decline of 56% from the average daily volume of 247,646 shares. The stock had previously closed at $40.59.

Analyst Upgrades and Downgrades

A number of analysts have commented on ZBIO shares. HC Wainwright restated a “buy” rating on shares of Zenas BioPharma in a research note on Tuesday. Wedbush restated an “outperform” rating and set a $45.00 price target (up previously from $40.00) on shares of Zenas BioPharma in a research report on Monday, October 27th. Weiss Ratings reissued a “sell (d-)” rating on shares of Zenas BioPharma in a research report on Monday. Citigroup upped their price objective on Zenas BioPharma from $27.00 to $46.00 and gave the company a “buy” rating in a research note on Tuesday, October 28th. Finally, Jefferies Financial Group reissued a “buy” rating and issued a $52.00 target price on shares of Zenas BioPharma in a research report on Monday, October 27th. Seven research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat, Zenas BioPharma currently has a consensus rating of “Moderate Buy” and an average price target of $46.29.

Zenas BioPharma Stock Down 3.8%

The company has a market cap of $1.91 billion, a P/E ratio of -5.02 and a beta of -1.61. The company’s 50-day moving average is $32.94 and its two-hundred day moving average is $21.39. The company has a debt-to-equity ratio of 0.37, a current ratio of 5.66 and a quick ratio of 5.66.

Zenas BioPharma (NASDAQ:ZBIO) last announced its earnings results on Wednesday, November 12th. The company reported ($1.22) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.87) by ($0.35).

Insider Buying and Selling at Zenas BioPharma

In other news, Director Hongbo Lu bought 263,160 shares of the firm’s stock in a transaction that occurred on Tuesday, October 7th. The stock was bought at an average price of $19.00 per share, with a total value of $5,000,040.00. Following the completion of the transaction, the director directly owned 321,983 shares of the company’s stock, valued at approximately $6,117,677. The trade was a 447.38% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Fairmount Funds Management Llc bought 316,219 shares of the stock in a transaction dated Tuesday, October 7th. The stock was bought at an average price of $19.00 per share, for a total transaction of $6,008,161.00. Following the purchase, the director directly owned 2,209,025 shares of the company’s stock, valued at approximately $41,971,475. The trade was a 16.71% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders have purchased 923,035 shares of company stock valued at $17,628,163 over the last ninety days. Corporate insiders own 16.50% of the company’s stock.

Institutional Investors Weigh In On Zenas BioPharma

Hedge funds have recently added to or reduced their stakes in the business. Federated Hermes Inc. increased its stake in shares of Zenas BioPharma by 60.8% during the 2nd quarter. Federated Hermes Inc. now owns 1,861,838 shares of the company’s stock worth $18,041,000 after purchasing an additional 703,838 shares in the last quarter. Vanguard Group Inc. boosted its holdings in Zenas BioPharma by 17.2% in the 3rd quarter. Vanguard Group Inc. now owns 1,162,758 shares of the company’s stock worth $25,813,000 after acquiring an additional 170,546 shares during the period. Geode Capital Management LLC grew its stake in Zenas BioPharma by 4.6% during the 2nd quarter. Geode Capital Management LLC now owns 373,617 shares of the company’s stock valued at $3,621,000 after purchasing an additional 16,461 shares in the last quarter. Invesco Ltd. bought a new stake in Zenas BioPharma in the third quarter valued at about $3,237,000. Finally, Millennium Management LLC bought a new stake in shares of Zenas BioPharma during the 3rd quarter valued at about $1,595,000.

About Zenas BioPharma

Zenas BioPharma, Inc is a clinical-stage global biopharmaceutical company, which engages in the development and commercialization of transformative immunology-based therapies for patients. The company was founded by Lonnie O. Moulder Jr on November 12, 2019 and is headquartered in Waltham, MA.