Jade Biosciences (NASDAQ:JBIO) Trading Down 9.6% – Should You Sell?

Jade Biosciences, Inc. (NASDAQ:JBIO) fell 9.6% on Wednesday . The stock traded as low as $15.22 and last traded at $15.15. Approximately 119,322 shares changed hands during mid-day trading, a decline of 84% from the average session volume of 742,858 shares. The stock had previously closed at $16.76.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on JBIO. HC Wainwright increased their target price on shares of Jade Biosciences from $45.00 to $55.00 and gave the stock a “buy” rating in a research report on Monday, June 1st. Weiss Ratings reissued a “sell (d-)” rating on shares of Jade Biosciences in a research report on Friday, September 11th. Wedbush raised their target price on shares of Jade Biosciences from $45.00 to $47.00 and gave the company an “outperform” rating in a research note on Monday, August 10th. Guggenheim restated a “buy” rating and set a $47.00 target price on shares of Jade Biosciences in a report on Tuesday, June 2nd. Finally, Jefferies Financial Group reaffirmed a “buy” rating and set a $48.00 price target on shares of Jade Biosciences in a research report on Tuesday, August 11th. Two investment analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $51.75.

Jade Biosciences Stock Performance

The stock has a market cap of $941.66 million, a PE ratio of -7.69 and a beta of 1.45. The stock has a fifty day simple moving average of $20.43 and a two-hundred day simple moving average of $19.73.

Jade Biosciences (NASDAQ:JBIO) last posted its quarterly earnings data on Monday, August 10th. The company reported ($0.76) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.66) by ($0.10). On average, equities analysts predict that Jade Biosciences, Inc. will post -2.84 EPS for the current fiscal year.

Hedge Funds Weigh In On Jade Biosciences

A number of institutional investors have recently added to or reduced their stakes in JBIO. Y Intercept Hong Kong Ltd acquired a new position in shares of Jade Biosciences in the first quarter worth about $353,000. Quantinno Capital Management LP grew its stake in Jade Biosciences by 3.6% during the 1st quarter. Quantinno Capital Management LP now owns 30,551 shares of the company’s stock valued at $429,000 after purchasing an additional 1,059 shares in the last quarter. Engineers Gate Manager LP acquired a new stake in Jade Biosciences during the 2nd quarter valued at approximately $503,000. Bank of America Corp DE increased its holdings in Jade Biosciences by 2.9% during the 1st quarter. Bank of America Corp DE now owns 38,598 shares of the company’s stock worth $542,000 after purchasing an additional 1,086 shares during the last quarter. Finally, 9823 Capital L.P. purchased a new stake in Jade Biosciences during the 4th quarter worth approximately $821,000.

About Jade Biosciences

Jade Biosciences, Inc (NASDAQ: JBIO) is a clinical-stage biotechnology company focused on developing medicines for autoimmune and inflammatory diseases. The company uses antibody-based drug discovery and development approaches to pursue therapies intended to address significant unmet medical needs.

Jade Biosciences is advancing a pipeline of investigational programs and does not currently have commercially marketed products. Its work is centered on identifying and developing targeted therapies that may modulate biological pathways involved in autoimmune disease.

The company’s activities primarily consist of research, preclinical development and clinical evaluation of its drug candidates.