XBiotech (NASDAQ:XBIT) Stock Crosses Below 50 Day Moving Average – Here’s Why

Shares of XBiotech Inc. (NASDAQ:XBIT) passed below its fifty day moving average during trading on Monday . The stock has a fifty day moving average of $2.86 and traded as low as $2.45. XBiotech shares last traded at $2.48, with a volume of 38,834 shares trading hands.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings reissued a “sell (e+)” rating on shares of XBiotech in a report on Wednesday, October 8th. One equities research analyst has rated the stock with a Sell rating, According to data from MarketBeat, the stock presently has a consensus rating of “Sell”.

XBiotech Price Performance

The company’s fifty day simple moving average is $2.86 and its 200-day simple moving average is $2.90. The firm has a market capitalization of $75.62 million, a PE ratio of -2.70 and a beta of 0.85.

XBiotech (NASDAQ:XBIT) last released its quarterly earnings results on Wednesday, August 13th. The biopharmaceutical company reported ($0.06) earnings per share (EPS) for the quarter.

Hedge Funds Weigh In On XBiotech

Institutional investors and hedge funds have recently bought and sold shares of the company. Hsbc Holdings PLC purchased a new position in XBiotech in the first quarter worth $52,000. Bank of America Corp DE lifted its stake in shares of XBiotech by 41.5% during the second quarter. Bank of America Corp DE now owns 18,208 shares of the biopharmaceutical company’s stock worth $54,000 after buying an additional 5,344 shares during the period. XTX Topco Ltd acquired a new stake in shares of XBiotech during the second quarter worth $61,000. BNP Paribas Financial Markets lifted its stake in shares of XBiotech by 27.1% during the second quarter. BNP Paribas Financial Markets now owns 20,729 shares of the biopharmaceutical company’s stock worth $62,000 after buying an additional 4,416 shares during the period. Finally, Jane Street Group LLC acquired a new stake in shares of XBiotech during the second quarter worth $75,000. 55.70% of the stock is owned by hedge funds and other institutional investors.

About XBiotech

XBiotech Inc, a biopharmaceutical company, discovers, develops, and commercializes True Human monoclonal antibodies for treating various diseases. The company focuses on developing a pipeline of product candidates targeting both inflammatory and infectious diseases. It is also developing interleukin-1 alpha therapies to treat variety of medical conditions, such as cancer, stroke, heart attack, or arthritis; and mediates tissue breakdown, angiogenesis, the formation of blood clots, malaise, muscle wasting, and inflammation.