Jennison Associates LLC Buys New Position in Rezolute, Inc. $RZLT

Jennison Associates LLC bought a new position in shares of Rezolute, Inc. (NASDAQ:RZLT) in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm bought 3,438,881 shares of the company’s stock, valued at approximately $10,489,000. Jennison Associates LLC owned 3.59% of Rezolute at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in RZLT. Federated Hermes Inc. grew its position in shares of Rezolute by 17.8% during the 4th quarter. Federated Hermes Inc. now owns 16,534,712 shares of the company’s stock worth $39,022,000 after buying an additional 2,500,000 shares during the period. RA Capital Management L.P. acquired a new stake in Rezolute in the fourth quarter worth $21,665,000. Opaleye Management Inc. increased its stake in Rezolute by 595.9% in the fourth quarter. Opaleye Management Inc. now owns 6,287,156 shares of the company’s stock valued at $14,838,000 after purchasing an additional 5,383,714 shares in the last quarter. Balyasny Asset Management L.P. increased its stake in Rezolute by 147.3% in the fourth quarter. Balyasny Asset Management L.P. now owns 4,506,861 shares of the company’s stock valued at $10,636,000 after purchasing an additional 2,684,133 shares in the last quarter. Finally, Vanguard Group Inc. increased its stake in Rezolute by 9.6% in the third quarter. Vanguard Group Inc. now owns 4,410,082 shares of the company’s stock valued at $41,455,000 after purchasing an additional 387,502 shares in the last quarter. 82.97% of the stock is currently owned by institutional investors.

Rezolute Stock Performance

Shares of RZLT opened at $5.09 on Wednesday. The stock has a 50 day moving average price of $4.30 and a two-hundred day moving average price of $3.52. The firm has a market capitalization of $490.13 million, a P/E ratio of -6.21 and a beta of 0.54. Rezolute, Inc. has a 52 week low of $1.07 and a 52 week high of $11.46.

Rezolute (NASDAQ:RZLT) last posted its earnings results on Tuesday, May 12th. The company reported ($0.16) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.17) by $0.01. On average, equities analysts forecast that Rezolute, Inc. will post -0.69 earnings per share for the current year.

Analysts Set New Price Targets

Several brokerages have recently commented on RZLT. Wedbush raised their target price on Rezolute from $5.00 to $6.00 and gave the company an “outperform” rating in a research note on Wednesday, June 3rd. Citigroup upgraded Rezolute from a “market perform” rating to an “outperform” rating in a report on Wednesday, June 3rd. BTIG Research raised their price objective on Rezolute from $5.00 to $6.00 and gave the company a “buy” rating in a research note on Tuesday, June 2nd. Cantor Fitzgerald restated a “neutral” rating on shares of Rezolute in a report on Wednesday, June 3rd. Finally, Wall Street Zen downgraded Rezolute from a “hold” rating to a “sell” rating in a report on Tuesday, June 30th. Eight investment analysts have rated the stock with a Buy rating, two have given a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $9.38.

About Rezolute

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. It is also developing RZ402, an oral plasma kallikrein inhibitor, which is in clinical trial for the chronic treatment of diabetic macular edema.