Jade Biosciences (NASDAQ:JBIO) Posts Quarterly Earnings Results, Misses Expectations By $0.10 EPS

Jade Biosciences (NASDAQ:JBIO) released its quarterly earnings data on Monday. The company reported ($0.76) EPS for the quarter, missing the consensus estimate of ($0.66) by ($0.10), FiscalAI reports.

Jade Biosciences Stock Down 1.0%

JBIO opened at $21.73 on Tuesday. The company has a market cap of $1.07 billion, a P/E ratio of -10.76 and a beta of 1.49. The company has a 50 day moving average of $19.75 and a two-hundred day moving average of $18.57. Jade Biosciences has a 52-week low of $6.67 and a 52-week high of $28.00.

Institutional Trading of Jade Biosciences

A number of hedge funds have recently made changes to their positions in JBIO. Bank of New York Mellon Corp purchased a new position in Jade Biosciences in the 2nd quarter valued at about $1,896,000. Bank of America Corp DE grew its position in shares of Jade Biosciences by 2.9% during the 1st quarter. Bank of America Corp DE now owns 38,598 shares of the company’s stock valued at $542,000 after buying an additional 1,086 shares during the last quarter. Stempoint Capital LP acquired a new position in Jade Biosciences in the first quarter valued at approximately $2,164,000. Janus Henderson Group PLC bought a new position in shares of Jade Biosciences during the first quarter valued at approximately $43,557,000. Finally, Quantinno Capital Management LP lifted its holdings in shares of Jade Biosciences by 3.6% in the 1st quarter. Quantinno Capital Management LP now owns 30,551 shares of the company’s stock worth $429,000 after purchasing an additional 1,059 shares during the last quarter.

Analyst Ratings Changes

A number of brokerages have recently weighed in on JBIO. Wall Street Zen cut shares of Jade Biosciences from a “hold” rating to a “sell” rating in a research note on Saturday, May 9th. Jefferies Financial Group reiterated a “buy” rating on shares of Jade Biosciences in a report on Monday, June 1st. Piper Sandler set a $55.00 price target on Jade Biosciences in a research report on Tuesday, June 2nd. HC Wainwright boosted their price target on Jade Biosciences from $45.00 to $55.00 and gave the stock a “buy” rating in a report on Monday, June 1st. Finally, BTIG Research upped their price objective on Jade Biosciences from $74.00 to $77.00 and gave the company a “buy” rating in a research report on Monday. Two investment analysts have rated the stock with a Strong Buy rating, six have given a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, Jade Biosciences has an average rating of “Moderate Buy” and a consensus price target of $52.29.

About Jade Biosciences

Jade Biosciences, Inc is a clinical?stage biotechnology company focused on the discovery and development of novel therapeutics for inflammatory skin diseases and chronic itch. Leveraging a small?molecule platform, the company seeks to address significant unmet needs in dermatology by targeting key pathways involved in pruritus and skin inflammation. Its research efforts are centered on identifying and advancing molecules that can modulate receptor activity in the skin, with a goal of improving safety and efficacy compared to existing treatments.

The company’s lead programs are built around proprietary compounds designed to penetrate the epidermal barrier and selectively inhibit molecular drivers of itch and inflammation.