iBio (NASDAQ:IBIO) Releases Quarterly Earnings Results, Beats Estimates By $0.03 EPS

iBio (NASDAQ:IBIO) released its quarterly earnings data on Friday. The company reported ($0.04) earnings per share for the quarter, beating the consensus estimate of ($0.07) by $0.03, Zacks reports.

iBio Trading Down 2.1%

NASDAQ:IBIO opened at $1.40 on Friday. The stock has a market capitalization of $69.55 million, a PE ratio of -2.41 and a beta of 1.30. iBio has a 1-year low of $0.77 and a 1-year high of $3.82. The firm has a fifty day simple moving average of $1.49 and a 200 day simple moving average of $1.84.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of IBIO. XTX Topco Ltd acquired a new position in iBio during the fourth quarter worth approximately $71,000. Ikarian Capital LLC lifted its position in shares of iBio by 55.0% in the fourth quarter. Ikarian Capital LLC now owns 957,062 shares of the company’s stock valued at $1,847,000 after buying an additional 339,735 shares during the last quarter. Balyasny Asset Management L.P. increased its holdings in shares of iBio by 10,440.2% during the 4th quarter. Balyasny Asset Management L.P. now owns 1,096,179 shares of the company’s stock worth $2,116,000 after acquiring an additional 1,085,779 shares during the last quarter. Boothbay Fund Management LLC increased its holdings in shares of iBio by 43.8% during the 4th quarter. Boothbay Fund Management LLC now owns 254,412 shares of the company’s stock worth $491,000 after acquiring an additional 77,550 shares during the last quarter. Finally, Logos Global Management LP bought a new stake in iBio in the 4th quarter valued at $3,860,000. Institutional investors own 7.90% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on IBIO shares. Wall Street Zen downgraded iBio from a “hold” rating to a “sell” rating in a research report on Sunday, August 23rd. Chardan Capital reissued a “buy” rating and issued a $5.00 price objective on shares of iBio in a research report on Thursday, July 2nd. Raymond James Financial assumed coverage on shares of iBio in a report on Monday, June 8th. They set an “outperform” rating and a $5.00 target price for the company. B. Riley Financial assumed coverage on shares of iBio in a research report on Friday, June 5th. They issued a “buy” rating and a $6.00 target price for the company. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of iBio in a research report on Wednesday, June 24th. Three investment analysts have rated the stock with a Strong Buy rating, four have issued a Buy rating and one has assigned a Sell rating to the company. According to MarketBeat, iBio currently has an average rating of “Buy” and a consensus target price of $5.00.

About iBio

iBio, Inc, a biotechnology company, provides contract development and manufacturing services to collaborators and third-party customers in the United States. The company operates in two segments: Biopharmaceuticals and Bioprocessing. Its lead therapeutic candidate is IBIO-100 that is being advanced for investigational new drug development for the treatment of systemic scleroderma and idiopathic pulmonary fibrosis. The company is also developing vaccine candidates comprising IBIO-200 and IBIO-201, which are in preclinical development for the prevention of severe acute respiratory syndrome coronavirus 2; and IBIO-400 for the treatment of classical swine fever.