Benitec Biopharma (NASDAQ:BNTC) Announces Earnings Results, Meets Expectations

Benitec Biopharma (NASDAQ:BNTC) announced its earnings results on Monday. The biotechnology company reported ($0.26) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.26), FiscalAI reports. The company had revenue of ($0.83) million for the quarter, compared to the consensus estimate of $13.70 million.

Benitec Biopharma Stock Performance

NASDAQ BNTC opened at $11.05 on Wednesday. Benitec Biopharma has a fifty-two week low of $9.85 and a fifty-two week high of $16.76. The stock has a 50 day simple moving average of $12.57 and a two-hundred day simple moving average of $12.04. The stock has a market cap of $379.57 million, a P/E ratio of -11.28 and a beta of 0.27.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on BNTC. Wall Street Zen raised shares of Benitec Biopharma from a “sell” rating to a “hold” rating in a report on Saturday, August 1st. Royal Bank Of Canada upgraded Benitec Biopharma to an “outperform” rating in a report on Tuesday. Citigroup reissued a “market outperform” rating on shares of Benitec Biopharma in a report on Tuesday. Wedbush upped their target price on Benitec Biopharma from $16.00 to $17.00 and gave the stock an “outperform” rating in a research note on Tuesday. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Benitec Biopharma in a research note on Friday, July 17th. Seven equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $24.00.

Hedge Funds Weigh In On Benitec Biopharma

Hedge funds and other institutional investors have recently made changes to their positions in the business. GAMMA Investing LLC boosted its holdings in Benitec Biopharma by 18.7% in the second quarter. GAMMA Investing LLC now owns 7,961 shares of the biotechnology company’s stock valued at $107,000 after acquiring an additional 1,256 shares in the last quarter. Bank of America Corp DE raised its holdings in Benitec Biopharma by 43.3% in the 1st quarter. Bank of America Corp DE now owns 17,376 shares of the biotechnology company’s stock worth $185,000 after purchasing an additional 5,251 shares in the last quarter. ADAR1 Capital Management LLC bought a new position in Benitec Biopharma in the 1st quarter worth $186,000. Bank of New York Mellon Corp lifted its position in shares of Benitec Biopharma by 37.6% in the 1st quarter. Bank of New York Mellon Corp now owns 43,489 shares of the biotechnology company’s stock worth $463,000 after purchasing an additional 11,877 shares during the period. Finally, Empery Asset Management LP purchased a new stake in shares of Benitec Biopharma in the 4th quarter worth about $747,000. Institutional investors own 52.19% of the company’s stock.

Benitec Biopharma Company Profile

Benitec Biopharma Inc (NASDAQ:BNTC) is a clinical-stage biotechnology company developing genetic medicines based on DNA-directed RNA interference (ddRNAi). The company’s technology is designed to enable long-lasting suppression of disease-causing genes by delivering genetic instructions that produce RNA interference molecules within targeted cells.

Benitec’s lead product candidate is BB-301, an investigational gene therapy being developed for oculopharyngeal muscular dystrophy type 1 (OPMD), a rare inherited disorder that can cause progressive weakness of the muscles involved in swallowing and eye movement.