Generate Biomedicines (NASDAQ:GENB) Releases Earnings Results, Misses Expectations By $0.18 EPS

Generate Biomedicines (NASDAQ:GENB) issued its quarterly earnings results on Thursday. The company reported ($0.68) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.50) by ($0.18), FiscalAI reports. The firm had revenue of $4.22 million during the quarter.

Generate Biomedicines Stock Down 3.8%

Shares of GENB stock traded down $0.48 on Friday, hitting $12.09. The company had a trading volume of 314,415 shares, compared to its average volume of 862,120. Generate Biomedicines has a twelve month low of $11.00 and a twelve month high of $22.67. The firm has a market cap of $1.55 billion and a P/E ratio of -7.64. The company has a 50-day moving average price of $14.44 and a 200-day moving average price of $14.12.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on the stock. Wall Street Zen downgraded shares of Generate Biomedicines from a “hold” rating to a “sell” rating in a research note on Saturday, October 17th. HC Wainwright restated a “buy” rating on shares of Generate Biomedicines in a research note on Friday, October 30th. Finally, Weiss Ratings raised Generate Biomedicines from a “sell (d)” rating to a “sell (d+)” rating in a research report on Friday, September 25th. Six equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $26.40.

Institutional Trading of Generate Biomedicines

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. State Street Corp increased its holdings in Generate Biomedicines by 3.8% in the 3rd quarter. State Street Corp now owns 546,337 shares of the company’s stock worth $8,206,000 after acquiring an additional 19,772 shares in the last quarter. Alps Advisors Inc. raised its holdings in shares of Generate Biomedicines by 31.4% during the third quarter. Alps Advisors Inc. now owns 170,042 shares of the company’s stock valued at $2,554,000 after acquiring an additional 40,636 shares during the last quarter. Summa Corp. purchased a new position in shares of Generate Biomedicines in the third quarter valued at approximately $250,000. Sumitomo Mitsui Trust Group Inc. lifted its position in shares of Generate Biomedicines by 103.1% in the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 78,531 shares of the company’s stock valued at $1,180,000 after acquiring an additional 39,866 shares in the last quarter. Finally, Magnus Financial Group LLC boosted its stake in shares of Generate Biomedicines by 39.4% in the third quarter. Magnus Financial Group LLC now owns 21,750 shares of the company’s stock worth $327,000 after acquiring an additional 6,150 shares during the last quarter.

Generate Biomedicines Company Profile

Generate Biomedicines is a biotechnology company that uses generative artificial intelligence and experimental biology to design and develop medicines. Founded in 2018 by Flagship Pioneering, the company is based in Somerville, Massachusetts. Its platform is designed to create new proteins with potential therapeutic applications, including antibodies and other biologic medicines. Generate is advancing a drug-development pipeline across areas such as immunology and oncology; one of its candidates, GB-0895, is being developed for asthma.