Jade Biosciences (NASDAQ:JBIO) Trading Down 5.6% – What’s Next?

Jade Biosciences, Inc. (NASDAQ:JBIO) shares dropped 5.6% during mid-day trading on Monday . The stock traded as low as $15.85 and last traded at $15.9950. Approximately 190,183 shares were traded during mid-day trading, a decline of 65% from the average daily volume of 538,402 shares. The stock had previously closed at $16.94.

Analysts Set New Price Targets

JBIO has been the topic of several recent analyst reports. BTIG Research upped their price target on shares of Jade Biosciences from $39.00 to $74.00 and gave the company a “buy” rating in a report on Monday, June 1st. Lifesci Capital raised shares of Jade Biosciences to a “strong-buy” rating in a report on Friday, March 6th. Wedbush increased their target price on shares of Jade Biosciences from $34.00 to $45.00 and gave the stock an “outperform” rating in a report on Tuesday, June 2nd. Piper Sandler set a $55.00 target price on shares of Jade Biosciences in a report on Tuesday, June 2nd. Finally, HC Wainwright increased their target price on shares of Jade Biosciences from $45.00 to $55.00 and gave the stock a “buy” rating in a report on Monday, June 1st. Two equities research analysts have rated the stock with a Strong Buy rating, five have given a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, Jade Biosciences currently has an average rating of “Moderate Buy” and a consensus price target of $47.43.

Jade Biosciences Stock Down 7.7%

The firm’s 50-day moving average price is $20.86 and its 200 day moving average price is $16.69. The firm has a market cap of $772.04 million, a P/E ratio of -7.79 and a beta of 1.45.

Jade Biosciences (NASDAQ:JBIO) last released its quarterly earnings results on Thursday, May 7th. The company reported ($0.57) EPS for the quarter, missing the consensus estimate of ($0.52) by ($0.05). On average, equities analysts predict that Jade Biosciences, Inc. will post -2.54 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Bank of America Corp DE boosted its holdings in shares of Jade Biosciences by 2.9% in the first quarter. Bank of America Corp DE now owns 38,598 shares of the company’s stock worth $542,000 after buying an additional 1,086 shares during the period. Stempoint Capital LP acquired a new position in shares of Jade Biosciences in the first quarter worth about $2,164,000. Janus Henderson Group PLC acquired a new position in shares of Jade Biosciences in the first quarter worth about $43,557,000. Quantinno Capital Management LP boosted its holdings in shares of Jade Biosciences by 3.6% in the first quarter. Quantinno Capital Management LP now owns 30,551 shares of the company’s stock worth $429,000 after buying an additional 1,059 shares during the period. Finally, Renaissance Technologies LLC boosted its holdings in shares of Jade Biosciences by 94.0% in the first quarter. Renaissance Technologies LLC now owns 135,039 shares of the company’s stock worth $1,897,000 after buying an additional 65,438 shares during the period.

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.