Rezolute (NASDAQ:RZLT) Given New $6.00 Price Target at Wedbush

Rezolute (NASDAQ:RZLT) had its target price hoisted by Wedbush from $5.00 to $6.00 in a research report issued on Wednesday, MarketBeat reports. The firm presently has an “outperform” rating on the stock. Wedbush’s price objective would suggest a potential upside of 50.00% from the company’s current price.

Other research analysts have also recently issued research reports about the company. Cantor Fitzgerald reiterated a “neutral” rating on shares of Rezolute in a research note on Wednesday. Maxim Group set a $14.00 price objective on Rezolute in a report on Tuesday. Citigroup raised Rezolute from a “market perform” rating to an “outperform” rating in a report on Wednesday. Wall Street Zen raised Rezolute from a “strong sell” rating to a “sell” rating in a report on Saturday, May 16th. Finally, BTIG Research boosted their price objective on Rezolute from $5.00 to $6.00 and gave the company a “buy” rating in a report on Tuesday. Eight equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, Rezolute presently has a consensus rating of “Moderate Buy” and an average price target of $8.75.

Rezolute Stock Performance

NASDAQ:RZLT opened at $4.00 on Wednesday. Rezolute has a one year low of $1.07 and a one year high of $11.46. The business’s 50-day simple moving average is $3.24 and its 200 day simple moving average is $4.01. The stock has a market cap of $385.16 million, a price-to-earnings ratio of -4.88 and a beta of 0.68.

Rezolute (NASDAQ:RZLT) last released its quarterly earnings results on Tuesday, May 12th. The company reported ($0.16) EPS for the quarter, topping the consensus estimate of ($0.17) by $0.01. On average, equities research analysts predict that Rezolute will post -0.72 EPS for the current year.

Hedge Funds Weigh In On Rezolute

Several institutional investors have recently made changes to their positions in RZLT. RA Capital Management L.P. bought a new position in shares of Rezolute during the fourth quarter valued at approximately $21,665,000. Opaleye Management Inc. grew its holdings in shares of Rezolute by 595.9% during the fourth quarter. Opaleye Management Inc. now owns 6,287,156 shares of the company’s stock valued at $14,838,000 after purchasing an additional 5,383,714 shares during the last quarter. Jennison Associates LLC bought a new position in shares of Rezolute during the first quarter valued at approximately $10,489,000. Siren L.L.C. bought a new position in shares of Rezolute during the first quarter valued at approximately $10,151,000. Finally, Balyasny Asset Management L.P. grew its holdings in shares of Rezolute by 147.3% during the fourth quarter. Balyasny Asset Management L.P. now owns 4,506,861 shares of the company’s stock valued at $10,636,000 after purchasing an additional 2,684,133 shares during the last quarter. 82.97% of the stock is owned by institutional investors.

About Rezolute

Rezolute, Inc, a clinical stage biopharmaceutical company, develops therapies for metabolic diseases associated with chronic glucose imbalance in the United States. The company's lead product candidate is RZ358, a human monoclonal antibody that is in Phase 2b clinical trial for the treatment of congenital hyperinsulinism, an ultra-rare pediatric genetic disorder. It is also developing RZ402, an oral plasma kallikrein inhibitor, which is in clinical trial for the chronic treatment of diabetic macular edema.