BioTime (BTX) Shares Down 5.2% Following Weak Earnings

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Shares of BioTime, Inc. (NYSEAMERICAN:BTX) dropped 5.2% during mid-day trading on Thursday after the company announced weaker than expected quarterly earnings. The company traded as low as $1.96 and last traded at $1.99. Approximately 694,873 shares traded hands during trading, an increase of 50% from the average daily volume of 463,315 shares. The stock had previously closed at $2.10.

The biotechnology company reported ($0.07) earnings per share for the quarter, missing the consensus estimate of ($0.06) by ($0.01). The business had revenue of $0.98 million during the quarter, compared to the consensus estimate of $0.75 million.

Separately, Zacks Investment Research raised BioTime from a “hold” rating to a “buy” rating and set a $2.50 price target on the stock in a research report on Wednesday, August 8th.

Hedge funds have recently bought and sold shares of the company. Destination Wealth Management purchased a new stake in shares of BioTime during the 3rd quarter worth about $1,237,000. Bank of New York Mellon Corp boosted its stake in shares of BioTime by 4.7% during the 2nd quarter. Bank of New York Mellon Corp now owns 744,554 shares of the biotechnology company’s stock worth $1,534,000 after acquiring an additional 33,350 shares in the last quarter. Northern Trust Corp boosted its stake in shares of BioTime by 5.2% during the 1st quarter. Northern Trust Corp now owns 966,448 shares of the biotechnology company’s stock worth $2,600,000 after acquiring an additional 47,957 shares in the last quarter. Finally, BlackRock Inc. boosted its stake in shares of BioTime by 3.1% during the 3rd quarter. BlackRock Inc. now owns 6,102,467 shares of the biotechnology company’s stock worth $14,340,000 after acquiring an additional 185,826 shares in the last quarter.

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About BioTime (NYSEAMERICAN:BTX)

BioTime, Inc, a clinical-stage biotechnology company, focuses on developing and commercializing products addressing degenerative diseases based on pluripotent stem cells and HyStem cell/drug delivery platform technologies primarily in the United States and Israel. The company's lead product candidates include OpRegen, a retinal pigment epithelium cell replacement therapy, which is in Phase I/IIa multicenter trial for the treatment of the dry age-related macular degeneration; and Renevia, a facial aesthetics product that is in pivotal clinical trial for the treatment of HIV-associated facial lipoatrophy.

Further Reading: Dollar Cost Averaging

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