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.
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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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