Silverback Therapeutics (NASDAQ:SBTX) Shares Gap Down to $16.28

Silverback Therapeutics, Inc. (NASDAQ:SBTX)’s share price gapped down prior to trading on Wednesday . The stock had previously closed at $16.28, but opened at $15.55. Silverback Therapeutics shares last traded at $15.51, with a volume of 121 shares.

SBTX has been the subject of several recent research reports. Zacks Investment Research downgraded shares of Silverback Therapeutics from a “hold” rating to a “sell” rating in a research report on Wednesday, August 18th. SVB Leerink lifted their price target on shares of Silverback Therapeutics from $46.00 to $49.00 and gave the company an “outperform” rating in a research report on Monday, August 16th. Finally, Jonestrading reiterated a “buy” rating and issued a $50.00 price target on shares of Silverback Therapeutics in a research report on Tuesday, August 24th. One analyst has rated the stock with a sell rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, Silverback Therapeutics presently has a consensus rating of “Buy” and an average price target of $50.20.

The firm has a fifty day moving average of $27.33 and a 200-day moving average of $33.37. The firm has a market cap of $561.28 million and a P/E ratio of -1.44.

Silverback Therapeutics (NASDAQ:SBTX) last posted its quarterly earnings results on Thursday, August 12th. The company reported ($0.70) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.54) by ($0.16). Research analysts expect that Silverback Therapeutics, Inc. will post -2.77 earnings per share for the current year.

Several institutional investors have recently added to or reduced their stakes in SBTX. Nantahala Capital Management LLC raised its position in shares of Silverback Therapeutics by 27.6% during the 2nd quarter. Nantahala Capital Management LLC now owns 1,266,266 shares of the company’s stock valued at $39,115,000 after buying an additional 274,024 shares in the last quarter. BlackRock Inc. lifted its holdings in shares of Silverback Therapeutics by 212.5% in the first quarter. BlackRock Inc. now owns 1,219,268 shares of the company’s stock worth $53,195,000 after buying an additional 829,107 shares in the last quarter. Wasatch Advisors Inc. increased its position in Silverback Therapeutics by 142.5% during the second quarter. Wasatch Advisors Inc. now owns 645,780 shares of the company’s stock valued at $19,948,000 after acquiring an additional 379,467 shares during the last quarter. Woodline Partners LP grew its holdings in Silverback Therapeutics by 82.7% during the 2nd quarter. Woodline Partners LP now owns 377,631 shares of the company’s stock worth $11,665,000 after acquiring an additional 170,948 shares in the last quarter. Finally, Point72 Asset Management L.P. purchased a new stake in shares of Silverback Therapeutics during the first quarter valued at about $12,548,000. 79.91% of the stock is owned by hedge funds and other institutional investors.

Silverback Therapeutics Company Profile (NASDAQ:SBTX)

Silverback Therapeutics, Inc, a clinical-stage biopharmaceutical company, develops tissue targeted therapeutics for the treatment of cancer, chronic viral infections, and other serious diseases. Its lead product candidate is SBT6050, which is in a Phase I/Ib clinical trial, a TLR8 agonist linker-payload conjugated to a HER2-directed monoclonal antibody that targets tumors, such as breast, gastric, and non-small cell lung cancers.

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