First Wave BioPharma (NASDAQ:FWBI) Lifted to Buy at Zacks Investment Research

Zacks Investment Research upgraded shares of First Wave BioPharma (NASDAQ:FWBI) from a hold rating to a buy rating in a report issued on Wednesday, Zacks.com reports. Zacks Investment Research currently has $1.75 price objective on the stock.

According to Zacks, “First Wave BioPharma Inc. is a clinical-stage biopharmaceutical company specializing in the development of targeted, non-systemic therapies for gastrointestinal diseases. First Wave BioPharma Inc., formerly known as AzurRx BioPharma Inc., is based in BOCA RATON, Fla. “

Separately, Maxim Group cut shares of First Wave BioPharma from a buy rating to a hold rating in a report on Tuesday, December 7th.

FWBI stock opened at $1.41 on Wednesday. The stock’s 50 day moving average is $1.72. First Wave BioPharma has a 52 week low of $1.27 and a 52 week high of $26.30.

First Wave BioPharma (NASDAQ:FWBI) last posted its quarterly earnings results on Sunday, November 14th. The company reported ($3.27) EPS for the quarter, missing the consensus estimate of ($0.79) by ($2.48). Analysts anticipate that First Wave BioPharma will post -6.79 EPS for the current year.

A number of institutional investors and hedge funds have recently modified their holdings of FWBI. BlackRock Inc. bought a new position in First Wave BioPharma during the third quarter valued at approximately $31,000. Parsons Capital Management Inc. RI bought a new position in First Wave BioPharma during the third quarter valued at approximately $47,000. Geode Capital Management LLC bought a new position in First Wave BioPharma during the third quarter valued at approximately $134,000. Finally, Bank of New York Mellon Corp bought a new position in shares of First Wave BioPharma in the third quarter valued at approximately $243,000. 4.50% of the stock is currently owned by hedge funds and other institutional investors.

First Wave BioPharma Company Profile

First Wave Biopharma, Inc is a clinical stage biopharmaceutical company, which engages in the research and development of non-systemic therapies for the treatment of gastrointestinal diseases. The firm involves in therapeutic development pipeline populated with multiple clinical stage programs built around its proprietary technologies, such as Niclosamide, an oral small molecule with anti-viral and anti-inflammatory properties, and the biologic Adrulipase, a recombinant lipase enzyme designed to enable the digestion of fats and other nutrients.

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