Silverback Therapeutics (NASDAQ:SBTX) Downgraded by Zacks Investment Research

Zacks Investment Research downgraded shares of Silverback Therapeutics (NASDAQ:SBTX) from a hold rating to a sell rating in a research report sent to investors on Wednesday, Zacks.com reports.

According to Zacks, “Silverback Therapeutics Inc. is a clinical-stage biopharmaceutical company. Its ImmunoTAC technology platform, develop systemically delivered, tissue targeted therapeutics for the treatment of cancer, chronic viral infections and other serious diseases. Silverback Therapeutics Inc. is based in Seattle, United States. “

A number of other research firms also recently issued reports on SBTX. HC Wainwright restated a buy rating and set a $52.00 price objective on shares of Silverback Therapeutics in a report on Friday, October 15th. SVB Leerink cut their target price on shares of Silverback Therapeutics from $42.00 to $25.00 and set an outperform rating for the company in a research report on Friday, November 12th. Finally, Jonestrading restated a buy rating and issued a $50.00 price objective on shares of Silverback Therapeutics in a research report on Thursday, September 16th. One equities research analyst has rated the stock with a sell rating and five have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of Buy and an average price target of $40.75.

Shares of NASDAQ:SBTX opened at $4.91 on Wednesday. The firm has a 50 day moving average of $6.87 and a 200-day moving average of $16.89. The stock has a market capitalization of $172.51 million and a PE ratio of -1.51. Silverback Therapeutics has a 12 month low of $4.68 and a 12 month high of $63.41.

Silverback Therapeutics (NASDAQ:SBTX) last posted its quarterly earnings data on Wednesday, November 10th. The company reported ($0.65) EPS for the quarter, meeting the Zacks’ consensus estimate of ($0.65). On average, sell-side analysts forecast that Silverback Therapeutics will post -2.66 EPS for the current fiscal year.

A number of large investors have recently added to or reduced their stakes in the stock. American International Group Inc. increased its stake in shares of Silverback Therapeutics by 57.5% during the third quarter. American International Group Inc. now owns 11,224 shares of the company’s stock valued at $112,000 after buying an additional 4,096 shares during the period. Bank of New York Mellon Corp raised its position in Silverback Therapeutics by 43.3% during the third quarter. Bank of New York Mellon Corp now owns 56,668 shares of the company’s stock valued at $566,000 after acquiring an additional 17,124 shares in the last quarter. Squarepoint Ops LLC raised its position in Silverback Therapeutics by 71.3% during the third quarter. Squarepoint Ops LLC now owns 15,593 shares of the company’s stock valued at $156,000 after acquiring an additional 6,492 shares in the last quarter. Two Sigma Advisers LP purchased a new stake in shares of Silverback Therapeutics in the third quarter valued at approximately $375,000. Finally, Two Sigma Investments LP acquired a new stake in shares of Silverback Therapeutics in the third quarter worth approximately $1,503,000. Institutional investors own 82.44% of the company’s stock.

Silverback Therapeutics Company Profile

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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