B. Riley Lowers Gritstone bio (NASDAQ:GRTS) to Hold

B. Riley cut shares of Gritstone bio (NASDAQ:GRTS) from a strong-buy rating to a hold rating in a report issued on Tuesday, Zacks.com reports. B. Riley also issued estimates for Gritstone bio’s Q3 2024 earnings at ($0.14) EPS, Q4 2024 earnings at ($0.06) EPS, FY2024 earnings at ($0.62) EPS, FY2025 earnings at ($0.35) EPS and FY2026 earnings at ($0.32) EPS.

GRTS has been the subject of several other reports. HC Wainwright reaffirmed a neutral rating and set a $0.50 target price (down from $4.00) on shares of Gritstone bio in a research note on Tuesday. JMP Securities lowered shares of Gritstone bio from an outperform rating to a market perform rating in a report on Tuesday.

Gritstone bio Stock Down 5.0 %

GRTS opened at $0.19 on Tuesday. The company has a fifty day moving average of $0.51 and a two-hundred day moving average of $0.83. The company has a debt-to-equity ratio of 1.83, a quick ratio of 2.54 and a current ratio of 2.54. Gritstone bio has a fifty-two week low of $0.18 and a fifty-two week high of $3.33. The stock has a market capitalization of $20.63 million, a price-to-earnings ratio of -0.15 and a beta of 0.47.

Gritstone bio (NASDAQ:GRTS) last announced its quarterly earnings results on Tuesday, August 13th. The company reported ($0.16) earnings per share for the quarter, beating the consensus estimate of ($0.28) by $0.12. The firm had revenue of $0.92 million during the quarter, compared to analyst estimates of $2.77 million. Gritstone bio had a negative return on equity of 328.51% and a negative net margin of 910.50%. On average, research analysts expect that Gritstone bio will post -0.88 earnings per share for the current year.

Institutional Investors Weigh In On Gritstone bio

Large investors have recently modified their holdings of the business. Artal Group S.A. purchased a new stake in Gritstone bio during the 1st quarter valued at about $2,650,000. Victory Capital Management Inc. boosted its holdings in shares of Gritstone bio by 4,598.5% during the 2nd quarter. Victory Capital Management Inc. now owns 553,150 shares of the company’s stock worth $342,000 after purchasing an additional 541,377 shares during the last quarter. Vanguard Group Inc. grew its position in shares of Gritstone bio by 7.2% in the first quarter. Vanguard Group Inc. now owns 4,733,791 shares of the company’s stock valued at $12,166,000 after purchasing an additional 317,499 shares in the last quarter. Susquehanna Fundamental Investments LLC purchased a new stake in shares of Gritstone bio in the first quarter valued at approximately $636,000. Finally, Point72 Asia Singapore Pte. Ltd. purchased a new position in Gritstone bio during the second quarter worth approximately $96,000. Hedge funds and other institutional investors own 48.46% of the company’s stock.

Gritstone bio Company Profile

Gritstone bio, Inc, a clinical-stage biotechnology company, engages in developing vaccine-based immunotherapy candidates against cancer and infectious diseases. Its primary product candidate is GRANITE, an individualized immunotherapy candidate, which is in Phase 2/3 clinical trials for the treatment of microsatellite stable colorectal cancers; and has completed Phase 1/2 clinical trials for treating solid tumors.