Rezolute (NASDAQ:RZLT) Sets New 12-Month High Following Better-Than-Expected Earnings

Rezolute, Inc. (NASDAQ:RZLT) shares hit a new 52-week high during mid-day trading on Friday after the company announced better than expected quarterly earnings. The stock traded as high as $10.94 and last traded at $10.7410, with a volume of 1303833 shares. The stock had previously closed at $9.60.

The company reported ($0.18) EPS for the quarter, topping the consensus estimate of ($0.27) by $0.09.

Wall Street Analyst Weigh In

Several equities analysts have commented on the stock. Weiss Ratings reiterated a “sell (d-)” rating on shares of Rezolute in a research note on Wednesday, October 8th. Citigroup restated an “outperform” rating on shares of Rezolute in a research note on Wednesday, October 29th. Maxim Group lifted their price target on Rezolute from $15.00 to $20.00 and gave the stock a “buy” rating in a research report on Thursday, September 18th. Citizens Jmp increased their price objective on Rezolute from $9.00 to $17.00 and gave the company a “market outperform” rating in a report on Wednesday, October 29th. Finally, Guggenheim reaffirmed a “buy” rating and issued a $15.00 target price on shares of Rezolute in a report on Monday, September 22nd. One analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, Rezolute has an average rating of “Moderate Buy” and a consensus price target of $16.00.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. New York State Common Retirement Fund lifted its position in Rezolute by 5.6% during the third quarter. New York State Common Retirement Fund now owns 24,600 shares of the company’s stock valued at $231,000 after buying an additional 1,300 shares during the period. JPMorgan Chase & Co. increased its stake in shares of Rezolute by 5.0% in the 3rd quarter. JPMorgan Chase & Co. now owns 33,201 shares of the company’s stock worth $312,000 after acquiring an additional 1,567 shares in the last quarter. Pale Fire Capital SE lifted its position in Rezolute by 4.2% during the 2nd quarter. Pale Fire Capital SE now owns 49,122 shares of the company’s stock valued at $219,000 after acquiring an additional 2,000 shares during the period. Huntleigh Advisors Inc. lifted its position in Rezolute by 16.7% during the 3rd quarter. Huntleigh Advisors Inc. now owns 17,500 shares of the company’s stock valued at $164,000 after acquiring an additional 2,500 shares during the period. Finally, American Century Companies Inc. boosted its stake in Rezolute by 5.2% during the first quarter. American Century Companies Inc. now owns 67,925 shares of the company’s stock worth $197,000 after acquiring an additional 3,334 shares in the last quarter. Institutional investors own 82.97% of the company’s stock.

Rezolute Stock Up 12.4%

The stock’s fifty day simple moving average is $8.59 and its two-hundred day simple moving average is $6.15. The firm has a market cap of $980.51 million, a PE ratio of -11.13 and a beta of 0.07.

Rezolute Company Profile

Rezolute, Inc, a clinical stage biopharmaceutical company, develops therapies for metabolic diseases associated with chronic glucose imbalance in the United States. The company's lead product candidate is RZ358, a human monoclonal antibody that is in Phase 2b clinical trial for the treatment of congenital hyperinsulinism, an ultra-rare pediatric genetic disorder.