iBio (NASDAQ:IBIO) Posts Quarterly Earnings Results, Beats Expectations By $0.03 EPS

iBio (NASDAQ:IBIO) released its earnings results on Friday. The company reported ($0.04) EPS for the quarter, beating the consensus estimate of ($0.07) by $0.03, Zacks reports.

iBio Trading Down 2.9%

Shares of IBIO opened at $1.36 on Friday. iBio has a 1 year low of $0.77 and a 1 year high of $3.82. The stock has a market cap of $67.56 million, a P/E ratio of -4.00 and a beta of 1.30. The stock’s 50-day moving average price is $1.49 and its two-hundred day moving average price is $1.84.

Institutional Trading of iBio

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Cubist Systematic Strategies LLC acquired a new stake in shares of iBio in the 1st quarter valued at approximately $224,000. Ameriprise Financial Inc. bought a new position in iBio during the 3rd quarter worth approximately $399,000. Boothbay Fund Management LLC grew its holdings in iBio by 10.9% during the third quarter. Boothbay Fund Management LLC now owns 176,862 shares of the company’s stock valued at $146,000 after purchasing an additional 17,414 shares during the period. Citadel Advisors LLC acquired a new position in iBio during the third quarter valued at approximately $109,000. Finally, Susquehanna International Group LLP bought a new stake in iBio in the third quarter valued at approximately $37,000. 7.90% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of brokerages recently commented on IBIO. Wall Street Zen lowered iBio from a “hold” rating to a “sell” rating in a research report on Sunday, August 23rd. Raymond James Financial initiated coverage on shares of iBio in a research note on Monday, June 8th. They issued an “outperform” rating and a $5.00 target price on the stock. Chardan Capital reaffirmed a “buy” rating and issued a $5.00 target price on shares of iBio in a research note on Thursday, July 2nd. Weiss Ratings reiterated a “sell (d-)” rating on shares of iBio in a research report on Wednesday, June 24th. Finally, B. Riley Financial initiated coverage on shares of iBio in a research note on Friday, June 5th. They set a “buy” rating and a $6.00 price target for the company. Three equities research analysts have rated the stock with a Strong Buy rating, four have given a Buy rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Buy” and an average price target of $5.00.

About iBio

iBio, Inc, a biotechnology company, provides contract development and manufacturing services to collaborators and third-party customers in the United States. The company operates in two segments: Biopharmaceuticals and Bioprocessing. Its lead therapeutic candidate is IBIO-100 that is being advanced for investigational new drug development for the treatment of systemic scleroderma and idiopathic pulmonary fibrosis. The company is also developing vaccine candidates comprising IBIO-200 and IBIO-201, which are in preclinical development for the prevention of severe acute respiratory syndrome coronavirus 2; and IBIO-400 for the treatment of classical swine fever.