Century Therapeutics (NASDAQ:IPSC) Downgraded by Zacks Research to Hold

Zacks Research cut shares of Century Therapeutics (NASDAQ:IPSC) from a strong-buy rating to a hold rating in a research note issued to investors on Thursday morning,Zacks.com reports.

A number of other research firms have also weighed in on IPSC. Piper Sandler boosted their target price on shares of Century Therapeutics from $2.00 to $4.00 and gave the stock an “overweight” rating in a report on Tuesday, January 20th. TD Cowen assumed coverage on shares of Century Therapeutics in a report on Wednesday, February 25th. They set a “buy” rating on the stock. Wall Street Zen raised shares of Century Therapeutics from a “sell” rating to a “hold” rating in a research note on Saturday, March 7th. Finally, Leerink Partners set a $2.00 price objective on Century Therapeutics and gave the company a “market perform” rating in a report on Friday. Five investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat, Century Therapeutics has an average rating of “Moderate Buy” and a consensus target price of $3.80.

Century Therapeutics Trading Down 6.4%

Shares of IPSC stock opened at $2.34 on Thursday. The firm has a market capitalization of $204.52 million, a price-to-earnings ratio of -16.71 and a beta of 1.70. The business’s 50-day moving average price is $2.08 and its 200-day moving average price is $1.11. Century Therapeutics has a 12 month low of $0.34 and a 12 month high of $3.04.

Century Therapeutics (NASDAQ:IPSC) last released its quarterly earnings data on Thursday, March 12th. The company reported ($0.25) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.29) by $0.04. On average, sell-side analysts predict that Century Therapeutics will post -1.61 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, insider Chad Cowan bought 58,060 shares of the firm’s stock in a transaction on Monday, December 22nd. The stock was acquired at an average price of $0.85 per share, with a total value of $49,351.00. Following the transaction, the insider owned 1,045,087 shares of the company’s stock, valued at $888,323.95. This trade represents a 5.88% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 4.37% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. Prudential Financial Inc. bought a new stake in shares of Century Therapeutics in the 2nd quarter valued at $25,000. Qube Research & Technologies Ltd bought a new position in Century Therapeutics during the second quarter worth $38,000. Raymond James Financial Inc. acquired a new position in Century Therapeutics in the second quarter valued at $51,000. AQR Capital Management LLC lifted its holdings in Century Therapeutics by 358.9% in the first quarter. AQR Capital Management LLC now owns 111,079 shares of the company’s stock valued at $53,000 after buying an additional 86,875 shares during the period. Finally, Bank of America Corp DE boosted its position in Century Therapeutics by 109.1% during the fourth quarter. Bank of America Corp DE now owns 66,043 shares of the company’s stock valued at $67,000 after acquiring an additional 34,466 shares during the last quarter. Institutional investors and hedge funds own 50.20% of the company’s stock.

About Century Therapeutics

Century Therapeutics is a clinical-stage biotechnology company focused on the discovery and development of allogeneic cell therapies for cancer. Utilizing induced pluripotent stem cell (iPSC) technology, the company engineers “off-the-shelf” natural killer (NK) and T cell candidates designed to target hematologic malignancies and solid tumors. By harnessing iPSC-derived immune cells, Century aims to overcome challenges associated with patient-derived therapies, such as manufacturing variability and treatment delays.

The company’s proprietary platform integrates gene editing, synthetic biology and scalable cell expansion processes to generate a pipeline of product candidates.