Phio Pharmaceuticals (NASDAQ:PHIO) Stock Price Down 2.6% – Here’s Why

Phio Pharmaceuticals Corp. (NASDAQ:PHIO) fell 2.6% on Tuesday . The company traded as low as $1.13 and last traded at $1.13. 119,689 shares changed hands during mid-day trading, a decline of 14% from the average session volume of 138,595 shares. The stock had previously closed at $1.16.

Wall Street Analysts Forecast Growth

PHIO has been the topic of a number of research analyst reports. Weiss Ratings reissued a “sell (e+)” rating on shares of Phio Pharmaceuticals in a report on Tuesday, April 21st. HC Wainwright reaffirmed a “buy” rating and set a $14.00 target price on shares of Phio Pharmaceuticals in a report on Tuesday, February 10th. One analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $14.00.

Phio Pharmaceuticals Trading Down 2.6%

The firm has a market cap of $13.13 million, a P/E ratio of -0.78 and a beta of 0.84. The business’s fifty day simple moving average is $1.21 and its 200-day simple moving average is $1.28.

Phio Pharmaceuticals (NASDAQ:PHIO) last announced its quarterly earnings results on Thursday, March 5th. The company reported ($0.15) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.34) by $0.19. Analysts anticipate that Phio Pharmaceuticals Corp. will post -0.95 earnings per share for the current year.

Institutional Investors Weigh In On Phio Pharmaceuticals

A hedge fund recently raised its stake in Phio Pharmaceuticals stock. Cetera Investment Advisers grew its stake in shares of Phio Pharmaceuticals Corp. (NASDAQ:PHIO) by 26.9% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 42,500 shares of the company’s stock after purchasing an additional 9,000 shares during the period. Cetera Investment Advisers owned approximately 0.39% of Phio Pharmaceuticals worth $45,000 as of its most recent SEC filing. 57.31% of the stock is currently owned by hedge funds and other institutional investors.

Phio Pharmaceuticals Company Profile

Phio Pharmaceuticals, Inc (NASDAQ: PHIO) is a clinical‐stage biotechnology company focused on the discovery and development of dual RNA interference (RNAi) therapeutics. Utilizing its proprietary Transitional RNAi (TRiMTM) platform, Phio aims to simultaneously silence multiple gene targets to achieve enhanced therapeutic activity. The company’s core mission is to advance next‐generation RNAi compounds with potential applications in oncology and immuno‐oncology.

Phio’s TRiMTM platform is designed around the delivery of synthetic, double‐stranded RNA duplexes that can be engineered to target specific combinations of genes implicated in tumor growth and immune evasion.