Jade Biosciences (NASDAQ:JBIO) Stock Price Down 5.4% – Here’s Why

Jade Biosciences, Inc. (NASDAQ:JBIO)’s share price fell 5.4% on Monday . The company traded as low as $20.02 and last traded at $19.74. 97,980 shares changed hands during trading, a decline of 86% from the average daily volume of 701,074 shares. The stock had previously closed at $20.86.

Analyst Upgrades and Downgrades

JBIO has been the subject of several analyst reports. Zacks Research raised shares of Jade Biosciences from a “strong sell” rating to a “hold” rating in a report on Wednesday, April 8th. Wall Street Zen cut shares of Jade Biosciences from a “hold” rating to a “sell” rating in a report on Saturday, May 9th. Piper Sandler set a $55.00 price objective on Jade Biosciences in a research report on Tuesday, June 2nd. UBS Group started coverage on Jade Biosciences in a research note on Monday, June 15th. They set a “buy” rating and a $45.00 price objective for the company. Finally, Weiss Ratings cut Jade Biosciences from a “sell (d)” rating to a “sell (d-)” rating in a research report on Tuesday, June 16th. Two investment analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $51.57.

Jade Biosciences Stock Performance

The firm has a market cap of $966.22 million, a PE ratio of -9.69 and a beta of 1.43. The stock’s 50 day simple moving average is $20.44 and its 200 day simple moving average is $17.88.

Jade Biosciences (NASDAQ:JBIO) last posted its quarterly earnings data on Thursday, May 7th. The company reported ($0.57) earnings per share for the quarter, missing the consensus estimate of ($0.52) by ($0.05). As a group, analysts anticipate that Jade Biosciences, Inc. will post -2.54 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Aberdeen Group plc bought a new position in shares of Jade Biosciences during the 4th quarter valued at about $13,382,000. Avidity Partners Management LP lifted its position in Jade Biosciences by 24.3% in the 4th quarter. Avidity Partners Management LP now owns 1,400,708 shares of the company’s stock worth $21,613,000 after buying an additional 273,522 shares during the last quarter. Baker BROS. Advisors LP purchased a new stake in Jade Biosciences in the fourth quarter worth approximately $25,323,000. 9823 Capital L.P. bought a new position in Jade Biosciences during the fourth quarter valued at approximately $821,000. Finally, Y Intercept Hong Kong Ltd bought a new position in Jade Biosciences during the first quarter valued at approximately $353,000.

About Jade Biosciences

Jade Biosciences, Inc is a clinical‐stage biotechnology company focused on the discovery and development of novel therapeutics for inflammatory skin diseases and chronic itch. Leveraging a small‐molecule platform, the company seeks to address significant unmet needs in dermatology by targeting key pathways involved in pruritus and skin inflammation. Its research efforts are centered on identifying and advancing molecules that can modulate receptor activity in the skin, with a goal of improving safety and efficacy compared to existing treatments.

The company’s lead programs are built around proprietary compounds designed to penetrate the epidermal barrier and selectively inhibit molecular drivers of itch and inflammation.