Zacks Investment Research Reaffirms “Sell” Rating for XBiotech (NASDAQ:XBIT)

Zacks Investment Research reiterated their sell rating on shares of XBiotech (NASDAQ:XBIT) in a report released on Sunday morning, Zacks.com reports.

According to Zacks, “XBiotech Inc. is a biopharmaceutical company. The Company is engaged in discovering and developing True Human(TM) monoclonal antibodies for treating diseases. XBiotech Inc. is based in AUSTIN, United States. “

Other equities research analysts have also issued reports about the stock. ValuEngine lowered shares of XBiotech from a buy rating to a hold rating in a report on Thursday, August 1st. BidaskClub raised XBiotech from a hold rating to a buy rating in a report on Wednesday, August 21st. Finally, Piper Jaffray Companies assumed coverage on XBiotech in a report on Friday, June 14th. They issued an overweight rating and a $13.00 price objective for the company.

NASDAQ:XBIT opened at $9.01 on Friday. The firm has a market capitalization of $369.51 million, a P/E ratio of -15.27 and a beta of 0.40. XBiotech has a 1-year low of $2.13 and a 1-year high of $11.74. The company’s fifty day moving average price is $7.81 and its 200-day moving average price is $8.55.

Several hedge funds and other institutional investors have recently modified their holdings of the company. BlackRock Inc. increased its stake in shares of XBiotech by 1,037.4% in the 2nd quarter. BlackRock Inc. now owns 1,193,914 shares of the biopharmaceutical company’s stock valued at $9,049,000 after purchasing an additional 1,088,946 shares in the last quarter. Vanguard Group Inc. raised its stake in shares of XBiotech by 35.9% during the 2nd quarter. Vanguard Group Inc. now owns 982,420 shares of the biopharmaceutical company’s stock worth $7,447,000 after buying an additional 259,660 shares during the period. Sofinnova Investments Inc. lifted its position in shares of XBiotech by 26.9% during the 2nd quarter. Sofinnova Investments Inc. now owns 331,811 shares of the biopharmaceutical company’s stock valued at $2,515,000 after buying an additional 70,420 shares in the last quarter. Marshall Wace LLP acquired a new stake in XBiotech in the 1st quarter valued at $682,000. Finally, Strs Ohio acquired a new stake in XBiotech in the 2nd quarter valued at $357,000. 10.75% of the stock is currently owned by institutional investors and hedge funds.

About XBiotech

XBiotech Inc, a pre-market biopharmaceutical company, engages in discovering and developing True Human monoclonal antibodies for treating various diseases. The company's lead product is bermekimab, a therapeutic antibody that neutralizes interleukin-1 alpha, which has completed Phase III clinical trial in Europe for the treatment of symptomatic and advanced colorectal cancer.

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