Silverback Therapeutics (NASDAQ:SBTX) Shares Gap Down to $35.22

Silverback Therapeutics, Inc. (NASDAQ:SBTX) gapped down prior to trading on Thursday . The stock had previously closed at $35.22, but opened at $34.25. Silverback Therapeutics shares last traded at $33.90, with a volume of 1,805 shares traded.

A number of research firms recently commented on SBTX. Stifel Nicolaus boosted their target price on shares of Silverback Therapeutics from $58.00 to $60.00 and gave the stock a “buy” rating in a report on Tuesday, March 30th. Zacks Investment Research upgraded shares of Silverback Therapeutics from a “sell” rating to a “hold” rating in a report on Wednesday, July 14th. SVB Leerink cut their price target on shares of Silverback Therapeutics from $49.00 to $46.00 and set an “outperform” rating on the stock in a report on Monday, May 17th. Finally, The Goldman Sachs Group boosted their price target on shares of Silverback Therapeutics from $43.00 to $48.00 and gave the company a “buy” rating in a report on Tuesday, March 30th. One equities research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $49.50.

The business’s 50-day moving average is $29.91.

Silverback Therapeutics (NASDAQ:SBTX) last announced its quarterly earnings data on Thursday, May 13th. The company reported ($0.54) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.36) by ($0.18). On average, research analysts expect that Silverback Therapeutics, Inc. will post -2.37 EPS for the current fiscal year.

A number of hedge funds have recently bought and sold shares of SBTX. Orbimed Advisors LLC bought a new stake in Silverback Therapeutics in the fourth quarter worth approximately $405,053,000. BlackRock Inc. boosted its holdings in shares of Silverback Therapeutics by 212.5% during the 1st quarter. BlackRock Inc. now owns 1,219,268 shares of the company’s stock worth $53,195,000 after buying an additional 829,107 shares during the period. Point72 Asset Management L.P. bought a new stake in shares of Silverback Therapeutics during the 1st quarter worth $12,548,000. Baker BROS. Advisors LP bought a new stake in shares of Silverback Therapeutics during the 4th quarter worth $11,033,000. Finally, D. E. Shaw & Co. Inc. bought a new stake in shares of Silverback Therapeutics during the 1st quarter worth $8,962,000. 79.33% of the stock is owned by institutional investors.

Silverback Therapeutics Company Profile (NASDAQ:SBTX)

Silverback Therapeutics, Inc, a clinical-stage biopharmaceutical company, develops tissue targeted therapeutics for the treatment of cancer, chronic viral infections, and other serious diseases. Its lead product candidate is SBT6050, which is in a Phase I/Ib clinical trial, a TLR8 agonist linker-payload conjugated to a HER2-directed monoclonal antibody that targets tumors, such as breast, gastric, and non-small cell lung cancers.

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