Prometheus Biosciences (NASDAQ:RXDX) Upgraded to Hold at Zacks Investment Research

Zacks Investment Research upgraded shares of Prometheus Biosciences (NASDAQ:RXDX) from a sell rating to a hold rating in a report released on Tuesday, Zacks.com reports.

According to Zacks, “Prometheus Biosciences Inc. is a biotechnology company. It involved in the discovery, development, and commercialization of novel therapeutic and companion diagnostic products for the treatment of inflammatory bowel disease. Prometheus Biosciences Inc. is based in SAN DIEGO. “

A number of other research firms also recently weighed in on RXDX. Stifel Nicolaus started coverage on Prometheus Biosciences in a report on Friday, November 12th. They issued a buy rating and a $45.00 target price on the stock. SVB Leerink increased their target price on Prometheus Biosciences from $43.00 to $47.00 and gave the company an outperform rating in a report on Wednesday, December 8th. Oppenheimer raised Prometheus Biosciences from a market perform rating to an outperform rating and increased their target price for the company from $35.00 to $50.00 in a report on Wednesday, December 8th. Royal Bank of Canada started coverage on Prometheus Biosciences in a report on Monday, December 13th. They issued an outperform rating and a $46.00 target price on the stock. Finally, Wells Fargo & Company started coverage on Prometheus Biosciences in a report on Wednesday, December 8th. They issued an overweight rating and a $42.00 target price on the stock. One equities research analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of Buy and an average price target of $42.86.

Prometheus Biosciences stock opened at $35.29 on Tuesday. Prometheus Biosciences has a one year low of $16.11 and a one year high of $40.49. The business’s fifty day moving average is $34.12 and its 200 day moving average is $27.81.

Prometheus Biosciences (NASDAQ:RXDX) last released its quarterly earnings data on Thursday, November 11th. The biopharmaceutical company reported ($0.70) EPS for the quarter, missing the consensus estimate of ($0.59) by ($0.11). Prometheus Biosciences had a negative net margin of 2,696.67% and a negative return on equity of 44.74%. The business had revenue of $1.01 million for the quarter, compared to analysts’ expectations of $0.38 million. As a group, equities analysts anticipate that Prometheus Biosciences will post -2.76 EPS for the current fiscal year.

Institutional investors and hedge funds have recently modified their holdings of the stock. Bank of New York Mellon Corp grew its holdings in Prometheus Biosciences by 7.8% during the 3rd quarter. Bank of New York Mellon Corp now owns 33,854 shares of the biopharmaceutical company’s stock valued at $803,000 after buying an additional 2,450 shares in the last quarter. Laurion Capital Management LP boosted its holdings in shares of Prometheus Biosciences by 171.9% in the 3rd quarter. Laurion Capital Management LP now owns 168,798 shares of the biopharmaceutical company’s stock worth $4,003,000 after purchasing an additional 106,714 shares during the period. Metropolitan Life Insurance Co NY purchased a new position in shares of Prometheus Biosciences in the 3rd quarter worth approximately $88,000. CHI Advisors LLC boosted its holdings in shares of Prometheus Biosciences by 0.4% in the 3rd quarter. CHI Advisors LLC now owns 2,862,059 shares of the biopharmaceutical company’s stock worth $67,859,000 after purchasing an additional 10,050 shares during the period. Finally, Rock Springs Capital Management LP boosted its holdings in Prometheus Biosciences by 2.4% during the 3rd quarter. Rock Springs Capital Management LP now owns 610,136 shares of the biopharmaceutical company’s stock valued at $14,466,000 after acquiring an additional 14,040 shares during the period. 61.39% of the stock is currently owned by institutional investors.

About Prometheus Biosciences

Prometheus Biosciences, Inc, a biopharmaceutical company, engages in the discovery, development, and commercialization of precision therapeutics and companion diagnostics products for the treatment and diagnosis of inflammatory bowel diseases (IBD). Its products include PRA023, a Phase I clinical trial IgG1 humanized monoclonal antibody (mAb); PR600, an anti- tumor necrosis factor mAb for IBD; PR300, a G-protein coupled receptor modulator small molecule for IBD; PR1800, anti-chemokine mAb for IBD; and PR2100, an anti-inflammatory cytokine mAb for IBD.

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