HC Wainwright Reaffirms Neutral Rating for First Wave BioPharma (NASDAQ:FWBI)

HC Wainwright reaffirmed their neutral rating on shares of First Wave BioPharma (NASDAQ:FWBI) in a research note published on Monday morning, Marketbeat Ratings reports. HC Wainwright also issued estimates for First Wave BioPharma’s Q4 2023 earnings at ($3.14) EPS, FY2023 earnings at ($35.88) EPS, Q1 2024 earnings at ($1.92) EPS, Q2 2024 earnings at ($1.67) EPS, Q3 2024 earnings at ($1.23) EPS, Q4 2024 earnings at ($0.97) EPS and FY2024 earnings at ($5.39) EPS.

Separately, Roth Mkm lowered their target price on shares of First Wave BioPharma from $40.00 to $36.00 and set a buy rating on the stock in a research note on Friday, March 15th.

First Wave BioPharma Stock Performance

Shares of NASDAQ FWBI opened at $3.95 on Monday. The company has a market capitalization of $2.69 million, a PE ratio of -0.01 and a beta of 1.29. The company’s fifty day moving average price is $5.37 and its 200 day moving average price is $5.59. First Wave BioPharma has a 1 year low of $2.75 and a 1 year high of $73.00.

Hedge Funds Weigh In On First Wave BioPharma

Large investors have recently added to or reduced their stakes in the stock. Citigroup Inc. purchased a new stake in shares of First Wave BioPharma during the first quarter worth about $39,000. State Street Corp boosted its holdings in First Wave BioPharma by 97.4% in the 3rd quarter. State Street Corp now owns 82,593 shares of the company’s stock worth $122,000 after buying an additional 40,755 shares during the last quarter. Finally, Armistice Capital LLC purchased a new stake in First Wave BioPharma during the 4th quarter worth approximately $257,000. 12.30% of the stock is currently owned by institutional investors and hedge funds.

First Wave BioPharma Company Profile

First Wave BioPharma, Inc, a clinical-stage biopharmaceutical company, engages in the research and development of targeted and non-systemic therapies for the treatment of patients with gastrointestinal diseases. Its product candidates include the biologic adrulipase, a recombinant lipase enzyme designed to enable the digestion of fats and other nutrients; and niclosamide, an oral small molecule with anti-viral and anti-inflammatory properties.