Gossamer Bio (NASDAQ:GOSS) Shares Down 4.7% – Here’s What Happened

Gossamer Bio, Inc. (NASDAQ:GOSS)’s stock price dropped 4.7% on Wednesday . The stock traded as low as $2.57 and last traded at $2.5360. Approximately 294,409 shares changed hands during trading, a decline of 93% from the average daily volume of 4,517,363 shares. The stock had previously closed at $2.66.

Analyst Ratings Changes

Several equities analysts recently weighed in on GOSS shares. Weiss Ratings restated a “sell (d-)” rating on shares of Gossamer Bio in a research note on Wednesday, October 8th. Wall Street Zen raised Gossamer Bio from a “sell” rating to a “hold” rating in a research note on Saturday, November 8th. Five investment analysts have rated the stock with a Buy rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $8.50.

Gossamer Bio Price Performance

The company has a market cap of $583.28 million, a price-to-earnings ratio of -3.65 and a beta of 1.92. The business has a 50 day simple moving average of $3.09 and a 200 day simple moving average of $2.54.

Gossamer Bio (NASDAQ:GOSS) last released its quarterly earnings results on Wednesday, November 5th. The company reported ($0.21) EPS for the quarter, missing analysts’ consensus estimates of ($0.19) by ($0.02). Gossamer Bio had a negative return on equity of 1,774.72% and a negative net margin of 354.50%.The business had revenue of $13.29 million for the quarter, compared to analyst estimates of $6.32 million. As a group, sell-side analysts anticipate that Gossamer Bio, Inc. will post -0.28 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Gossamer Bio

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Corient Private Wealth LLC increased its holdings in Gossamer Bio by 8.9% during the second quarter. Corient Private Wealth LLC now owns 3,693,683 shares of the company’s stock worth $4,543,000 after buying an additional 302,200 shares during the last quarter. Goldman Sachs Group Inc. lifted its holdings in shares of Gossamer Bio by 720.2% in the 1st quarter. Goldman Sachs Group Inc. now owns 939,603 shares of the company’s stock valued at $1,034,000 after acquiring an additional 825,047 shares during the last quarter. Acadian Asset Management LLC grew its holdings in shares of Gossamer Bio by 12.4% in the second quarter. Acadian Asset Management LLC now owns 7,146,022 shares of the company’s stock worth $8,786,000 after purchasing an additional 787,909 shares during the last quarter. ProShare Advisors LLC bought a new stake in Gossamer Bio during the second quarter valued at about $48,000. Finally, Drive Wealth Management LLC increased its holdings in shares of Gossamer Bio by 52.7% during the 2nd quarter. Drive Wealth Management LLC now owns 25,474 shares of the company’s stock valued at $31,000 after purchasing an additional 8,797 shares in the last quarter. 81.23% of the stock is owned by institutional investors and hedge funds.

Gossamer Bio Company Profile

Gossamer Bio, Inc is a clinical-stage biopharmaceutical company headquartered in San Diego, California. Founded in 2012, the company is focused on discovering and developing oral, once-daily therapies for immune-mediated and inflammatory diseases, as well as oncology indications. Gossamer Bio leverages a deep pipeline of small-molecule candidates aimed at improving patient outcomes in areas of high unmet need.

The company’s lead programs include GB004, an S1P1 receptor modulator in late-stage development for ulcerative colitis, and GB1275, a CD11b modulator being investigated in solid tumors and hematologic malignancies.