XBiotech (NASDAQ:XBIT) Share Price Passes Above 50 Day Moving Average – Here’s Why

Shares of XBiotech Inc. (NASDAQ:XBIT) crossed above its fifty day moving average during trading on Thursday . The stock has a fifty day moving average of $2.41 and traded as high as $2.48. XBiotech shares last traded at $2.48, with a volume of 23,524 shares traded.

Analysts Set New Price Targets

Separately, Weiss Ratings lowered XBiotech from a “sell (d-)” rating to a “sell (e+)” rating in a report on Friday, May 8th. One analyst has rated the stock with a Sell rating, According to MarketBeat.com, the stock currently has a consensus rating of “Sell”.

XBiotech Price Performance

The company has a market capitalization of $74.09 million, a price-to-earnings ratio of -1.84 and a beta of 0.88. The business has a fifty day moving average price of $2.41 and a 200 day moving average price of $2.43.

XBiotech (NASDAQ:XBIT) last released its quarterly earnings data on Thursday, May 14th. The biopharmaceutical company reported ($0.18) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.03 by ($0.21).

Institutional Trading of XBiotech

A number of institutional investors and hedge funds have recently modified their holdings of the company. Bridgeway Capital Management LLC increased its position in shares of XBiotech by 50.4% during the fourth quarter. Bridgeway Capital Management LLC now owns 89,547 shares of the biopharmaceutical company’s stock valued at $214,000 after purchasing an additional 30,000 shares during the period. State Street Corp increased its position in shares of XBiotech by 8.5% during the fourth quarter. State Street Corp now owns 73,006 shares of the biopharmaceutical company’s stock valued at $174,000 after purchasing an additional 5,700 shares during the period. Jane Street Group LLC increased its position in shares of XBiotech by 25.1% during the fourth quarter. Jane Street Group LLC now owns 69,738 shares of the biopharmaceutical company’s stock valued at $167,000 after purchasing an additional 13,971 shares during the period. Squarepoint Ops LLC increased its position in shares of XBiotech by 56.3% during the third quarter. Squarepoint Ops LLC now owns 62,159 shares of the biopharmaceutical company’s stock valued at $165,000 after purchasing an additional 22,383 shares during the period. Finally, Bank of America Corp DE increased its position in shares of XBiotech by 160.3% during the third quarter. Bank of America Corp DE now owns 47,389 shares of the biopharmaceutical company’s stock valued at $126,000 after purchasing an additional 29,181 shares during the period. 55.70% of the stock is currently owned by institutional investors.

XBiotech Company Profile

XBiotech Inc is a clinical-stage biopharmaceutical company developing human antibodies to treat cancer and other inflammatory-driven diseases. The company’s core technology, the True Human™ antibody platform, enables the discovery and development of monoclonal antibodies that mimic the human immune response without the need for genetic humanization. XBiotech’s lead therapeutic candidate targets interleukin-1 alpha (IL-1α), a key mediator of inflammation associated with tumor growth and chronic disease.

The company’s most advanced program, Xilonix® (MABp1), is a first-in-class anti-IL-1α antibody that has completed Phase 3 clinical trials in metastatic colorectal cancer patients.