XBiotech (NASDAQ:XBIT) Share Price Passes Below Two Hundred Day Moving Average – Here’s What Happened

Shares of XBiotech Inc. (NASDAQ:XBIT) passed below its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $2.43 and traded as low as $2.31. XBiotech shares last traded at $2.31, with a volume of 40,393 shares traded.

Analysts Set New Price Targets

Separately, Weiss Ratings raised XBiotech from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Friday, June 12th. One equities research analyst has rated the stock with a Sell rating, According to data from MarketBeat.com, the company has an average rating of “Sell”.

XBiotech Stock Down 2.5%

The company’s 50-day moving average is $2.43 and its two-hundred day moving average is $2.43. The company has a market capitalization of $70.43 million, a P/E ratio of -1.75 and a beta of 0.85.

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

Hedge Funds Weigh In On XBiotech

A number of institutional investors have recently made changes to their positions in XBIT. Bridgeway Capital Management LLC lifted its holdings in shares of XBiotech by 50.4% during the 4th quarter. Bridgeway Capital Management LLC now owns 89,547 shares of the biopharmaceutical company’s stock worth $214,000 after acquiring an additional 30,000 shares during the last quarter. State Street Corp grew its position in XBiotech by 8.5% in the fourth quarter. State Street Corp now owns 73,006 shares of the biopharmaceutical company’s stock worth $174,000 after acquiring an additional 5,700 shares in the last quarter. Jane Street Group LLC increased its stake in XBiotech by 25.1% in the fourth quarter. Jane Street Group LLC now owns 69,738 shares of the biopharmaceutical company’s stock valued at $167,000 after acquiring an additional 13,971 shares during the last quarter. Squarepoint Ops LLC increased its stake in XBiotech by 56.3% in the third quarter. Squarepoint Ops LLC now owns 62,159 shares of the biopharmaceutical company’s stock valued at $165,000 after acquiring an additional 22,383 shares during the last quarter. Finally, Bank of America Corp DE raised its position in 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 in the last quarter. Institutional investors own 55.70% of the company’s stock.

About XBiotech

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.