Phio Pharmaceuticals (NASDAQ:PHIO) Posts Quarterly Earnings Results, Meets Expectations

Phio Pharmaceuticals (NASDAQ:PHIO) announced its earnings results on Thursday. The company reported ($0.36) earnings per share for the quarter, meeting the consensus estimate of ($0.36), FiscalAI reports.

Phio Pharmaceuticals Trading Down 0.9%

Shares of NASDAQ:PHIO traded down $0.01 on Thursday, hitting $1.06. 50,609 shares of the company were exchanged, compared to its average volume of 1,538,529. The firm has a market capitalization of $12.32 million, a P/E ratio of -0.77 and a beta of 0.82. Phio Pharmaceuticals has a 1-year low of $0.81 and a 1-year high of $4.19. The stock’s 50 day moving average price is $1.04 and its 200 day moving average price is $1.12.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Phio Pharmaceuticals in a research note on Friday, July 17th. One equities research analyst has rated the stock with a Buy rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $14.00.

Institutional Investors Weigh In On Phio Pharmaceuticals

A hedge fund recently raised its stake in Phio Pharmaceuticals stock. Geode Capital Management LLC raised its position in Phio Pharmaceuticals Corp. (NASDAQ:PHIO) by 60.0% during the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 92,638 shares of the company’s stock after purchasing an additional 34,732 shares during the period. Geode Capital Management LLC owned 0.86% of Phio Pharmaceuticals worth $97,000 at the end of the most recent quarter. Hedge funds and other institutional investors own 57.31% of the company’s stock.

About Phio Pharmaceuticals

Phio Pharmaceuticals, Inc (NASDAQ: PHIO) is a clinical‐stage biotechnology company focused on the discovery and development of dual RNA interference (RNAi) therapeutics. Utilizing its proprietary Transitional RNAi (TRiMTM) platform, Phio aims to simultaneously silence multiple gene targets to achieve enhanced therapeutic activity. The company’s core mission is to advance next‐generation RNAi compounds with potential applications in oncology and immuno‐oncology.

Phio’s TRiMTM platform is designed around the delivery of synthetic, double‐stranded RNA duplexes that can be engineered to target specific combinations of genes implicated in tumor growth and immune evasion.