XBiotech (NASDAQ:XBIT) Share Price Crosses Below 200-Day Moving Average – What’s Next?

XBiotech Inc. (NASDAQ:XBIT) crossed below its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $2.40 and traded as low as $2.24. XBiotech shares last traded at $2.25, with a volume of 35,564 shares trading hands.

Analysts Set New Price Targets

Separately, Weiss Ratings cut XBiotech from a “sell (d-)” rating to a “sell (e+)” rating in a report on Tuesday, June 30th. One investment analyst has rated the stock with a Sell rating, According to data from MarketBeat, the company presently has an average rating of “Sell”.

XBiotech Trading Down 0.9%

The firm’s fifty day moving average is $2.34 and its 200-day moving average is $2.40. The stock has a market capitalization of $68.60 million, a PE ratio of -1.70 and a beta of 0.86.

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

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Qube Research & Technologies Ltd acquired a new position in XBiotech during the 2nd quarter worth $96,000. Bridgeway Capital Management LLC raised its position in XBiotech by 50.4% in the 4th 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 in the last quarter. Bank of America Corp DE raised its position in XBiotech by 160.3% in the 3rd 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. Jane Street Group LLC purchased a new position in shares of XBiotech in the 2nd quarter valued at about $75,000. Finally, Renaissance Technologies LLC purchased a new position in shares of XBiotech in the 1st quarter valued at about $53,000. 55.70% of the stock is currently owned by hedge funds and other 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.