Generate Biomedicines (NASDAQ:GENB) Trading 8.4% Higher – Here’s What Happened

Generate Biomedicines Inc (NASDAQ:GENB) was up 8.4% on Thursday . The stock traded as high as $16.95 and last traded at $17.00. 145,986 shares changed hands during trading, a decline of 82% from the average session volume of 796,735 shares. The stock had previously closed at $15.68.

Wall Street Analysts Forecast Growth

GENB has been the subject of several research reports. HC Wainwright reiterated a “buy” rating and set a $30.00 price target on shares of Generate Biomedicines in a report on Tuesday, September 8th. Wall Street Zen cut Generate Biomedicines from a “hold” rating to a “sell” rating in a research report on Saturday, September 12th. Finally, Weiss Ratings assumed coverage on shares of Generate Biomedicines in a report on Tuesday, August 11th. They issued a “sell (d)” rating for the company. Six equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, Generate Biomedicines has an average rating of “Moderate Buy” and an average target price of $26.40.

Generate Biomedicines Trading Up 0.1%

The firm’s fifty day moving average is $15.20. The company has a market capitalization of $2.20 billion and a price-to-earnings ratio of -10.78.

Generate Biomedicines (NASDAQ:GENB) last announced its quarterly earnings data on Thursday, August 6th. The company reported ($0.52) EPS for the quarter, missing analysts’ consensus estimates of ($0.48) by ($0.04). The company had revenue of $6.31 million during the quarter. On average, analysts anticipate that Generate Biomedicines Inc will post -2.29 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Braidwell LP bought a new stake in Generate Biomedicines during the second quarter worth about $55,398,000. The Manufacturers Life Insurance Company bought a new stake in shares of Generate Biomedicines during the second quarter worth $1,431,000. Bank of New York Mellon Corp bought a new position in Generate Biomedicines in the 2nd quarter valued at approximately $967,000. Squarepoint Ops LLC bought a new stake in shares of Generate Biomedicines in the second quarter worth $530,000. Finally, AXQ Capital LP acquired a new stake in Generate Biomedicines during the 2nd quarter valued at approximately $218,000.

Generate Biomedicines Company Profile

Generate Biomedicines is a biotechnology company that uses generative artificial intelligence and machine learning to discover and design protein-based medicines. Its technology is intended to model relationships among protein sequences, structures and biological functions, helping researchers create therapeutic proteins with desired characteristics.

The company’s research activities are focused on developing novel biologic medicines for areas of significant unmet medical need, including oncology, immunology, infectious diseases and rare diseases.