Graphite Bio, Inc. (NASDAQ:GRPH) Receives Consensus Rating of “Buy” from Brokerages

Graphite Bio, Inc. (NASDAQ:GRPHGet Rating) has been assigned an average recommendation of “Buy” from the six brokerages that are presently covering the stock, MarketBeat reports. Three analysts have rated the stock with a hold recommendation and three have given a buy recommendation to the company. The average 1-year target price among analysts that have issued ratings on the stock in the last year is $18.00.

Several research firms recently issued reports on GRPH. Morgan Stanley downgraded shares of Graphite Bio from an “overweight” rating to an “equal weight” rating and decreased their price objective for the stock from $19.00 to $8.00 in a report on Tuesday, March 22nd. Zacks Investment Research cut shares of Graphite Bio from a “buy” rating to a “hold” rating in a report on Thursday, March 24th. SVB Leerink dropped their price objective on Graphite Bio from $34.00 to $18.00 and set an “outperform” rating on the stock in a research note on Tuesday, March 22nd. Finally, Royal Bank of Canada initiated coverage on Graphite Bio in a research note on Thursday, February 17th. They set a “sector perform” rating and a $11.00 target price for the company.

Shares of GRPH traded up $0.12 during trading hours on Friday, hitting $4.16. 2,784 shares of the company were exchanged, compared to its average volume of 294,759. The company’s 50 day simple moving average is $7.76. Graphite Bio has a 52 week low of $3.83 and a 52 week high of $34.00.

Graphite Bio (NASDAQ:GRPHGet Rating) last posted its earnings results on Monday, March 21st. The company reported ($0.35) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.30) by ($0.05). On average, research analysts predict that Graphite Bio will post -1.66 EPS for the current year.

In other news, major shareholder Biocapital L.P. Samsara purchased 100,000 shares of the business’s stock in a transaction on Friday, January 21st. The stock was purchased at an average price of $8.99 per share, with a total value of $899,000.00. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. Insiders have bought 177,565 shares of company stock valued at $1,603,281 in the last ninety days.

Institutional investors have recently modified their holdings of the company. Citigroup Inc. acquired a new stake in Graphite Bio in the 3rd quarter valued at $31,000. Royal Bank of Canada boosted its stake in shares of Graphite Bio by 5,887.5% in the 3rd quarter. Royal Bank of Canada now owns 1,916 shares of the company’s stock valued at $32,000 after purchasing an additional 1,884 shares in the last quarter. UBS Group AG acquired a new stake in shares of Graphite Bio in the 3rd quarter valued at $41,000. Strs Ohio bought a new stake in shares of Graphite Bio in the 3rd quarter worth about $60,000. Finally, Metropolitan Life Insurance Co NY acquired a new stake in shares of Graphite Bio during the 3rd quarter worth about $85,000. Institutional investors and hedge funds own 61.30% of the company’s stock.

Graphite Bio Company Profile (Get Rating)

Graphite Bio, Inc, a clinical-stage gene editing company, engages in developing therapies for serious and life-threatening diseases in the United States. It offers GPH101, a gene-edited autologous hematopoietic stem cell product candidate to directly correct the mutation that causes sickle cell disease and restore normal adult hemoglobin expression; GPH201 for the treatment of X-linked severe combined immunodeficiency syndrome; and GPH301, a product candidate for the treatment of Gaucher disease, a genetic disorder that results in a deficiency in the glucocerebrosidase enzyme.

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