Graybug Vision (NASDAQ:GRAY) Upgraded at Zacks Investment Research

Zacks Investment Research upgraded shares of Graybug Vision (NASDAQ:GRAY – Get Rating) from a sell rating to a hold rating in a report released on Wednesday morning, Zacks.com reports.

According to Zacks, “Graybug Vision Inc. is a clinical-stage biopharmaceutical company. It is focused on developing transformative medicines to treat chronic vision-threatening diseases of the retina and optic nerve. The company’s product candidate includes GB-102, GB-401 and GB-103 which are in clinical stage. Graybug Vision Inc. is headquartered in Redwood City, California. “

A number of other research analysts also recently weighed in on GRAY. Wells Fargo & Company initiated coverage on Graybug Vision in a research note on Monday, January 3rd. They issued an overweight rating on the stock. Cantor Fitzgerald reissued a buy rating and issued a $4.00 target price on shares of Graybug Vision in a research note on Friday, March 25th. Finally, Wedbush restated a neutral rating and set a $3.00 target price on shares of Graybug Vision in a research report on Thursday, March 31st. Five equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of Hold and a consensus target price of $3.95.

NASDAQ:GRAY opened at $1.08 on Wednesday. The stock’s fifty day moving average price is $1.22 and its two-hundred day moving average price is $1.90. Graybug Vision has a 52-week low of $1.02 and a 52-week high of $7.06. The company has a market cap of $23.07 million, a price-to-earnings ratio of -0.64 and a beta of 3.02.

Graybug Vision (NASDAQ:GRAY – Get Rating) last posted its quarterly earnings data on Thursday, March 10th. The company reported ($0.41) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.37) by ($0.04). Analysts forecast that Graybug Vision will post -1.62 EPS for the current fiscal year.

Several large investors have recently added to or reduced their stakes in the company. State Street Corp lifted its holdings in shares of Graybug Vision by 70.7% during the 4th quarter. State Street Corp now owns 35,073 shares of the company’s stock valued at $64,000 after purchasing an additional 14,525 shares in the last quarter. Millennium Management LLC bought a new position in shares of Graybug Vision during the 2nd quarter valued at about $126,000. Johnson & Johnson bought a new position in shares of Graybug Vision during the 3rd quarter valued at about $164,000. Finally, GSA Capital Partners LLP bought a new position in shares of Graybug Vision during the 4th quarter valued at about $158,000. Institutional investors and hedge funds own 52.30% of the company’s stock.

Graybug Vision Company Profile (Get Rating)

Graybug Vision, Inc, a clinical-stage biopharmaceutical company, focuses on the development of medicines for the treatment of diseases of the retina and optic nerve. The company's lead product candidate is GB-102, an intravitreal injection of a microparticle depot formulation of sunitinib that is in Phase I/IIa and IIb clinical trials for the treatment of wet age-related macular degeneration, as well as in Phase IIa clinical trial to treat diabetic macular edema.

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