Gemini Therapeutics (NASDAQ:GMTX) Raised to “Buy” at Zacks Investment Research

Gemini Therapeutics (NASDAQ:GMTXGet Rating) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Wednesday, Zacks.com reports. The brokerage presently has a $1.75 target price on the stock. Zacks Investment Research‘s price target indicates a potential upside of 10.76% from the stock’s current price.

According to Zacks, “Gemini Therapeutics Inc. is a clinical stage precision medicine company. It engages in developing novel therapeutic compounds to treat genetically defined age-related macular degeneration. The company’s lead candidate principally includes GEM103. Its pipeline includes recombinant proteins, gene therapies and monoclonal antibodies. Gemini Therapeutics Inc., formerly known as FS Development Corp., is based in CAMBRIDGE, Mass. “

Other equities research analysts also recently issued reports about the stock. Jefferies Financial Group downgraded shares of Gemini Therapeutics from a “buy” rating to a “hold” rating and dropped their price objective for the company from $23.00 to $1.50 in a research report on Tuesday, March 1st. HC Wainwright downgraded shares of Gemini Therapeutics from a “buy” rating to a “neutral” rating and dropped their price objective for the company from $5.00 to $2.00 in a research report on Friday, March 11th. Finally, SVB Leerink downgraded shares of Gemini Therapeutics from an “outperform” rating to a “market perform” rating and dropped their price objective for the company from $10.00 to $2.00 in a research report on Thursday, March 3rd. Three analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Buy” and an average price target of $6.04.

Shares of GMTX opened at $1.58 on Wednesday. Gemini Therapeutics has a fifty-two week low of $1.16 and a fifty-two week high of $12.95. The business’s 50 day simple moving average is $1.48. The stock has a market cap of $68.27 million, a P/E ratio of -0.87 and a beta of 0.73.

Gemini Therapeutics (NASDAQ:GMTXGet Rating) last announced its earnings results on Thursday, March 10th. The company reported ($0.41) earnings per share for the quarter, topping the consensus estimate of ($0.50) by $0.09. On average, analysts anticipate that Gemini Therapeutics will post -0.6 EPS for the current year.

In related news, major shareholder Braden Michael Leonard bought 191,769 shares of the company’s stock in a transaction that occurred on Wednesday, April 13th. The shares were purchased at an average cost of $1.52 per share, with a total value of $291,488.88. Following the transaction, the insider now directly owns 5,000,000 shares of the company’s stock, valued at approximately $7,600,000. The purchase was disclosed in a legal filing with the SEC, which is available at the SEC website. Company insiders own 12.90% of the company’s stock.

Several hedge funds and other institutional investors have recently bought and sold shares of GMTX. Renaissance Technologies LLC acquired a new stake in Gemini Therapeutics during the 4th quarter worth $35,000. Squarepoint Ops LLC acquired a new stake in Gemini Therapeutics during the 4th quarter worth $43,000. Allspring Global Investments Holdings LLC acquired a new stake in Gemini Therapeutics during the 4th quarter worth $47,000. SG Americas Securities LLC acquired a new stake in Gemini Therapeutics during the 3rd quarter worth $49,000. Finally, D. E. Shaw & Co. Inc. acquired a new stake in Gemini Therapeutics during the 4th quarter worth $56,000. 74.65% of the stock is currently owned by hedge funds and other institutional investors.

Gemini Therapeutics Company Profile (Get Rating)

Gemini Therapeutics, Inc, a clinical stage precision medicine company, engages in developing various therapeutic compounds for treating genetically defined age-related macular degeneration (AMD). Its lead candidate is GEM103, a recombinant form of the human complement factor H protein to treat dry AMD patients.

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