Graphite Bio (NASDAQ:GRPH) Downgraded by Zacks Investment Research to “Sell”

Graphite Bio (NASDAQ:GRPHGet Rating) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a note issued to investors on Tuesday, Zacks.com reports.

According to Zacks, “Graphite Bio Inc. is a clinical-stage, next-generation gene editing company focused on therapies to treat or cure serious diseases. Graphite Bio Inc. is based in SOUTH SAN FRANCISCO, Calif. “

Several other equities analysts have also issued reports on GRPH. Royal Bank of Canada started coverage on Graphite Bio in a research note on Thursday, February 17th. They set a “sector perform” rating and a $11.00 target price on the stock. BTIG Research started coverage on Graphite Bio in a research report on Thursday, April 14th. They issued a “buy” rating and a $18.00 price target on the stock. SVB Leerink reduced their price target on Graphite Bio from $34.00 to $18.00 and set an “outperform” rating on the stock in a research report on Tuesday, March 22nd. Finally, Morgan Stanley lowered Graphite Bio from an “overweight” rating to an “equal weight” rating and cut their target price for the stock from $19.00 to $8.00 in a research report on Tuesday, March 22nd. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $16.67.

Shares of GRPH stock opened at $2.28 on Tuesday. Graphite Bio has a fifty-two week low of $2.11 and a fifty-two week high of $34.00. The firm has a market capitalization of $132.17 million and a price-to-earnings ratio of -0.50. The stock’s 50-day simple moving average is $4.53 and its 200-day simple moving average is $8.19.

Graphite Bio (NASDAQ:GRPHGet Rating) last announced its earnings results on Monday, March 21st. The company reported ($0.35) earnings per share for the quarter, missing the consensus estimate of ($0.28) by ($0.07). As a group, equities analysts expect that Graphite Bio will post -1.83 earnings per share for the current year.

In related news, major shareholder Biocapital L.P. Samsara purchased 74,464 shares of the business’s stock in a transaction dated Monday, April 11th. The stock was bought at an average cost of $4.07 per share, with a total value of $303,068.48. Following the completion of the acquisition, the insider now directly owns 8,109,314 shares in the company, valued at approximately $33,004,907.98. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 0.30% of the company’s stock.

Hedge funds have recently bought and sold shares of the business. BlackRock Inc. raised its stake in Graphite Bio by 817.1% during the third quarter. BlackRock Inc. now owns 949,914 shares of the company’s stock valued at $15,568,000 after buying an additional 846,333 shares in the last quarter. Norges Bank bought a new position in shares of Graphite Bio during the fourth quarter valued at approximately $6,888,000. Sphera Funds Management LTD. grew its holdings in Graphite Bio by 2,028.7% in the 3rd quarter. Sphera Funds Management LTD. now owns 531,269 shares of the company’s stock worth $8,707,000 after buying an additional 506,312 shares in the last quarter. Vanguard Group Inc. grew its holdings in Graphite Bio by 71.7% in the 1st quarter. Vanguard Group Inc. now owns 1,202,755 shares of the company’s stock worth $6,135,000 after buying an additional 502,381 shares in the last quarter. Finally, Samsara BioCapital LLC boosted its stake in Graphite Bio by 5.7% during the 4th quarter. Samsara BioCapital LLC now owns 7,851,933 shares of the company’s stock valued at $97,600,000 after purchasing an additional 420,310 shares in the last quarter. 59.87% of the stock is owned by hedge funds and other institutional investors.

About Graphite Bio (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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