Zacks Investment Research Downgrades Ventyx Biosciences (NASDAQ:VTYX) to Sell

Ventyx Biosciences (NASDAQ:VTYXGet Rating) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report issued on Wednesday, Zacks.com reports.

According to Zacks, “Ventyx Biosciences Inc. is a clinical-stage biopharmaceutical company. It focused on advancing new therapies for patients living with inflammatory diseases and autoimmune disorders. The company’s clinical stage pipeline includes VTX958, VTX002 and VTX2735. Ventyx Biosciences Inc. is headquartered in Encinitas, California. “

A number of other brokerages have also recently commented on VTYX. Canaccord Genuity Group initiated coverage on Ventyx Biosciences in a report on Thursday, March 31st. They set a “buy” rating and a $30.00 target price for the company. Credit Suisse Group assumed coverage on Ventyx Biosciences in a research note on Monday, May 9th. They issued an “outperform” rating and a $53.00 price objective for the company. Oppenheimer assumed coverage on Ventyx Biosciences in a research note on Tuesday, February 1st. They issued an “outperform” rating and a $30.00 price objective for the company. Finally, Canaccord Genuity Group assumed coverage on Ventyx Biosciences in a research note on Thursday, March 31st. They issued a “buy” rating for the company. One investment analyst has rated the stock with a sell rating and eight have given a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Buy” and a consensus price target of $40.50.

Shares of NASDAQ:VTYX traded up $0.13 during midday trading on Wednesday, reaching $17.96. 3,383 shares of the company’s stock were exchanged, compared to its average volume of 137,501. The firm’s 50 day simple moving average is $14.16 and its two-hundred day simple moving average is $15.23. Ventyx Biosciences has a fifty-two week low of $9.50 and a fifty-two week high of $26.00.

Ventyx Biosciences (NASDAQ:VTYXGet Rating) last announced its earnings results on Thursday, May 12th. The company reported ($0.45) EPS for the quarter, beating analysts’ consensus estimates of ($0.52) by $0.07. As a group, equities research analysts predict that Ventyx Biosciences will post -1.95 earnings per share for the current fiscal year.

A number of hedge funds have recently bought and sold shares of the stock. Great Point Partners LLC acquired a new position in Ventyx Biosciences during the first quarter worth approximately $4,564,000. Matrix Capital Management Company LP acquired a new position in Ventyx Biosciences during the first quarter worth approximately $4,546,000. State Street Corp increased its position in Ventyx Biosciences by 65.2% during the first quarter. State Street Corp now owns 171,195 shares of the company’s stock worth $2,323,000 after buying an additional 67,590 shares during the period. Charles Schwab Investment Management Inc. increased its position in Ventyx Biosciences by 3.5% during the first quarter. Charles Schwab Investment Management Inc. now owns 73,803 shares of the company’s stock worth $1,002,000 after buying an additional 2,482 shares during the period. Finally, Bank of New York Mellon Corp increased its position in Ventyx Biosciences by 38.1% during the first quarter. Bank of New York Mellon Corp now owns 24,242 shares of the company’s stock worth $329,000 after buying an additional 6,688 shares during the period. Hedge funds and other institutional investors own 62.30% of the company’s stock.

About Ventyx Biosciences (Get Rating)

Ventyx Biosciences, Inc, a clinical-stage biopharmaceutical company, develops small molecule product candidates for inflammatory diseases and autoimmune disorders. The company's lead product candidate is VTX958, a tyrosine kinase type 2 inhibitor that is in phase I clinical trials for the treatment of immune-mediated diseases, such as psoriasis, inflammatory bowel disease, psoriatic arthritis, Crohn's disease, and lupus.

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