Graphite Bio, Inc. (NASDAQ:GRPH) Given Average Recommendation of “Hold” by Brokerages

Shares of Graphite Bio, Inc. (NASDAQ:GRPHGet Rating) have received an average recommendation of “Hold” from the seven brokerages that are currently covering the company, Marketbeat reports. One research analyst has rated the stock with a sell rating, two have issued a hold rating and four have issued a buy rating on the company. The average 1-year price target among brokerages that have updated their coverage on the stock in the last year is $18.00.

Several research analysts recently issued reports on GRPH shares. BTIG Research started coverage on shares of Graphite Bio in a research report on Thursday, April 14th. They issued a “buy” rating and a $18.00 price target for the company. Morgan Stanley lowered shares of Graphite Bio from an “overweight” rating to an “equal weight” rating and dropped their price objective for the stock from $19.00 to $8.00 in a report on Tuesday, March 22nd. Royal Bank of Canada initiated coverage on shares of Graphite Bio in a report on Thursday, February 17th. They set a “sector perform” rating and a $11.00 price objective for the company. SVB Leerink dropped their price objective on shares of Graphite Bio from $34.00 to $18.00 and set an “outperform” rating for the company in a report on Tuesday, March 22nd. Finally, Zacks Investment Research lowered shares of Graphite Bio from a “hold” rating to a “sell” rating in a report on Tuesday.

In related news, major shareholder Biocapital L.P. Samsara purchased 74,464 shares of the stock in a transaction that occurred on Monday, April 11th. The stock was acquired at an average price 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 Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.30% of the company’s stock.

Several hedge funds and other institutional investors have recently made changes to their positions in GRPH. BlackRock Inc. boosted its position in shares of Graphite Bio by 817.1% during the third quarter. BlackRock Inc. now owns 949,914 shares of the company’s stock worth $15,568,000 after purchasing an additional 846,333 shares in the last quarter. Norges Bank bought a new position in shares of Graphite Bio during the fourth quarter worth $6,888,000. Sphera Funds Management LTD. boosted its position in shares of Graphite Bio by 2,028.7% during the third quarter. Sphera Funds Management LTD. now owns 531,269 shares of the company’s stock worth $8,707,000 after purchasing an additional 506,312 shares in the last quarter. Vanguard Group Inc. boosted its position in shares of Graphite Bio by 71.7% during the first quarter. Vanguard Group Inc. now owns 1,202,755 shares of the company’s stock worth $6,135,000 after purchasing an additional 502,381 shares in the last quarter. Finally, Samsara BioCapital LLC raised its holdings in shares of Graphite Bio by 5.7% during the fourth quarter. Samsara BioCapital LLC now owns 7,851,933 shares of the company’s stock worth $97,600,000 after acquiring an additional 420,310 shares during the period. 59.87% of the stock is currently owned by institutional investors.

Shares of NASDAQ GRPH traded up $0.08 during mid-day trading on Friday, reaching $2.34. The company had a trading volume of 441,678 shares, compared to its average volume of 424,285. Graphite Bio has a twelve month low of $2.07 and a twelve month high of $34.00. The stock has a market capitalization of $135.65 million and a PE ratio of -0.51. The stock’s 50 day moving average is $3.93 and its 200-day moving average is $7.90.

Graphite Bio (NASDAQ:GRPHGet Rating) last issued its quarterly earnings data on Monday, March 21st. The company reported ($0.35) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.28) by ($0.07). Sell-side analysts forecast that Graphite Bio will post -1.83 EPS for the current fiscal year.

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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