Jade Biosciences (NASDAQ:JBIO) Shares Gap Up After Analyst Upgrade

Shares of Jade Biosciences, Inc. (NASDAQ:JBIO) gapped up prior to trading on Monday after BTIG Research raised their price target on the stock from $28.00 to $39.00. The stock had previously closed at $13.92, but opened at $14.79. BTIG Research currently has a buy rating on the stock. Jade Biosciences shares last traded at $14.30, with a volume of 52,432 shares trading hands.

Other analysts have also recently issued research reports about the stock. Wedbush reiterated an “outperform” rating and issued a $24.00 price objective on shares of Jade Biosciences in a research note on Monday, March 9th. HC Wainwright assumed coverage on shares of Jade Biosciences in a research report on Wednesday, January 7th. They set a “buy” rating and a $25.00 target price on the stock. Zacks Research cut shares of Jade Biosciences from a “hold” rating to a “strong sell” rating in a report on Tuesday, March 10th. Stifel Nicolaus set a $40.00 price target on shares of Jade Biosciences in a research report on Friday, March 6th. Finally, Guggenheim boosted their price target on Jade Biosciences from $17.00 to $23.00 and gave the company a “buy” rating in a research note on Wednesday, March 11th. Two research analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating and two have given a Sell rating to the company’s stock. According to MarketBeat, Jade Biosciences presently has an average rating of “Moderate Buy” and an average price target of $27.83.

Hedge Funds Weigh In On Jade Biosciences

Several hedge funds have recently bought and sold shares of JBIO. Legal & General Group Plc bought a new stake in shares of Jade Biosciences during the 2nd quarter worth approximately $29,000. Russell Investments Group Ltd. bought a new position in Jade Biosciences in the second quarter valued at approximately $31,000. BNP Paribas Financial Markets bought a new position in Jade Biosciences in the second quarter valued at approximately $32,000. Ameritas Investment Partners Inc. acquired a new position in Jade Biosciences during the second quarter valued at approximately $33,000. Finally, California State Teachers Retirement System raised its position in Jade Biosciences by 40.3% during the fourth quarter. California State Teachers Retirement System now owns 2,850 shares of the company’s stock valued at $44,000 after purchasing an additional 819 shares in the last quarter.

Jade Biosciences Stock Up 2.4%

The firm has a 50 day simple moving average of $14.68 and a two-hundred day simple moving average of $12.22. The stock has a market capitalization of $702.81 million, a P/E ratio of -3.09 and a beta of 1.03.

Jade Biosciences (NASDAQ:JBIO) last issued its quarterly earnings results on Friday, March 6th. The company reported ($0.11) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.45) by $0.34.

About Jade Biosciences

Jade Biosciences, Inc is a clinical‐stage biotechnology company focused on the discovery and development of novel therapeutics for inflammatory skin diseases and chronic itch. Leveraging a small‐molecule platform, the company seeks to address significant unmet needs in dermatology by targeting key pathways involved in pruritus and skin inflammation. Its research efforts are centered on identifying and advancing molecules that can modulate receptor activity in the skin, with a goal of improving safety and efficacy compared to existing treatments.

The company’s lead programs are built around proprietary compounds designed to penetrate the epidermal barrier and selectively inhibit molecular drivers of itch and inflammation.