iBio’s (IBIO) Buy Rating Reaffirmed at Chardan Capital

Chardan Capital reissued their buy rating on shares of iBio (NASDAQ:IBIO) in a report published on Thursday morning,Benzinga reports. Chardan Capital currently has a $5.00 target price on the stock.

Several other research firms have also recently weighed in on IBIO. Wall Street Zen upgraded shares of iBio from a “sell” rating to a “hold” rating in a research report on Saturday, April 4th. Lifesci Capital upgraded shares of iBio to a “strong-buy” rating in a research report on Thursday, December 18th. Weiss Ratings restated a “sell (d-)” rating on shares of iBio in a research report on Friday, March 27th. Finally, JonesTrading started coverage on shares of iBio in a research report on Tuesday, March 3rd. They set a “buy” rating and a $7.00 price objective on the stock. Three research analysts have rated the stock with a Strong Buy rating, two have assigned a Buy rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, iBio has an average rating of “Buy” and an average price target of $4.75.

iBio Stock Performance

Shares of NASDAQ:IBIO opened at $2.20 on Thursday. The firm has a fifty day moving average price of $2.30. iBio has a one year low of $0.56 and a one year high of $3.82. The company has a market cap of $75.99 million, a P/E ratio of -2.20 and a beta of 1.36.

iBio (NASDAQ:IBIO) last announced its quarterly earnings results on Tuesday, February 10th. The company reported ($0.09) EPS for the quarter, missing the consensus estimate of ($0.08) by ($0.01).

Insider Buying and Selling at iBio

In other iBio news, CFO Felipe Duran bought 24,835 shares of the firm’s stock in a transaction that occurred on Thursday, March 19th. The shares were bought at an average price of $2.02 per share, for a total transaction of $50,166.70. Following the transaction, the chief financial officer directly owned 35,974 shares in the company, valued at $72,667.48. This trade represents a 222.96% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 2.75% of the company’s stock.

Hedge Funds Weigh In On iBio

A number of large investors have recently added to or reduced their stakes in the business. Boothbay Fund Management LLC raised its position in iBio by 10.9% in the 3rd quarter. Boothbay Fund Management LLC now owns 176,862 shares of the company’s stock worth $146,000 after purchasing an additional 17,414 shares during the period. PFG Investments LLC purchased a new position in iBio in the 4th quarter worth $41,000. XTX Topco Ltd purchased a new position in iBio in the 4th quarter worth $71,000. State Street Corp raised its position in iBio by 116.3% in the 4th quarter. State Street Corp now owns 72,899 shares of the company’s stock worth $141,000 after purchasing an additional 39,200 shares during the period. Finally, Persistent Asset Partners Ltd purchased a new position in iBio in the 4th quarter worth $76,000. Hedge funds and other institutional investors own 7.90% of the company’s stock.

About iBio

iBio, Inc, a biotechnology company, provides contract development and manufacturing services to collaborators and third-party customers in the United States. The company operates in two segments: Biopharmaceuticals and Bioprocessing. Its lead therapeutic candidate is IBIO-100 that is being advanced for investigational new drug development for the treatment of systemic scleroderma and idiopathic pulmonary fibrosis. The company is also developing vaccine candidates comprising IBIO-200 and IBIO-201, which are in preclinical development for the prevention of severe acute respiratory syndrome coronavirus 2; and IBIO-400 for the treatment of classical swine fever.