Wedbush Upgrades Rezolute (NASDAQ:RZLT) to “Outperform”

Rezolute (NASDAQ:RZLT) was upgraded by equities researchers at Wedbush from a “neutral” rating to an “outperform” rating in a report released on Wednesday, MarketBeat.com reports. The firm currently has a $5.00 target price on the stock, up from their previous target price of $2.00. Wedbush’s price target would indicate a potential upside of 53.85% from the company’s previous close.

RZLT has been the topic of a number of other research reports. Guggenheim dropped their price target on Rezolute from $15.00 to $6.00 and set a “buy” rating on the stock in a research note on Friday, December 12th. Craig Hallum downgraded shares of Rezolute from a “buy” rating to a “hold” rating and set a $2.00 price objective on the stock. in a report on Thursday, December 11th. Wall Street Zen lowered shares of Rezolute from a “hold” rating to a “sell” rating in a research report on Saturday, December 13th. Maxim Group set a $4.00 target price on shares of Rezolute in a research note on Friday, December 12th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Rezolute in a research note on Thursday, January 22nd. Six research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $8.00.

Rezolute Stock Performance

Rezolute stock opened at $3.25 on Wednesday. The stock has a 50-day simple moving average of $3.14 and a 200 day simple moving average of $5.82. The stock has a market capitalization of $311.03 million, a P/E ratio of -3.49 and a beta of 0.51. Rezolute has a 52 week low of $1.07 and a 52 week high of $11.46.

Rezolute (NASDAQ:RZLT) last released its quarterly earnings data on Thursday, February 12th. The company reported ($0.22) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.16) by ($0.06). Research analysts forecast that Rezolute will post -0.93 earnings per share for the current year.

Institutional Investors Weigh In On Rezolute

A number of hedge funds and other institutional investors have recently modified their holdings of RZLT. RA Capital Management L.P. bought a new position in Rezolute in the fourth quarter valued at approximately $21,665,000. Opaleye Management Inc. lifted its stake in Rezolute by 595.9% during the fourth quarter. Opaleye Management Inc. now owns 6,287,156 shares of the company’s stock worth $14,838,000 after purchasing an additional 5,383,714 shares during the last quarter. Federated Hermes Inc. boosted its holdings in shares of Rezolute by 24.4% in the 2nd quarter. Federated Hermes Inc. now owns 14,034,712 shares of the company’s stock valued at $62,595,000 after purchasing an additional 2,755,385 shares in the last quarter. Balyasny Asset Management L.P. boosted its holdings in shares of Rezolute by 147.3% in the 4th quarter. Balyasny Asset Management L.P. now owns 4,506,861 shares of the company’s stock valued at $10,636,000 after purchasing an additional 2,684,133 shares in the last quarter. Finally, State Street Corp increased its stake in shares of Rezolute by 90.4% in the 4th quarter. State Street Corp now owns 3,981,708 shares of the company’s stock valued at $9,397,000 after purchasing an additional 1,890,232 shares during the last quarter. Institutional investors and hedge funds own 82.97% of the company’s stock.

About Rezolute

Rezolute, Inc, a clinical stage biopharmaceutical company, develops therapies for metabolic diseases associated with chronic glucose imbalance in the United States. The company's lead product candidate is RZ358, a human monoclonal antibody that is in Phase 2b clinical trial for the treatment of congenital hyperinsulinism, an ultra-rare pediatric genetic disorder. It is also developing RZ402, an oral plasma kallikrein inhibitor, which is in clinical trial for the chronic treatment of diabetic macular edema.