Jade Biosciences (NASDAQ:JBIO) Stock Price Down 5.9% – Time to Sell?

Jade Biosciences, Inc. (NASDAQ:JBIO)’s share price dropped 5.9% during mid-day trading on Thursday . The stock traded as low as $20.84 and last traded at $20.5210. 151,865 shares changed hands during trading, a decline of 77% from the average session volume of 668,214 shares. The stock had previously closed at $21.81.

Analysts Set New Price Targets

A number of equities analysts recently commented on JBIO shares. Guggenheim reiterated a “buy” rating and set a $47.00 target price on shares of Jade Biosciences in a research note on Tuesday, June 2nd. Piper Sandler set a $55.00 price target on Jade Biosciences in a research note on Tuesday, June 2nd. Wall Street Zen downgraded Jade Biosciences from a “hold” rating to a “sell” rating in a report on Saturday, May 9th. Zacks Research raised Jade Biosciences from a “strong sell” rating to a “hold” rating in a research report on Wednesday, April 8th. Finally, BTIG Research increased their price objective on Jade Biosciences from $39.00 to $74.00 and gave the company a “buy” rating in a report on Monday, June 1st. Two research analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $47.12.

Jade Biosciences Stock Performance

The firm has a market cap of $1.06 billion, a PE ratio of -10.65 and a beta of 1.43. The firm’s 50-day moving average price is $21.15 and its two-hundred day moving average price is $17.50.

Jade Biosciences (NASDAQ:JBIO) last posted its earnings results on Thursday, May 7th. The company reported ($0.57) EPS for the quarter, missing analysts’ consensus estimates of ($0.52) by ($0.05). As a group, sell-side analysts predict that Jade Biosciences, Inc. will post -2.54 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Jade Biosciences

Several hedge funds have recently made changes to their positions in JBIO. JPMorgan Chase & Co. acquired a new stake in shares of Jade Biosciences during the second quarter worth about $154,000. Legal & General Group Plc acquired a new stake in shares of Jade Biosciences in the 2nd quarter valued at about $29,000. Rhumbline Advisers acquired a new stake in shares of Jade Biosciences in the 2nd quarter valued at about $445,000. Russell Investments Group Ltd. acquired a new stake in shares of Jade Biosciences in the 2nd quarter valued at about $31,000. Finally, The Manufacturers Life Insurance Company purchased a new position in Jade Biosciences during the 2nd quarter worth approximately $114,000.

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.