Generate Biomedicines (NASDAQ:GENB) Shares Gap Up – Here’s What Happened

Shares of Generate Biomedicines Inc (NASDAQ:GENB) gapped up prior to trading on Thursday . The stock had previously closed at $16.14, but opened at $17.11. Generate Biomedicines shares last traded at $16.7630, with a volume of 574,702 shares traded.

Analysts Set New Price Targets

GENB has been the subject of several recent research reports. Morgan Stanley boosted their price objective on Generate Biomedicines from $20.00 to $22.00 and gave the stock an “overweight” rating in a report on Thursday, May 14th. Wall Street Zen cut shares of Generate Biomedicines from a “hold” rating to a “sell” rating in a research report on Saturday, August 8th. HC Wainwright boosted their price target on shares of Generate Biomedicines from $25.00 to $30.00 and gave the stock a “buy” rating in a research note on Friday. Finally, Weiss Ratings assumed coverage on shares of Generate Biomedicines in a research note on Tuesday, August 11th. They issued a “sell (d)” rating on the stock. Six equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $26.40.

Generate Biomedicines Trading Down 2.8%

The company has a market cap of $1.97 billion and a PE ratio of -9.64. The business has a fifty day moving average price of $15.27.

Generate Biomedicines (NASDAQ:GENB) last announced its quarterly earnings results on Thursday, August 6th. The company reported ($0.52) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.48) by ($0.04). The company had revenue of $6.31 million for the quarter. Equities analysts expect that Generate Biomedicines Inc will post -2.29 EPS for the current year.

Hedge Funds Weigh In On Generate Biomedicines

A number of hedge funds and other institutional investors have recently made changes to their positions in GENB. California State Teachers Retirement System bought a new stake in shares of Generate Biomedicines in the 2nd quarter valued at $96,000. Susquehanna International Group LLP bought a new position in Generate Biomedicines during the second quarter worth about $196,000. AXQ Capital LP acquired a new position in Generate Biomedicines in the second quarter valued at about $218,000. Bank of New York Mellon Corp acquired a new position in Generate Biomedicines in the second quarter valued at about $967,000. Finally, Braidwell LP bought a new stake in shares of Generate Biomedicines in the second quarter worth about $55,398,000.

Generate Biomedicines Company Profile

Generate Biomedicines, Inc (NASDAQ: GENB) is a biotechnology company that applies machine learning and generative artificial intelligence to the design and discovery of novel therapeutics. The company develops computational platforms to create and optimize protein sequences and biological molecules with the goal of producing new medicines across a range of modalities. Its core activities center on algorithm-driven design, iterative experimental validation, and the translation of computational outputs into candidate therapeutic molecules.

Generate’s technology combines advanced computational models with high-throughput laboratory methods to accelerate discovery and improve the likelihood of producing viable drug candidates.