Zenas BioPharma (NASDAQ:ZBIO) Shares Down 8.2% – Here’s What Happened

Zenas BioPharma, Inc. (NASDAQ:ZBIO) fell 8.2% on Wednesday . The stock traded as low as $30.42 and last traded at $30.3550. 108,173 shares changed hands during mid-day trading, a decline of 87% from the average session volume of 820,216 shares. The stock had previously closed at $33.05.

Analyst Upgrades and Downgrades

Several research analysts recently commented on the company. Weiss Ratings downgraded Zenas BioPharma from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Thursday, July 9th. Wedbush reaffirmed an “outperform” rating and set a $45.00 target price on shares of Zenas BioPharma in a report on Friday, August 14th. Citigroup reiterated a “buy” rating on shares of Zenas BioPharma in a research report on Wednesday, June 3rd. Guggenheim reissued a “buy” rating and issued a $55.00 price target on shares of Zenas BioPharma in a research note on Friday, August 14th. Finally, Wall Street Zen upgraded shares of Zenas BioPharma from a “strong sell” rating to a “sell” rating in a research report on Saturday, June 27th. Six equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, Zenas BioPharma has an average rating of “Moderate Buy” and an average target price of $45.71.

Zenas BioPharma Stock Down 9.7%

The firm has a 50-day moving average of $31.71 and a two-hundred day moving average of $25.01. The company has a quick ratio of 9.93, a current ratio of 9.93 and a debt-to-equity ratio of 1.57. The company has a market capitalization of $1.95 billion, a PE ratio of -3.32 and a beta of -1.04.

Zenas BioPharma (NASDAQ:ZBIO) last posted its quarterly earnings data on Wednesday, August 12th. The company reported ($1.77) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.12) by ($0.65). The company had revenue of $1.00 million for the quarter, compared to analysts’ expectations of $15.00 million. Equities research analysts predict that Zenas BioPharma, Inc. will post -5.81 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Zenas BioPharma

Several hedge funds have recently bought and sold shares of the company. Engineers Gate Manager LP acquired a new position in shares of Zenas BioPharma in the second quarter valued at approximately $329,000. Squarepoint Ops LLC lifted its holdings in Zenas BioPharma by 192.0% during the 2nd quarter. Squarepoint Ops LLC now owns 125,185 shares of the company’s stock worth $3,177,000 after buying an additional 82,311 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in Zenas BioPharma by 143.4% during the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 37,790 shares of the company’s stock worth $959,000 after buying an additional 22,267 shares in the last quarter. Wellington Management Group LLP boosted its position in Zenas BioPharma by 27.9% in the 2nd quarter. Wellington Management Group LLP now owns 1,593,819 shares of the company’s stock valued at $40,451,000 after buying an additional 347,766 shares during the period. Finally, Bank of America Corp DE purchased a new position in Zenas BioPharma in the 2nd quarter valued at approximately $31,247,000.

About Zenas BioPharma

Zenas BioPharma, Inc is a clinical-stage biopharmaceutical company focused on developing medicines for patients with immune-mediated diseases. The company’s research and development efforts are centered on therapies that modulate the immune system and address conditions with significant unmet medical needs.

Zenas’ lead investigational product is obexelimab, an immune-modulating monoclonal antibody designed to inhibit the activity of certain B cells without broadly depleting them. The company is evaluating obexelimab in autoimmune and inflammatory diseases, including IgG4-related disease and systemic lupus erythematosus.