Equillium, Inc. (NASDAQ:EQ) Sees Large Increase in Short Interest

Equillium, Inc. (NASDAQ:EQ) saw a large growth in short interest in the month of March. As of March 31st, there was short interest totaling 2,727,834 shares, a growth of 36.6% from the March 15th total of 1,996,887 shares. Based on an average trading volume of 476,909 shares, the short-interest ratio is currently 5.7 days. Approximately 6.3% of the shares of the company are sold short.

Equillium Stock Down 3.4%

Shares of EQ opened at $1.98 on Friday. The company has a 50-day simple moving average of $1.88 and a 200-day simple moving average of $1.47. The company has a market capitalization of $125.20 million, a PE ratio of -3.96 and a beta of 1.75. Equillium has a 52-week low of $0.27 and a 52-week high of $2.70.

Equillium (NASDAQ:EQ) last announced its quarterly earnings results on Wednesday, March 25th. The company reported ($0.04) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.07) by $0.03. On average, research analysts anticipate that Equillium will post 0.14 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on EQ shares. Zacks Research upgraded shares of Equillium to a “hold” rating in a report on Thursday, February 26th. Roth Mkm started coverage on shares of Equillium in a report on Friday, March 13th. They issued a “buy” rating and a $12.00 price target for the company. Wall Street Zen upgraded shares of Equillium from a “sell” rating to a “hold” rating in a report on Saturday, March 14th. Raymond James Financial started coverage on shares of Equillium in a report on Monday. They issued a “strong-buy” rating and a $6.00 price target for the company. Finally, B. Riley Financial started coverage on shares of Equillium in a report on Thursday. They issued a “buy” rating and a $6.00 price target for the company. One research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $7.80.

Insider Activity at Equillium

In other news, COO Christine Zedelmayer sold 120,312 shares of the firm’s stock in a transaction on Friday, March 13th. The shares were sold at an average price of $2.50, for a total value of $300,780.00. Following the completion of the sale, the chief operating officer owned 62,586 shares in the company, valued at approximately $156,465. This trade represents a 65.78% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In the last ninety days, insiders have sold 487,468 shares of company stock valued at $990,467. 31.60% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Equillium

Several hedge funds have recently added to or reduced their stakes in EQ. Virtu Financial LLC increased its holdings in Equillium by 133.4% during the 3rd quarter. Virtu Financial LLC now owns 23,779 shares of the company’s stock valued at $34,000 after acquiring an additional 13,591 shares in the last quarter. Millennium Management LLC purchased a new position in Equillium during the 3rd quarter valued at about $35,000. Persistent Asset Partners Ltd purchased a new position in Equillium during the 3rd quarter valued at about $99,000. Royal Bank of Canada purchased a new position in Equillium during the 4th quarter valued at about $124,000. Finally, Boothbay Fund Management LLC purchased a new position in Equillium during the 3rd quarter valued at about $174,000. 27.05% of the stock is currently owned by hedge funds and other institutional investors.

Equillium Company Profile

Equillium, Inc (NASDAQ: EQ) is a clinical-stage biopharmaceutical company focused on developing novel immunotherapies to treat severe autoimmune diseases and prevent organ transplant rejection. The company’s lead therapeutic candidate, EQ001 (itolizumab), is a humanized monoclonal antibody that modulates T-cell activation by targeting the CD6 receptor. Equillium’s pipeline also includes additional biologic candidates aimed at addressing indications such as acute graft-versus-host disease (GVHD) and lupus nephritis.

Founded in 2015 and headquartered in La Jolla, California, Equillium in-licensed itolizumab from Biocon Limited, leveraging the antibody’s established safety profile in earlier clinical studies.