Orbimed Advisors LLC Sells 346,152 Shares of Jade Biosciences, Inc. $JBIO

Orbimed Advisors LLC decreased its stake in shares of Jade Biosciences, Inc. (NASDAQ:JBIO) by 65.2% during the 1st quarter, Holdings Channel reports. The firm owned 185,011 shares of the company’s stock after selling 346,152 shares during the period. Orbimed Advisors LLC’s holdings in Jade Biosciences were worth $2,599,000 as of its most recent SEC filing.

Other large investors also recently made changes to their positions in the company. Renaissance Technologies LLC raised its position in Jade Biosciences by 94.0% during the first quarter. Renaissance Technologies LLC now owns 135,039 shares of the company’s stock worth $1,897,000 after acquiring an additional 65,438 shares in the last quarter. Y Intercept Hong Kong Ltd acquired a new position in shares of Jade Biosciences during the 1st quarter worth about $353,000. Invesco Ltd. raised its holdings in shares of Jade Biosciences by 477.6% in the 4th quarter. Invesco Ltd. now owns 199,727 shares of the company’s stock valued at $3,082,000 after purchasing an additional 165,151 shares during the period. Ikarian Capital LLC acquired a new stake in Jade Biosciences in the 4th quarter valued at about $4,629,000. Finally, Virtus Investment Advisers LLC acquired a new stake in Jade Biosciences in the 4th quarter valued at about $274,000.

Jade Biosciences Price Performance

JBIO opened at $20.08 on Monday. The business has a fifty day simple moving average of $19.99 and a 200 day simple moving average of $18.06. The company has a market capitalization of $991.15 million, a PE ratio of -9.94 and a beta of 1.43. Jade Biosciences, Inc. has a 1 year low of $6.67 and a 1 year high of $28.00.

Jade Biosciences (NASDAQ:JBIO) last posted its quarterly earnings data on Thursday, May 7th. The company reported ($0.57) earnings per share for the quarter, missing the consensus estimate of ($0.52) by ($0.05). Equities analysts anticipate that Jade Biosciences, Inc. will post -2.54 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on JBIO. Jefferies Financial Group reissued a “buy” rating on shares of Jade Biosciences in a research report on Monday, June 1st. BTIG Research increased their price target on Jade Biosciences from $39.00 to $74.00 and gave the company a “buy” rating in a research note on Monday, June 1st. Zacks Research raised Jade Biosciences from a “strong sell” rating to a “hold” rating in a report on Wednesday, April 8th. Piper Sandler set a $55.00 price objective on shares of Jade Biosciences in a research report on Tuesday, June 2nd. Finally, HC Wainwright increased their price objective on shares of Jade Biosciences from $45.00 to $55.00 and gave the company a “buy” rating in a research report on Monday, June 1st. Two analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $51.57.

Jade Biosciences Company Profile

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.