Equillium (NASDAQ:EQ) Announces Earnings Results

Equillium (NASDAQ:EQ) issued its earnings results on Thursday. The company reported ($0.04) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.05) by $0.01, FiscalAI reports.

Equillium Stock Down 7.8%

EQ stock traded down $0.17 during midday trading on Thursday, reaching $2.01. 542,877 shares of the company’s stock traded hands, compared to its average volume of 503,391. Equillium has a 52-week low of $0.76 and a 52-week high of $3.54. The stock’s 50-day moving average is $2.69 and its 200 day moving average is $2.22.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on EQ shares. B. Riley Financial began coverage on shares of Equillium in a report on Thursday, April 16th. They set a “buy” rating and a $6.00 price target on the stock. Wall Street Zen lowered shares of Equillium from a “hold” rating to a “sell” rating in a report on Saturday, June 27th. Piper Sandler began coverage on Equillium in a research report on Monday, July 13th. They issued an “overweight” rating on the stock. Weiss Ratings reiterated a “sell (d-)” rating on shares of Equillium in a research note on Wednesday, June 24th. Finally, Stifel Nicolaus set a $5.00 target price on Equillium in a report on Thursday, May 28th. Two investment analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, Equillium currently has a consensus rating of “Moderate Buy” and a consensus target price of $7.57.

Insiders Place Their Bets

In other Equillium news, insider Stephen Connelly sold 30,975 shares of the business’s stock in a transaction that occurred on Friday, June 5th. The stock was sold at an average price of $2.94, for a total transaction of $91,066.50. Following the sale, the insider directly owned 762,025 shares of the company’s stock, valued at $2,240,353.50. The trade was a 3.91% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Penny Tom sold 65,000 shares of the company’s stock in a transaction that occurred on Thursday, May 28th. The shares were sold at an average price of $2.95, for a total value of $191,750.00. Following the sale, the insider owned 65,000 shares in the company, valued at approximately $191,750. This trade represents a 50.00% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 406,392 shares of company stock worth $1,224,898 over the last quarter. 17.84% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Equillium

Institutional investors have recently made changes to their positions in the company. ADAR1 Capital Management LLC boosted its stake in shares of Equillium by 0.9% during the 4th quarter. ADAR1 Capital Management LLC now owns 5,608,078 shares of the company’s stock worth $8,693,000 after purchasing an additional 48,090 shares during the period. Janus Henderson Group PLC purchased a new position in shares of Equillium during the fourth quarter valued at approximately $9,057,000. Balyasny Asset Management L.P. boosted its position in shares of Equillium by 3.6% during the fourth quarter. Balyasny Asset Management L.P. now owns 2,076,250 shares of the company’s stock valued at $3,218,000 after buying an additional 72,602 shares during the period. Cantor Fitzgerald L. P. grew its stake in shares of Equillium by 32.4% during the fourth quarter. Cantor Fitzgerald L. P. now owns 562,643 shares of the company’s stock valued at $872,000 after buying an additional 137,643 shares during the last quarter. Finally, Diadema Partners LP grew its stake in shares of Equillium by 15.8% during the fourth quarter. Diadema Partners LP now owns 347,393 shares of the company’s stock valued at $538,000 after buying an additional 47,393 shares during the last quarter. Institutional investors own 27.05% of the company’s stock.

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.