iBio, Inc. (NASDAQ:IBIO) Given Average Recommendation of “Buy” by Brokerages

iBio, Inc. (NASDAQ:IBIO) has received an average rating of “Buy” from the eight ratings firms that are currently covering the firm, MarketBeat Ratings reports. One analyst has rated the stock with a sell rating, four have assigned a buy rating and three have assigned a strong buy rating to the company. The average 12 month target price among brokers that have updated their coverage on the stock in the last year is $5.00.

IBIO has been the subject of a number of recent analyst reports. Raymond James Financial initiated coverage on iBio in a research report on Monday, June 8th. They set an “outperform” rating and a $5.00 price target for the company. Chardan Capital reiterated a “buy” rating and issued a $5.00 price objective on shares of iBio in a research report on Thursday, July 2nd. B. Riley Financial began coverage on iBio in a research report on Friday, June 5th. They issued a “buy” rating and a $6.00 price objective on the stock. Weiss Ratings reissued a “sell (d-)” rating on shares of iBio in a research note on Wednesday, June 24th. Finally, Wall Street Zen upgraded iBio from a “sell” rating to a “hold” rating in a report on Saturday.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Bank of America Corp DE raised its holdings in iBio by 150.8% in the 1st quarter. Bank of America Corp DE now owns 290,413 shares of the company’s stock worth $552,000 after purchasing an additional 174,620 shares in the last quarter. ADAR1 Capital Management LLC boosted its stake in shares of iBio by 15.9% during the 1st quarter. ADAR1 Capital Management LLC now owns 469,878 shares of the company’s stock valued at $893,000 after purchasing an additional 64,347 shares in the last quarter. Affinity Asset Advisors LLC boosted its stake in shares of iBio by 51.0% during the 1st quarter. Affinity Asset Advisors LLC now owns 3,107,200 shares of the company’s stock valued at $5,904,000 after purchasing an additional 1,050,000 shares in the last quarter. Walleye Capital LLC increased its position in shares of iBio by 95.9% during the first quarter. Walleye Capital LLC now owns 388,554 shares of the company’s stock valued at $738,000 after buying an additional 190,179 shares during the period. Finally, Noesis Capital Mangement Corp increased its position in shares of iBio by 38.9% during the first quarter. Noesis Capital Mangement Corp now owns 311,500 shares of the company’s stock valued at $592,000 after buying an additional 87,300 shares during the period. 7.90% of the stock is owned by hedge funds and other institutional investors.

iBio Trading Up 2.1%

Shares of NASDAQ:IBIO opened at $1.43 on Friday. The company has a market cap of $71.04 million, a price-to-earnings ratio of -2.47 and a beta of 1.30. The company has a 50-day moving average price of $1.53 and a 200-day moving average price of $1.89. iBio has a 12 month low of $0.67 and a 12 month high of $3.82.

About iBio

iBio, Inc, a biotechnology company, provides contract development and manufacturing services to collaborators and third-party customers in the United States. The company operates in two segments: Biopharmaceuticals and Bioprocessing. Its lead therapeutic candidate is IBIO-100 that is being advanced for investigational new drug development for the treatment of systemic scleroderma and idiopathic pulmonary fibrosis. The company is also developing vaccine candidates comprising IBIO-200 and IBIO-201, which are in preclinical development for the prevention of severe acute respiratory syndrome coronavirus 2; and IBIO-400 for the treatment of classical swine fever.