BioAmber Inc. (BIOA) Stock Rating Upgraded by Zacks Investment Research
BioAmber Inc. (NYSE:BIOA) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Tuesday. The brokerage currently has a $4.25 target price on the stock. Zacks Investment Research’s price target points to a potential upside of 8.70% from the company’s previous close.
According to Zacks, “BioAmber Inc. is a bio-based chemicals company. It produces and sells bio-succinic acid. The company’s technology platform combines industrial biotechnology and chemical catalysis to convert renewable feedstock into chemicals for use in products including plastics, resins, food additives and personal care products. It operates in France, China, Canada, and the United States. BioAmber Inc. is based in Plymouth, Minnesota. “
Separately, Canaccord Genuity restated a “buy” rating and set a $5.50 price objective on shares of BioAmber in a report on Sunday, August 7th. Five analysts have rated the stock with a buy rating, The stock has a consensus rating of “Buy” and a consensus target price of $12.55.
Shares of BioAmber (NYSE:BIOA) opened at 3.91 on Tuesday. BioAmber has a 52 week low of $2.86 and a 52 week high of $8.73. The firm has a 50-day moving average of $4.37 and a 200 day moving average of $3.77. The firm’s market capitalization is $112.75 million.
Institutional investors have recently added to or reduced their stakes in the company. Robecosam AG purchased a new position in BioAmber during the first quarter worth approximately $1,688,000. Essex Investment Management Co. LLC increased its position in BioAmber by 21.0% in the third quarter. Essex Investment Management Co. LLC now owns 122,619 shares of the company’s stock worth $520,000 after buying an additional 21,257 shares in the last quarter. Finally, Wells Fargo & Company MN increased its position in BioAmber by 47.6% in the third quarter. Wells Fargo & Company MN now owns 58,393 shares of the company’s stock worth $247,000 after buying an additional 18,844 shares in the last quarter. Hedge funds and other institutional investors own 42.10% of the company’s stock.
BioAmber Inc (BioAmber), formerly DNP Green Technology, Inc, is an industrial biotechnology company, which produces sustainable chemicals. The Company’s technology platform combines industrial biotechnology and chemical catalysis to convert renewable feedstocks into sustainable chemicals that are replacements for petroleum-derived chemicals, which are used in a range of everyday products, including plastics, food additives and personal care products.
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