Silverback Therapeutics (NASDAQ:SBTX) Cut to Sell at Zacks Investment Research

Zacks Investment Research downgraded shares of Silverback Therapeutics (NASDAQ:SBTX) from a hold rating to a sell rating in a report issued on Wednesday, Zacks.com reports.

According to Zacks, “Silverback Therapeutics Inc. is a clinical-stage biopharmaceutical company. Its ImmunoTAC technology platform, develop systemically delivered, tissue targeted therapeutics for the treatment of cancer, chronic viral infections and other serious diseases. Silverback Therapeutics Inc. is based in Seattle, United States. “

Other equities analysts also recently issued reports about the company. Jonestrading reissued a buy rating and set a $50.00 target price on shares of Silverback Therapeutics in a research note on Thursday, September 16th. HC Wainwright reissued a buy rating and set a $52.00 target price on shares of Silverback Therapeutics in a research note on Friday, October 15th. Finally, SVB Leerink cut their target price on Silverback Therapeutics from $42.00 to $25.00 and set an outperform rating for the company in a research note on Friday, November 12th. One equities research analyst has rated the stock with a sell rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, Silverback Therapeutics has an average rating of Buy and an average target price of $40.75.

NASDAQ:SBTX opened at $4.91 on Wednesday. The stock has a 50-day simple moving average of $6.87 and a 200-day simple moving average of $16.89. The stock has a market cap of $172.51 million and a P/E ratio of -1.51. Silverback Therapeutics has a 1 year low of $4.68 and a 1 year high of $63.41.

Silverback Therapeutics (NASDAQ:SBTX) last announced its earnings results on Wednesday, November 10th. The company reported ($0.65) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.65). As a group, research analysts forecast that Silverback Therapeutics will post -2.66 EPS for the current fiscal year.

A number of institutional investors have recently added to or reduced their stakes in the business. New York State Common Retirement Fund boosted its holdings in shares of Silverback Therapeutics by 48.2% during the second quarter. New York State Common Retirement Fund now owns 11,409 shares of the company’s stock worth $352,000 after purchasing an additional 3,709 shares during the last quarter. Rhumbline Advisers boosted its holdings in Silverback Therapeutics by 26.5% in the second quarter. Rhumbline Advisers now owns 16,680 shares of the company’s stock valued at $515,000 after acquiring an additional 3,491 shares during the last quarter. Swiss National Bank purchased a new position in Silverback Therapeutics in the second quarter valued at about $714,000. O Shaughnessy Asset Management LLC purchased a new position in Silverback Therapeutics in the second quarter valued at about $33,000. Finally, Virtus ETF Advisers LLC purchased a new position in Silverback Therapeutics in the second quarter valued at about $207,000. 82.44% of the stock is owned by institutional investors.

Silverback Therapeutics Company Profile

Silverback Therapeutics, Inc, a clinical-stage biopharmaceutical company, develops tissue targeted therapeutics for the treatment of cancer, chronic viral infections, and other serious diseases. Its lead product candidate is SBT6050, which is in a Phase I/Ib clinical trial, a TLR8 agonist linker-payload conjugated to a HER2-directed monoclonal antibody that targets tumors, such as breast, gastric, and non-small cell lung cancers.

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