XBiotech (NASDAQ:XBIT) Shares Cross Above 50-Day Moving Average – Here’s Why

Shares of XBiotech Inc. (NASDAQ:XBIT) crossed above its fifty day moving average during trading on Friday . The stock has a fifty day moving average of $2.47 and traded as high as $2.68. XBiotech shares last traded at $2.48, with a volume of 87,170 shares changing hands.

Analyst Ratings Changes

Separately, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of XBiotech in a research report on Monday, December 1st. One analyst has rated the stock with a Sell rating, According to data from MarketBeat, XBiotech currently has an average rating of “Sell”.

XBiotech Price Performance

The company’s 50-day simple moving average is $2.47 and its 200-day simple moving average is $2.76. The company has a market cap of $75.62 million, a price-to-earnings ratio of -2.58 and a beta of 0.78.

XBiotech (NASDAQ:XBIT) last announced its earnings results on Wednesday, November 12th. The biopharmaceutical company reported ($0.20) earnings per share for the quarter.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the business. Bank of America Corp DE grew its stake in XBiotech by 42.0% during the 4th quarter. Bank of America Corp DE now owns 19,888 shares of the biopharmaceutical company’s stock valued at $79,000 after purchasing an additional 5,887 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its stake in shares of XBiotech by 15.3% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 67,355 shares of the biopharmaceutical company’s stock valued at $218,000 after buying an additional 8,918 shares during the last quarter. Nuveen LLC acquired a new stake in shares of XBiotech during the first quarter worth approximately $81,000. Hsbc Holdings PLC bought a new stake in shares of XBiotech in the first quarter worth $52,000. Finally, Y Intercept Hong Kong Ltd bought a new stake in shares of XBiotech in the second quarter worth $142,000. Institutional investors and hedge funds own 55.70% of the company’s stock.

About XBiotech

XBiotech Inc, a biopharmaceutical company, discovers, develops, and commercializes True Human monoclonal antibodies for treating various diseases. The company focuses on developing a pipeline of product candidates targeting both inflammatory and infectious diseases. It is also developing interleukin-1 alpha therapies to treat variety of medical conditions, such as cancer, stroke, heart attack, or arthritis; and mediates tissue breakdown, angiogenesis, the formation of blood clots, malaise, muscle wasting, and inflammation.