B. Riley Financial Begins Coverage on iBio (NASDAQ:IBIO)

Equities research analysts at B. Riley Financial began coverage on shares of iBio (NASDAQ:IBIO) in a research report issued to clients and investors on Friday. The brokerage set a “buy” rating and a $6.00 price target on the stock. B. Riley Financial’s target price would indicate a potential upside of 210.88% from the stock’s current price.

Several other analysts also recently commented on the stock. JonesTrading started coverage on shares of iBio in a report on Tuesday, March 3rd. They set a “buy” rating and a $7.00 target price for the company. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of iBio in a report on Friday, March 27th. Chardan Capital reiterated a “buy” rating and issued a $5.00 price objective on shares of iBio in a research note on Thursday, April 9th. Finally, Wall Street Zen upgraded shares of iBio from a “sell” rating to a “hold” rating in a research note on Saturday, May 30th. Three research analysts have rated the stock with a Strong Buy rating, three have given a Buy rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock has an average rating of “Buy” and a consensus price target of $5.00.

iBio Stock Performance

Shares of IBIO stock opened at $1.93 on Friday. The company has a market capitalization of $95.88 million, a price-to-earnings ratio of -3.33 and a beta of 1.26. The company has a 50-day simple moving average of $1.85 and a 200 day simple moving average of $2.00. iBio has a 52 week low of $0.56 and a 52 week high of $3.82.

iBio (NASDAQ:IBIO) last announced its earnings results on Tuesday, May 12th. The company reported ($0.07) EPS for the quarter, missing the consensus estimate of ($0.06) by ($0.01). Sell-side analysts forecast that iBio will post -0.38 EPS for the current year.

Insider Activity at iBio

In related news, CFO Felipe Duran purchased 24,835 shares of the company’s stock in a transaction that occurred on Thursday, March 19th. The stock was acquired at an average price of $2.02 per share, with a total value of $50,166.70. Following the completion of the purchase, the chief financial officer directly owned 35,974 shares in the company, valued at $72,667.48. This trade represents a 222.96% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 2.75% of the company’s stock.

Hedge Funds Weigh In On iBio

Several hedge funds have recently bought and sold shares of IBIO. Susquehanna International Group LLP acquired a new position in shares of iBio in the 3rd quarter valued at approximately $37,000. Bank of America Corp DE lifted its holdings in shares of iBio by 150.8% during the 1st quarter. Bank of America Corp DE now owns 290,413 shares of the company’s stock worth $552,000 after acquiring an additional 174,620 shares during the period. ADAR1 Capital Management LLC lifted its holdings 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 worth $893,000 after acquiring an additional 64,347 shares during the period. Affinity Asset Advisors LLC lifted its holdings 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 worth $5,904,000 after acquiring an additional 1,050,000 shares during the period. Finally, Walleye Capital LLC lifted its holdings in shares of iBio by 95.9% during the 1st quarter. Walleye Capital LLC now owns 388,554 shares of the company’s stock worth $738,000 after acquiring an additional 190,179 shares during the period. 7.90% of the stock is owned by institutional investors.

iBio Company Profile

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.