Benitec Biopharma (NASDAQ:BNTC) Shares Cross Below 50-Day Moving Average – Here’s What Happened

Benitec Biopharma Limited (NASDAQ:BNTC) shares crossed below its 50 day moving average during trading on Thursday . The stock has a 50 day moving average of $11.70 and traded as low as $10.55. Benitec Biopharma shares last traded at $11.05, with a volume of 44,936 shares traded.

Wall Street Analysts Forecast Growth

BNTC has been the subject of several research analyst reports. HC Wainwright restated a “buy” rating and set a $32.00 price target on shares of Benitec Biopharma in a research report on Monday, March 9th. Wall Street Zen raised shares of Benitec Biopharma from a “sell” rating to a “hold” rating in a research note on Saturday, May 16th. Weiss Ratings reissued a “sell (d-)” rating on shares of Benitec Biopharma in a research note on Monday, April 20th. Evercore initiated coverage on shares of Benitec Biopharma in a research report on Tuesday, May 12th. They set an “outperform” rating and a $25.00 price objective for the company. Finally, TD Cowen reaffirmed a “buy” rating on shares of Benitec Biopharma in a research report on Monday, March 9th. Six investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, Benitec Biopharma currently has an average rating of “Moderate Buy” and an average price target of $27.00.

Benitec Biopharma Stock Performance

The company has a market capitalization of $379.61 million, a PE ratio of -9.69 and a beta of 0.27. The company’s 50-day simple moving average is $11.70 and its 200-day simple moving average is $11.95.

Benitec Biopharma (NASDAQ:BNTC) last issued its quarterly earnings data on Thursday, May 14th. The biotechnology company reported ($0.24) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.27) by $0.03. Analysts expect that Benitec Biopharma Limited will post -1.04 EPS for the current year.

Institutional Trading of Benitec Biopharma

Several hedge funds and other institutional investors have recently made changes to their positions in BNTC. Goldman Sachs Group Inc. purchased a new stake in shares of Benitec Biopharma in the first quarter valued at about $597,000. Geode Capital Management LLC raised its position in Benitec Biopharma by 77.6% during the second quarter. Geode Capital Management LLC now owns 415,211 shares of the biotechnology company’s stock worth $4,859,000 after acquiring an additional 181,391 shares during the last quarter. JPMorgan Chase & Co. acquired a new position in shares of Benitec Biopharma in the second quarter valued at approximately $80,000. Rhumbline Advisers increased its position in Benitec Biopharma by 11,114.0% during the second quarter. Rhumbline Advisers now owns 20,858 shares of the biotechnology company’s stock worth $244,000 after purchasing an additional 20,672 shares during the last quarter. Finally, XTX Topco Ltd acquired a new position in Benitec Biopharma during the second quarter worth approximately $127,000. Hedge funds and other institutional investors own 52.19% of the company’s stock.

Benitec Biopharma Company Profile

Benitec Biopharma Ltd (NASDAQ: BNTC) is a clinical-stage biotechnology company developing gene-silencing therapies for serious human diseases. The company’s proprietary DNA-directed RNA interference (ddRNAi) platform is designed to enable sustained expression of small RNA molecules that specifically target and silence disease-causing genes. By integrating RNAi sequences directly into DNA constructs, ddRNAi aims to provide a long-term therapeutic effect from a single administration.

Benitec’s lead programs include development of ddRNAi candidates for chronic hepatitis B virus infection and for certain ocular conditions.