Phio Pharmaceuticals (NASDAQ:PHIO) Announces Earnings Results, Hits Expectations

Phio Pharmaceuticals (NASDAQ:PHIO) released its earnings results on Thursday. The company reported ($0.36) earnings per share for the quarter, hitting analysts’ consensus estimates of ($0.36), FiscalAI reports.

Phio Pharmaceuticals Stock Down 1.9%

Shares of PHIO traded down $0.02 during trading hours on Friday, hitting $1.04. The company had a trading volume of 86,066 shares, compared to its average volume of 1,532,297. The firm has a market cap of $12.08 million, a P/E ratio of -0.75 and a beta of 0.82. Phio Pharmaceuticals has a 52-week low of $0.81 and a 52-week high of $4.19. The stock’s 50 day moving average price is $1.04 and its 200 day moving average price is $1.12.

Institutional Investors Weigh In On Phio Pharmaceuticals

A hedge fund recently raised its stake in Phio Pharmaceuticals stock. Cetera Investment Advisers raised its position in Phio Pharmaceuticals Corp. (NASDAQ:PHIO) by 26.9% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 42,500 shares of the company’s stock after acquiring an additional 9,000 shares during the quarter. Cetera Investment Advisers owned approximately 0.39% of Phio Pharmaceuticals worth $45,000 at the end of the most recent quarter. Hedge funds and other institutional investors own 57.31% of the company’s stock.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings reissued a “sell (e+)” rating on shares of Phio Pharmaceuticals in a research note on Friday, July 17th. One research analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $14.00.

Phio Pharmaceuticals Company Profile

Phio Pharmaceuticals, Inc (NASDAQ: PHIO) is a clinical‐stage biotechnology company focused on the discovery and development of dual RNA interference (RNAi) therapeutics. Utilizing its proprietary Transitional RNAi (TRiMTM) platform, Phio aims to simultaneously silence multiple gene targets to achieve enhanced therapeutic activity. The company’s core mission is to advance next‐generation RNAi compounds with potential applications in oncology and immuno‐oncology.

Phio’s TRiMTM platform is designed around the delivery of synthetic, double‐stranded RNA duplexes that can be engineered to target specific combinations of genes implicated in tumor growth and immune evasion.