Wedbush Reaffirms “Outperform” Rating for Jade Biosciences (NASDAQ:JBIO)

Jade Biosciences (NASDAQ:JBIO)‘s stock had its “outperform” rating reiterated by research analysts at Wedbush in a research report issued on Monday,Benzinga reports. They currently have a $24.00 target price on the stock. Wedbush’s price objective indicates a potential upside of 65.75% from the company’s current price.

Several other analysts also recently commented on JBIO. Guggenheim increased their price objective on Jade Biosciences from $14.00 to $17.00 and gave the stock a “buy” rating in a research note on Tuesday, November 18th. HC Wainwright assumed coverage on Jade Biosciences in a research report on Wednesday, January 7th. They set a “buy” rating and a $25.00 target price on the stock. Weiss Ratings reiterated a “sell (e+)” rating on shares of Jade Biosciences in a report on Monday, December 29th. Lifesci Capital raised Jade Biosciences to a “strong-buy” rating in a research report on Friday, March 6th. Finally, Wall Street Zen upgraded Jade Biosciences from a “sell” rating to a “hold” rating in a research note on Saturday, November 15th. Two research analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating and one has given a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Buy” and an average price target of $25.00.

Jade Biosciences Price Performance

Shares of NASDAQ JBIO opened at $14.48 on Monday. The company has a 50-day moving average price of $14.72 and a 200-day moving average price of $12.05. The stock has a market capitalization of $714.15 million, a P/E ratio of -3.14 and a beta of 1.03. Jade Biosciences has a 1 year low of $6.57 and a 1 year high of $100.10.

Jade Biosciences (NASDAQ:JBIO) last posted its earnings results on Friday, March 6th. The company reported ($0.11) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.45) by $0.34.

Hedge Funds Weigh In On Jade Biosciences

Several institutional investors have recently modified their holdings of the business. Invesco Ltd. increased its position in shares of Jade Biosciences by 477.6% during the fourth quarter. Invesco Ltd. now owns 199,727 shares of the company’s stock valued at $3,082,000 after acquiring an additional 165,151 shares during the last quarter. Ikarian Capital LLC purchased a new position in Jade Biosciences in the fourth quarter worth $4,629,000. Virtus Investment Advisers LLC bought a new position in Jade Biosciences in the 4th quarter valued at $274,000. Opaleye Management Inc. bought a new position in Jade Biosciences in the 4th quarter valued at $6,598,000. Finally, Millennium Management LLC purchased a new stake in shares of Jade Biosciences during the 4th quarter valued at $969,000.

About Jade Biosciences

Jade Biosciences, Inc is a clinical‐stage biotechnology company focused on the discovery and development of novel therapeutics for inflammatory skin diseases and chronic itch. Leveraging a small‐molecule platform, the company seeks to address significant unmet needs in dermatology by targeting key pathways involved in pruritus and skin inflammation. Its research efforts are centered on identifying and advancing molecules that can modulate receptor activity in the skin, with a goal of improving safety and efficacy compared to existing treatments.

The company’s lead programs are built around proprietary compounds designed to penetrate the epidermal barrier and selectively inhibit molecular drivers of itch and inflammation.