Zhengye Biotechnology (NASDAQ:ZYBT) Shares Down 8.5% – Should You Sell?

Zhengye Biotechnology Holding Limited (NASDAQ:ZYBT) dropped 8.5% during mid-day trading on Wednesday . The company traded as low as $2.02 and last traded at $2.15. Approximately 100,252 shares traded hands during mid-day trading, an increase of 218% from the average daily volume of 31,529 shares. The stock had previously closed at $2.35.

Analysts Set New Price Targets

ZYBT has been the topic of a number of recent analyst reports. Wall Street Zen raised Zhengye Biotechnology to a “hold” rating in a research report on Saturday, August 2nd. Weiss Ratings reissued a “sell (d-)” rating on shares of Zhengye Biotechnology in a research note on Tuesday, October 14th. One research analyst has rated the stock with a Sell rating, According to MarketBeat.com, Zhengye Biotechnology has an average rating of “Sell”.

Zhengye Biotechnology Stock Down 8.5%

The company has a 50-day moving average price of $2.96 and a 200 day moving average price of $5.87.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Jane Street Group LLC purchased a new stake in Zhengye Biotechnology in the 2nd quarter worth approximately $1,158,000. Invesco Ltd. purchased a new stake in shares of Zhengye Biotechnology during the second quarter worth $220,000. Geode Capital Management LLC acquired a new stake in Zhengye Biotechnology during the second quarter valued at $174,000. WINTON GROUP Ltd purchased a new position in Zhengye Biotechnology in the third quarter valued at about $56,000. Finally, Millennium Management LLC purchased a new position in Zhengye Biotechnology in the third quarter valued at about $38,000.

About Zhengye Biotechnology

Zhengye Biotechnology Holding Limited is a veterinary vaccine manufacturer which encompasses research, development, manufacturing and sales of veterinary vaccines, with a focus on livestock vaccine principally in China. Zhengye Biotechnology Holding Limited is based in Jilin, China.