Phio Pharmaceuticals (NASDAQ:PHIO) Trading 2.7% Higher – Here’s Why

Phio Pharmaceuticals Corp. (NASDAQ:PHIO) was up 2.7% on Thursday . The stock traded as high as $1.1450 and last traded at $1.14. Approximately 91,630 shares changed hands during trading, a decline of 29% from the average daily volume of 128,784 shares. The stock had previously closed at $1.11.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on PHIO shares. HC Wainwright reissued a “buy” rating and set a $14.00 price objective on shares of Phio Pharmaceuticals in a report on Tuesday, February 10th. Weiss Ratings reissued a “sell (e+)” rating on shares of Phio Pharmaceuticals in a report on Tuesday, April 21st. One investment analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Phio Pharmaceuticals presently has an average rating of “Hold” and a consensus price target of $14.00.

Phio Pharmaceuticals Stock Performance

The company has a market cap of $13.24 million, a price-to-earnings ratio of -0.83 and a beta of 0.82. The company has a fifty day moving average of $1.18 and a two-hundred day moving average of $1.16.

Phio Pharmaceuticals (NASDAQ:PHIO) last released its quarterly earnings data on Thursday, May 7th. The company reported ($0.34) earnings per share for the quarter, missing the consensus estimate of ($0.24) by ($0.10). Equities analysts expect that Phio Pharmaceuticals Corp. will post -1.38 EPS for the current fiscal year.

Institutional Inflows and Outflows

An institutional investor recently raised its position in Phio Pharmaceuticals stock. Geode Capital Management LLC raised its stake in shares of Phio Pharmaceuticals Corp. (NASDAQ:PHIO) by 38.7% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 57,694 shares of the company’s stock after purchasing an additional 16,108 shares during the period. Geode Capital Management LLC owned 1.20% of Phio Pharmaceuticals worth $136,000 at the end of the most recent quarter. Hedge funds and other institutional investors own 57.31% of the company’s stock.

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.