XBiotech (NASDAQ:XBIT) Shares Cross Below Fifty Day Moving Average – Here’s What Happened

XBiotech Inc. (NASDAQ:XBIT)’s share price passed below its fifty day moving average during trading on Tuesday . The stock has a fifty day moving average of $2.42 and traded as low as $2.30. XBiotech shares last traded at $2.30, with a volume of 14,689 shares trading hands.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings upgraded shares of XBiotech from a “sell (e+)” rating to a “sell (d-)” rating in a report on Friday, June 12th. One research analyst has rated the stock with a Sell rating, According to MarketBeat.com, XBiotech has an average rating of “Sell”.

XBiotech Stock Performance

The business has a 50-day moving average of $2.42 and a 200-day moving average of $2.42. The stock has a market capitalization of $70.13 million, a price-to-earnings ratio of -1.74 and a beta of 0.85.

XBiotech (NASDAQ:XBIT) last released its quarterly earnings results on Thursday, May 14th. The biopharmaceutical company reported ($0.18) EPS for the quarter, missing the consensus estimate of $0.03 by ($0.21).

Hedge Funds Weigh In On XBiotech

Institutional investors have recently modified their holdings of the business. BNP Paribas Financial Markets boosted its stake in XBiotech by 27.1% during the 2nd quarter. BNP Paribas Financial Markets now owns 20,729 shares of the biopharmaceutical company’s stock worth $62,000 after purchasing an additional 4,416 shares during the period. Bank of America Corp DE increased its stake in XBiotech by 41.5% in the second quarter. Bank of America Corp DE now owns 18,208 shares of the biopharmaceutical company’s stock valued at $54,000 after purchasing an additional 5,344 shares during the period. State Street Corp raised its holdings in shares of XBiotech by 8.5% in the fourth quarter. State Street Corp now owns 73,006 shares of the biopharmaceutical company’s stock valued at $174,000 after buying an additional 5,700 shares during the last quarter. XTX Topco Ltd raised its holdings in shares of XBiotech by 44.1% in the fourth quarter. XTX Topco Ltd now owns 21,703 shares of the biopharmaceutical company’s stock valued at $52,000 after buying an additional 6,647 shares during the last quarter. Finally, Citadel Advisors LLC boosted its stake in shares of XBiotech by 31.8% during the third quarter. Citadel Advisors LLC now owns 42,816 shares of the biopharmaceutical company’s stock worth $114,000 after buying an additional 10,333 shares during the period. 55.70% of the stock is owned by institutional investors and hedge funds.

XBiotech Company Profile

XBiotech Inc is a clinical-stage biopharmaceutical company developing human antibodies to treat cancer and other inflammatory-driven diseases. The company’s core technology, the True Human™ antibody platform, enables the discovery and development of monoclonal antibodies that mimic the human immune response without the need for genetic humanization. XBiotech’s lead therapeutic candidate targets interleukin-1 alpha (IL-1α), a key mediator of inflammation associated with tumor growth and chronic disease.

The company’s most advanced program, Xilonix® (MABp1), is a first-in-class anti-IL-1α antibody that has completed Phase 3 clinical trials in metastatic colorectal cancer patients.