Shares of Benitec Biopharma (NASDAQ:BNTC) were recently upgraded from a ‘sell’ rating to a ‘hold’ rating by Wall Street Zen. This change, noted in a report released on Saturday, reflects a shift in market sentiment towards the biotechnology company, which specializes in developing genetic medicines.
Analyst Ratings and Price Targets
Several analysts have provided updated assessments of Benitec Biopharma in recent weeks. HC Wainwright raised its price target from $28.00 to $35.00 while assigning a ‘buy’ rating in a report dated November 4, 2023. Conversely, Weiss Ratings maintained a ‘sell (d-)’ rating on the stock in a report issued on October 8, 2023.
Additionally, Citigroup reaffirmed an ‘outperform’ rating on November 4, 2023, while Oppenheimer also reiterated an ‘outperform’ rating but adjusted its price target downward from $35.00 to $29.00 in a report dated September 16, 2023. Meanwhile, JMP Securities established a price objective of $22.00 on the same date.
Overall, one analyst has rated the stock as a ‘Strong Buy’, eight have given it a ‘Buy’ rating, one has issued a ‘Hold’, and one has provided a ‘Sell’ rating. Data from MarketBeat indicates an average rating of ‘Moderate Buy’ with a price target set at $25.33.
Financial Performance and Insider Transactions
On November 14, 2023, Benitec Biopharma reported its quarterly earnings, revealing a loss of $0.22 earnings per share (EPS). This figure surpassed analysts’ consensus estimate of $0.35, marking an improvement of $0.13. Analysts predict an average EPS of -1.48 for the current fiscal year.
In a notable insider transaction, Suvretta Capital Management purchased 1,481,481 shares of Benitec Biopharma on November 7, 2023, at an average price of $13.50 each. This transaction totaled approximately $19.99 million and increased the director’s ownership stake to 9,538,175 shares, valued at over $128.76 million.
Institutional Investor Activity
Institutional investors have also been active in modifying their holdings of Benitec Biopharma. Ameriprise Financial Inc. increased its stake by 40.5% during the third quarter, acquiring an additional 44,489 shares valued at approximately $2.17 million. Similarly, UBS Group AG raised its position by an impressive 458.8%, now owning 99,941 shares valued at around $1.40 million.
Other noteworthy changes include BNP Paribas Financial Markets boosting its stake by 44.5% and Vanguard Group Inc. increasing its holdings by 2.4%. Currently, institutional investors own 52.19% of Benitec Biopharma’s stock, indicating strong institutional interest in the company.
Benitec Biopharma, a clinical-stage biotechnology firm, focuses on innovative genetic therapies aimed at treating chronic and life-threatening conditions. One of its key products under development is BB-301, a gene therapy treatment for oculopharyngeal muscular dystrophy.
As the company navigates a complex landscape of analyst ratings and significant insider investment, its future performance will be closely observed by stakeholders.
