Redmile Group LLC recently announced the acquisition of new stake in Gritstone Bio Inc (NASDAQ:GRTS). The institutional investor has increased its shareholding in the Healthcare company by 24.04% to 8.51 million shares with purchase of 1.65 million shares. This fresh investment now brings its stake to 8.93% valued currently at $11.06 million. In addition, The Vanguard Group, Inc. raised its holdings by 9215.0 to 3.99 million shares. And Balyasny Asset Management LP has lifted its position by 8.28% or 0.16 million shares – to 2.04 million shares.
With over 4.47 million Gritstone Bio Inc (GRTS) shares trading Tuesday and a closing price of $2.63 on the day, the dollar volume was approximately $11.77 million. The shares have shown a positive half year performance of 25.24% and its price on 01/09/24 gained nearly 27.67%. Currently, there are 95.34M common shares owned by the public and among those 87.74M shares have been available to trade.
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An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 6 analysts who have offered their price forecasts for GRTS have a consensus price objective of $10.00. The analysts have set the share’s price value over the next 12 months at a high of $20.00 and a low of $6.00. The average price target is 73.7% above its recent price level and an upside to the estimated low will see the stock gain 56.17% over that period. But an upside of 86.85% will see the stock hit the forecast high price target while median target price for the stock is $7.00.
Insiders at the company have transacted a total of 7 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 7 of these insider trades were purchases, accounting for 1,691,502 shares. Insider sales of the common stock occurred on 0 occasions, with total insider shares sold totaling 0 shares.
The top 3 mutual fund holders in Gritstone Bio Inc are Vanguard Total Stock Market ETF, iShares Russell 2000 ETF, and Fidelity Select Port. – Biotechno. Vanguard Total Stock Market ETF owns 2.64 million shares of the company’s stock, all valued at over $3.43 million. iShares Russell 2000 ETF bought 1017.0 shares to see its total holdings expand to 2.07 million shares valued at over $2.69 million and representing 2.17% of the shares outstanding. Fidelity Select Port. – Biotechno bought 0.11 million shares to bring its total holdings to over 1.86 million shares at a value of $2.42 million. Fidelity Select Port. – Biotechno now owns shares totaling to 1.95% of the shares outstanding.
Shares of Gritstone Bio Inc (NASDAQ: GRTS) opened at $2.02, down -$0.04 from a prior closing price of $2.06. However, the script later moved the day high at 2.6750, up 27.67%. The company’s stock has a 5-day price change of 20.64% and -7.39% over the past three months. GRTS shares are trading 28.92% year to date (YTD), with the 12-month market performance down to -29.68% lower. It has a 12-month low price of $1.14 and touched a high of $3.86 over the same period. GRTS has an average intraday trading volume of 1.66 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 40.04%, 55.51%, and 31.41% respectively.
Institutional ownership of Gritstone Bio Inc (NASDAQ: GRTS) shares accounts for 45.92% of the company’s 95.34M shares outstanding. Mutual fund holders own 15.54%, while other institutional holders and individual stakeholders account for 31.42% and 14.71% respectively.
It has a market capitalization of $250.74M and a beta (3y monthly) value of 0.36. The earnings-per-share (ttm) stands at -$1.30. Price movements for the stock have been influenced by the stock’s volatility, which stands at 15.70% over the week and 11.34% over the month.
Analysts forecast that Gritstone Bio Inc (GRTS) will achieve an EPS of -$0.34 for the current quarter, -$0.34 for the next quarter and -$1.1 for 2024. The lowest estimate earnings-per-share for the quarter is -$0.42 while analysts give the company a high EPS estimate of -$0.29. Comparatively, EPS for the current quarter was -$0.3 a year ago. Earnings per share for the fiscal year are expected to increase by 0.88%, and 16.31% over the next financial year.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 6 brokerage firm advisors rate Gritstone Bio Inc (GRTS) as a “Strong Buy” at a consensus score of 1.00. Specifically, 6 Wall Street analysts polled rate the stock as a buy, while 0 of the 6 advise that investors “hold,” and 0 rated it as a “Sell.”
