Fidelity Management & Research Co recently announced the acquisition of new stake in Rallybio Corporation (NASDAQ:RLYB). The institutional investor has increased its shareholding in the Healthcare company by 0.02% to 1.2 million shares with purchase of 291.0 shares. This fresh investment now brings its stake to 3.24% valued currently at $7.88 million. In addition, BlackRock Fund Advisors raised its holdings by 57179.0 to 0.88 million shares. And The Vanguard Group, Inc. has lifted its position by 15.03% or 0.1 million shares – to 0.78 million shares.
With over 0.16 million Rallybio Corporation (RLYB) shares trading Monday and a closing price of $8.00 on the day, the dollar volume was approximately $1.29 million. The shares have shown a negative half year performance of -15.70% and its price on 01/23/23 gained nearly 14.94%. Currently, there are 37.09M common shares owned by the public and among those 31.66M 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 RLYB have a consensus price objective of $25.40. The analysts have set the share’s price value over the next 12 months at a high of $30.00 and a low of $19.00. The average price target is 68.5% above its recent price level and an upside to the estimated low will see the stock gain 57.89% over that period. But an upside of 73.33% will see the stock hit the forecast high price target while median target price for the stock is $28.00.
Insiders at the company have transacted a total of 13 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 1 of these insider trades were purchases, accounting for 3,000 shares. Insider sales of the common stock occurred on 12 occasions, with total insider shares sold totaling 920,000 shares.
The top 3 mutual fund holders in Rallybio Corporation are Fidelity Select Port. – Biotechno, Tekla Healthcare Investors, and Vanguard Total Stock Market Index. Fidelity Select Port. – Biotechno owns 1.55 million shares of the company’s stock, all valued at over $10.19 million. The company bought an additional 0.35 million shares recently to bring their total holdings to about 4.19% of the shares outstanding. Tekla Healthcare Investors sold 79271.0 shares to see its total holdings shrink to 0.76 million shares valued at over $5.02 million and representing 2.06% of the shares outstanding. Vanguard Total Stock Market Index now owns shares totaling to 1.72% of the shares outstanding.
Shares of Rallybio Corporation (NASDAQ: RLYB) opened at $7.12, up $0.16 from a prior closing price of $6.96. However, the script later moved the day high at 8.17, up 14.94%. The company’s stock has a 5-day price change of 29.66% and -9.30% over the past three months. RLYB shares are trading 21.77% year to date (YTD), with the 12-month market performance down to -17.70% lower. It has a 12-month low price of $4.54 and touched a high of $15.89 over the same period. RLYB has an average intraday trading volume of 118.50K shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 30.48%, 34.17%, and -12.32% respectively.
Institutional ownership of Rallybio Corporation (NASDAQ: RLYB) shares accounts for 75.20% of the company’s 37.09M shares outstanding. Mutual fund holders own 14.50%, while other institutional holders and individual stakeholders account for 27.38% and 14.44% respectively.
It has a market capitalization of $294.16M. The earnings-per-share (ttm) stands at -$2.06. Price movements for the stock have been influenced by the stock’s volatility, which stands at 12.73% over the week and 11.07% over the month.
Analysts forecast that Rallybio Corporation (RLYB) will achieve an EPS of -$0.54 for the current quarter, -$0.59 for the next quarter and -$2.56 for 2023. The lowest estimate earnings-per-share for the quarter is -$0.56 while analysts give the company a high EPS estimate of -$0.52. Comparatively, EPS for the current quarter was -$0.37 a year ago. Earnings per share for the fiscal year are expected to increase by 81.50%, and -14.60% 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 Rallybio Corporation (RLYB) as a “Strong Buy” at a consensus score of 1.80. 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.”
Looking at the support for the RLYB, a number of firms have released research notes about the stock. JP Morgan stated their Overweight rating for the stock in a research note on December 09, 2022, with the firm’s price target at $21. JMP Securities coverage for the Rallybio Corporation (RLYB) stock in a research note released on February 22, 2022 offered a Mkt Outperform rating with a price target of $32. Jefferies was of a view on August 23, 2021 that the stock is Buy, while Evercore ISI gave the stock Outperform rating on August 23, 2021, issuing a price target of $40. Cowen on their part issued Outperform rating on August 23, 2021.
