Casdin Capital LLC recently announced the acquisition of new stake in EQRx Inc. (NASDAQ:EQRX). The institutional investor has increased its shareholding in the Healthcare company by 21.91% to 48.19 million shares with purchase of 8.66 million shares. This fresh investment now brings its stake to 9.87% valued currently at $108.9 million. In addition, The Vanguard Group, Inc. raised its holdings by 3.77 million to 25.67 million shares. And Fidelity Management & Research Co has lifted its position by 1.38% or 0.27 million shares – to 20.04 million shares.
With over 3.19 million EQRx Inc. (EQRX) shares trading Friday and a closing price of $2.05 on the day, the dollar volume was approximately $6.54 million. The shares have shown a negative half year performance of -60.12% and its price on 03/10/23 lost nearly -3.76%. Currently, there are 477.88M common shares owned by the public and among those 412.64M 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: 4 analysts who have offered their price forecasts for EQRX have a consensus price objective of $4.00. The analysts have set the share’s price value over the next 12 months at a high of $5.00 and a low of $3.00. The average price target is 49.63% above its recent price level and an upside to the estimated low will see the stock gain 31.67% over that period. But an upside of 59.0% will see the stock hit the forecast high price target while median target price for the stock is $4.00.
Insiders at the company have transacted a total of 0 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 0 of these insider trades were purchases, accounting for 0 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 EQRx Inc. are SPDR S&P Biotech ETF, Vanguard Total Stock Market Index, and Fidelity Growth Company Fund. SPDR S&P Biotech ETF owns 10.34 million shares of the company’s stock, all valued at over $23.37 million. The company sold 92010.0 shares recently to bring their total holdings to about 2.12% of the shares outstanding. Fidelity Growth Company Fund bought 1.62 million shares to bring its total holdings to over 8.08 million shares at a value of $18.26 million. Fidelity Growth Company Fund now owns shares totaling to 1.66% of the shares outstanding.
However, the script later moved the day high at 2.1400, down -3.76%. The company’s stock has a 5-day price change of -10.09% and -35.53% over the past three months. EQRX shares are trading -16.67% year to date (YTD), with the 12-month market performance down to -41.43% lower. It has a 12-month low price of $1.87 and touched a high of $6.05 over the same period. EQRX has an average intraday trading volume of 3.55 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 -7.74%, -14.19%, and -49.25% respectively.
Institutional ownership of EQRx Inc. (NASDAQ: EQRX) shares accounts for 79.10% of the company’s 477.88M shares outstanding. Mutual fund holders own 23.10%, while other institutional holders and individual stakeholders account for 27.41% and 15.52% respectively.
It has a market capitalization of $1.04B. The earnings-per-share (ttm) stands at -$0.36. Price movements for the stock have been influenced by the stock’s volatility, which stands at 4.80% over the week and 5.06% over the month.
Analysts forecast that EQRx Inc. (EQRX) will achieve an EPS of -$0.2 for the current quarter, -$0.16 for the next quarter and -$0.75 for 2023. The lowest estimate earnings-per-share for the quarter is -$0.24 while analysts give the company a high EPS estimate of -$0.18. Earnings per share for the fiscal year are expected to decrease by -67.30%, and -33.90% over the next financial year.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 4 brokerage firm advisors rate EQRx Inc. (EQRX) as a “Hold” at a consensus score of 3.00. Specifically, 1 Wall Street analysts polled rate the stock as a buy, while 2 of the 4 advise that investors “hold,” and 1 rated it as a “Sell.”
Jefferies coverage for the EQRx Inc. (EQRX) stock in a research note released on November 11, 2022 offered a Hold rating with a price target of $3.20. Goldman was of a view on November 11, 2022 that the stock is Neutral, while JP Morgan gave the stock Neutral rating on August 16, 2022, issuing a price target of $5.50. Goldman on their part issued Buy rating on June 13, 2022.
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