The Vanguard Group, Inc. recently announced the acquisition of new stake in IVERIC bio Inc. (NASDAQ:ISEE). The institutional investor has increased its shareholding in the Healthcare company by 68.04% to 9.82 million shares with purchase of 3.98 million shares. This fresh investment now brings its stake to 7.17% valued currently at $323.14 million. In addition, Deep Track Capital LP raised its holdings by 0.88 million to 7.88 million shares. And Avoro Capital Advisor LLC has lifted its position by 14.41% or 0.85 million shares – to 6.75 million shares.
With over 2.65 million IVERIC bio Inc. (ISEE) shares trading Friday and a closing price of $36.90 on the day, the dollar volume was approximately $97.65 million. The shares have shown a positive half year performance of 112.68% and its price on 05/19/23 lost nearly -0.91%. Currently, there are 137.09M common shares owned by the public and among those 132.48M 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: 11 analysts who have offered their price forecasts for ISEE have a consensus price objective of $40.00. The analysts have set the share’s price value over the next 12 months at a high of $40.00 and a low of $40.00. The average price target is 5.99% above its recent price level and an upside to the estimated low will see the stock gain 7.75% over that period. But an upside of 7.75% will see the stock hit the forecast high price target while median target price for the stock is $40.00.
Insiders at the company have transacted a total of 69 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 37 of these insider trades were purchases, accounting for 633,620 shares. Insider sales of the common stock occurred on 32 occasions, with total insider shares sold totaling 481,286 shares.
The top 3 mutual fund holders in IVERIC bio Inc. are Vanguard Total Stock Market ETF, Vanguard Small Cap Index Fund, and American Century Heritage Fund. Vanguard Total Stock Market ETF owns 4.23 million shares of the company’s stock, all valued at over $138.98 million. The company bought an additional 77956.0 shares recently to bring their total holdings to about 3.08% of the shares outstanding. Vanguard Small Cap Index Fund bought 1.81 million shares to see its total holdings expand to 3.56 million shares valued at over $117.13 million and representing 2.60% of the shares outstanding. American Century Heritage Fund bought 2.13 million shares to bring its total holdings to over 3.3 million shares at a value of $108.53 million. American Century Heritage Fund now owns shares totaling to 2.41% of the shares outstanding.
Shares of IVERIC bio Inc. (NASDAQ: ISEE) opened at $37.35, up $0.11 from a prior closing price of $37.24. However, the script later moved the day high at 37.35, down -0.91%. The company’s stock has a 5-day price change of -1.86% and 68.11% over the past three months. ISEE shares are trading 72.35% year to date (YTD), with the 12-month market performance up to 233.94% higher. It has a 12-month low price of $8.85 and touched a high of $38.25 over the same period. ISEE has an average intraday trading volume of 3.73 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 3.41%, 24.83%, and 68.73% respectively.
Institutional ownership of IVERIC bio Inc. (NASDAQ: ISEE) shares accounts for 96.20% of the company’s 137.09M shares outstanding. Mutual fund holders own 45.41%, while other institutional holders and individual stakeholders account for 60.25% and 1.84% respectively.
It has a market capitalization of $5.13B and a beta (3y monthly) value of 1.10. The earnings-per-share (ttm) stands at -$1.76. Price movements for the stock have been influenced by the stock’s volatility, which stands at 1.25% over the week and 2.51% over the month.
Analysts forecast that IVERIC bio Inc. (ISEE) will achieve an EPS of -$0.49 for the current quarter, -$0.48 for the next quarter and -$1.3 for 2024. The lowest estimate earnings-per-share for the quarter is -$0.61 while analysts give the company a high EPS estimate of -$0.39. Comparatively, EPS for the current quarter was -$0.41 a year ago. Earnings per share for the fiscal year are expected to decrease by -36.10%, and 29.70% over the next financial year.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 11 brokerage firm advisors rate IVERIC bio Inc. (ISEE) as a “Hold” at a consensus score of 3.00. Specifically, 0 Wall Street analysts polled rate the stock as a buy, while 11 of the 11 advise that investors “hold,” and 0 rated it as a “Sell.”
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