Angion Biomedica (NASDAQ:ANGN) Lowered to “Hold” at Zacks Investment Research

Angion Biomedica (NASDAQ:ANGNGet Rating) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Wednesday, Zacks.com reports.

According to Zacks, “Angion Biomedica Corp. is a late-stage biopharmaceutical company. It is focused on the discovery, development and commercialization of novel small molecule therapeutics to address acute organ injuries and fibrotic diseases. Angion Biomedica Corp. is based in UNIONDALE, N.Y. “

Separately, HC Wainwright reduced their price objective on Angion Biomedica from $32.00 to $28.00 and set a “buy” rating for the company in a report on Monday, May 23rd.

NASDAQ ANGN traded down $0.13 during trading on Wednesday, reaching $1.63. 2,339 shares of the company’s stock were exchanged, compared to its average volume of 125,268. The business has a 50 day moving average price of $1.65 and a 200-day moving average price of $2.30. The stock has a market capitalization of $48.83 million, a P/E ratio of -1.61 and a beta of 0.41. Angion Biomedica has a fifty-two week low of $1.08 and a fifty-two week high of $15.91.

Angion Biomedica (NASDAQ:ANGNGet Rating) last announced its quarterly earnings results on Monday, May 16th. The company reported ($0.48) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.47) by ($0.01). Angion Biomedica had a negative return on equity of 44.25% and a negative net margin of 108.57%. On average, analysts forecast that Angion Biomedica will post -1.84 earnings per share for the current year.

In related news, insider Jay Venkatesan purchased 32,200 shares of the business’s stock in a transaction that occurred on Tuesday, May 24th. The stock was acquired at an average cost of $1.24 per share, for a total transaction of $39,928.00. Following the completion of the purchase, the insider now owns 1,721,457 shares in the company, valued at approximately $2,134,606.68. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In the last 90 days, insiders have bought 89,546 shares of company stock valued at $109,949. Corporate insiders own 19.70% of the company’s stock.

Several hedge funds have recently modified their holdings of the stock. Renaissance Technologies LLC boosted its stake in shares of Angion Biomedica by 17.1% in the first quarter. Renaissance Technologies LLC now owns 223,700 shares of the company’s stock valued at $474,000 after buying an additional 32,600 shares during the period. Patriot Financial Group Insurance Agency LLC bought a new stake in shares of Angion Biomedica in the first quarter valued at approximately $71,000. CM Management LLC lifted its stake in Angion Biomedica by 302.6% during the first quarter. CM Management LLC now owns 450,000 shares of the company’s stock worth $954,000 after purchasing an additional 338,220 shares during the last quarter. Valeo Financial Advisors LLC lifted its stake in Angion Biomedica by 169.2% during the first quarter. Valeo Financial Advisors LLC now owns 63,659 shares of the company’s stock worth $135,000 after purchasing an additional 40,008 shares during the last quarter. Finally, Walleye Capital LLC bought a new stake in Angion Biomedica during the fourth quarter worth $41,000. Institutional investors and hedge funds own 23.43% of the company’s stock.

Angion Biomedica Company Profile (Get Rating)

Angion Biomedica Corp., a biopharmaceutical company, focuses on the discovery, development, and commercialization of small molecule therapeutics for acute organ injuries and fibrotic diseases. The company's lead product candidate is ANG-3070, an oral tyrosine kinase receptor inhibitor in development as a treatment for fibrotic diseases, primarily in the kidney and lung.

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