IVERIC bio (NASDAQ:ISEE) Coverage Initiated by Analysts at Bank of America

Research analysts at Bank of America began coverage on shares of IVERIC bio (NASDAQ:ISEEGet Rating) in a research note issued on Wednesday, The Fly reports. The brokerage set a “buy” rating and a $18.00 price target on the stock. Bank of America‘s price objective would indicate a potential upside of 63.93% from the company’s previous close.

Several other research firms also recently weighed in on ISEE. B. Riley initiated coverage on IVERIC bio in a research report on Thursday, May 12th. They issued a “neutral” rating and a $12.00 target price on the stock. Zacks Investment Research downgraded IVERIC bio from a “buy” rating to a “hold” rating in a research report on Wednesday, May 11th. Robert W. Baird started coverage on IVERIC bio in a research report on Thursday, March 3rd. They set an “outperform” rating and a $27.00 price objective on the stock. Stifel Nicolaus lifted their price objective on IVERIC bio from $22.00 to $28.00 in a research report on Wednesday, May 4th. Finally, Credit Suisse Group lifted their price objective on IVERIC bio to $24.00 in a research report on Friday, May 20th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Buy” and a consensus price target of $22.44.

Shares of ISEE opened at $10.98 on Wednesday. The firm has a market cap of $1.28 billion, a P/E ratio of -9.72 and a beta of 1.55. The stock’s 50 day moving average is $13.62 and its two-hundred day moving average is $14.49. IVERIC bio has a 12 month low of $5.72 and a 12 month high of $19.34.

IVERIC bio (NASDAQ:ISEEGet Rating) last released its earnings results on Wednesday, May 4th. The company reported ($0.29) earnings per share for the quarter, meeting the consensus estimate of ($0.29). During the same period in the previous year, the company posted ($0.29) earnings per share. On average, analysts anticipate that IVERIC bio will post -1.3 earnings per share for the current fiscal year.

In other news, CFO David Francis Carroll sold 4,684 shares of IVERIC bio stock in a transaction on Tuesday, April 5th. The stock was sold at an average price of $19.01, for a total value of $89,042.84. Following the completion of the sale, the chief financial officer now directly owns 40,166 shares of the company’s stock, valued at $763,555.66. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, COO Keith Westby sold 10,000 shares of the business’s stock in a transaction on Monday, April 18th. The stock was sold at an average price of $16.63, for a total value of $166,300.00. Following the transaction, the chief operating officer now directly owns 99,128 shares of the company’s stock, valued at $1,648,498.64. The disclosure for this sale can be found here. Insiders sold 168,682 shares of company stock worth $3,001,931 in the last 90 days. Company insiders own 2.70% of the company’s stock.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Captrust Financial Advisors boosted its position in shares of IVERIC bio by 14,900.0% during the 1st quarter. Captrust Financial Advisors now owns 1,500 shares of the company’s stock worth $25,000 after acquiring an additional 1,490 shares in the last quarter. Nisa Investment Advisors LLC acquired a new position in shares of IVERIC bio during the 4th quarter worth about $33,000. Denali Advisors LLC acquired a new position in shares of IVERIC bio during the 4th quarter worth about $35,000. Point72 Hong Kong Ltd acquired a new position in shares of IVERIC bio during the 4th quarter worth about $40,000. Finally, Royal Bank of Canada boosted its position in shares of IVERIC bio by 25.0% during the 2nd quarter. Royal Bank of Canada now owns 9,156 shares of the company’s stock worth $58,000 after acquiring an additional 1,832 shares in the last quarter.

IVERIC bio Company Profile (Get Rating)

IVERIC bio, Inc, a biopharmaceutical company, discovers and develops novel treatments for retinal diseases with a focus on age-related and orphan inherited retinal diseases (IRDs). The company develops Zimura, an inhibitor of complement factor C5 comprising GATHER1, which has completed Phase 2/3 clinical trial; and GATHER2 that is in Phase 3 clinical trial for the treatment of geographic atrophy (GA) secondary to dry age-related macular degeneration (AMD).

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