Frequency Therapeutics (NASDAQ:FREQ) Raised to Buy at Zacks Investment Research

Posted by on Jun 10th, 2022

Frequency Therapeutics (NASDAQ:FREQ – Get Rating) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Thursday, Zacks.com reports. The brokerage presently has a $1.50 price objective on the stock. Zacks Investment Research‘s price objective would suggest a potential upside of 13.64% from the company’s current price.

According to Zacks, “Frequency Therapeutics Inc. is a clinical-stage biotechnology company. It is focused on harnessing the body’s innate biology to repair or reverse damage caused by a broad range of degenerative diseases. The company’s lead product candidate, FX-322, is in clinical development and is designed to regenerate auditory hair cells to restore hearing function in patients with sensorineural hearing loss. Frequency Therapeutics Inc. is headquartered in Woburn, Mass. “

Separately, B. Riley lowered their target price on shares of Frequency Therapeutics from $17.00 to $10.00 and set a “buy” rating for the company in a report on Wednesday, March 23rd.

Shares of NASDAQ FREQ traded up $0.07 during trading hours on Thursday, hitting $1.32. The company’s stock had a trading volume of 628,376 shares, compared to its average volume of 537,561. The company has a debt-to-equity ratio of 0.10, a quick ratio of 9.85 and a current ratio of 9.85. The stock has a market cap of $46.17 million, a price-to-earnings ratio of -0.52 and a beta of 0.97. Frequency Therapeutics has a 12 month low of $1.07 and a 12 month high of $10.90. The business has a 50-day simple moving average of $1.37 and a 200-day simple moving average of $3.28.

Frequency Therapeutics (NASDAQ:FREQ – Get Rating) last issued its quarterly earnings data on Wednesday, May 4th. The company reported ($0.67) EPS for the quarter, missing the consensus estimate of ($0.66) by ($0.01). On average, equities research analysts forecast that Frequency Therapeutics will post -2.44 EPS for the current year.

Several hedge funds have recently modified their holdings of the company. Bank of America Corp DE grew its position in shares of Frequency Therapeutics by 10.9% during the 2nd quarter. Bank of America Corp DE now owns 32,529 shares of the company’s stock valued at $324,000 after acquiring an additional 3,201 shares during the period. Citigroup Inc. boosted its holdings in Frequency Therapeutics by 56.6% in the 4th quarter. Citigroup Inc. now owns 9,203 shares of the company’s stock worth $47,000 after buying an additional 3,325 shares during the period. Goldman Sachs Group Inc. boosted its holdings in Frequency Therapeutics by 2.7% in the 4th quarter. Goldman Sachs Group Inc. now owns 139,420 shares of the company’s stock worth $715,000 after buying an additional 3,728 shares during the period. Bank of New York Mellon Corp boosted its holdings in Frequency Therapeutics by 7.7% in the 3rd quarter. Bank of New York Mellon Corp now owns 117,864 shares of the company’s stock worth $832,000 after buying an additional 8,408 shares during the period. Finally, Franklin Resources Inc. bought a new position in Frequency Therapeutics in the 3rd quarter worth $73,000. 50.64% of the stock is owned by hedge funds and other institutional investors.

Frequency Therapeutics Company Profile (Get Rating)

Frequency Therapeutics, Inc, a clinical-stage biotechnology company, focuses on developing therapeutics to activate a person's innate regenerative potential to restore function. Its Progenitor Cell Activation approach uses small molecules and activate progenitor cells within the body to create functional tissue.

Further Reading

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