Graphite Bio (NASDAQ:GRPH) Rating Lowered to Neutral at Bank of America

Graphite Bio (NASDAQ:GRPH – Get Rating) was downgraded by analysts at Bank of America from a “buy” rating to a “neutral” rating in a research report issued on Wednesday, Marketbeat Ratings reports. They presently have a $3.00 target price on the stock, down from their prior target price of $7.00. Bank of America‘s price target points to a potential upside of 54.64% from the stock’s previous close.

Several other equities analysts have also weighed in on the company. BMO Capital Markets lowered Graphite Bio from an “outperform” rating to a “market perform” rating and reduced their price objective for the company from $14.00 to $7.00 in a research note on Friday, January 6th. SVB Leerink lowered Graphite Bio from an “outperform” rating to a “market perform” rating and reduced their price objective for the company from $11.00 to $2.00 in a research note on Friday, January 6th. Finally, Royal Bank of Canada reduced their price objective on Graphite Bio from $11.00 to $4.00 and set a “sector perform” rating on the stock in a research note on Friday, January 6th. Five research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $7.43.

Graphite Bio Trading Down 3.0 %

Shares of NASDAQ:GRPH opened at $1.94 on Wednesday. The stock’s 50-day moving average price is $3.01 and its two-hundred day moving average price is $3.25. Graphite Bio has a 12-month low of $1.59 and a 12-month high of $11.30. The firm has a market cap of $112.81 million, a price-to-earnings ratio of -1.10 and a beta of 0.38.

Graphite Bio (NASDAQ:GRPH – Get Rating) last issued its quarterly earnings results on Wednesday, November 9th. The company reported ($0.45) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.49) by $0.04. As a group, research analysts forecast that Graphite Bio will post -1.83 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Graphite Bio

Several hedge funds and other institutional investors have recently bought and sold shares of GRPH. Dimensional Fund Advisors LP acquired a new position in Graphite Bio during the 3rd quarter worth approximately $34,000. Jane Street Group LLC purchased a new stake in Graphite Bio during the 3rd quarter worth approximately $37,000. ExodusPoint Capital Management LP purchased a new stake in Graphite Bio during the 3rd quarter worth approximately $41,000. Walleye Capital LLC purchased a new stake in Graphite Bio during the 1st quarter worth approximately $57,000. Finally, Prelude Capital Management LLC purchased a new stake in Graphite Bio during the 2nd quarter worth approximately $67,000. 52.51% of the stock is owned by institutional investors and hedge funds.

Graphite Bio Company Profile

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Graphite Bio, Inc, a clinical-stage gene editing company, engages in developing therapies for serious and life-threatening diseases in the United States. It offers GPH101, a gene-edited autologous hematopoietic stem cell product candidate to directly correct the mutation that causes sickle cell disease and restore normal adult hemoglobin expression; GPH201 for the treatment of X-linked severe combined immunodeficiency syndrome; and GPH301, a product candidate for the treatment of Gaucher disease, a genetic disorder that results in a deficiency in the glucocerebrosidase enzyme.