Piper Sandler Reaffirms Overweight Rating for Century Therapeutics (NASDAQ:IPSC)

Piper Sandler reissued their overweight rating on shares of Century Therapeutics (NASDAQ:IPSC) in a report released on Friday, Benzinga reports. The firm currently has a $9.00 price objective on the stock, down from their prior price objective of $10.00.

A number of other equities analysts have also recently issued reports on IPSC. HC Wainwright reiterated a buy rating and issued a $13.00 target price on shares of Century Therapeutics in a report on Friday, March 15th. Canaccord Genuity Group raised their price objective on shares of Century Therapeutics from $22.00 to $24.00 and gave the company a buy rating in a research note on Friday, March 15th. One investment analyst has rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of Moderate Buy and a consensus target price of $14.00.

Century Therapeutics Trading Down 3.5 %

Shares of IPSC stock opened at $3.91 on Friday. The stock has a market cap of $253.45 million, a price-to-earnings ratio of -1.71 and a beta of 1.33. The stock has a 50-day moving average of $4.31 and a 200-day moving average of $3.07. Century Therapeutics has a 1-year low of $1.28 and a 1-year high of $5.51.

Century Therapeutics (NASDAQ:IPSC) last issued its earnings results on Thursday, March 14th. The company reported ($0.49) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.56) by $0.07. The business had revenue of $0.27 million during the quarter, compared to the consensus estimate of $1.69 million. Century Therapeutics had a negative return on equity of 54.73% and a negative net margin of 6,115.12%. Sell-side analysts forecast that Century Therapeutics will post -2.02 earnings per share for the current year.

Insider Buying and Selling at Century Therapeutics

In other news, insider Adrienne Farid sold 22,831 shares of the company’s stock in a transaction on Thursday, March 7th. The shares were sold at an average price of $5.14, for a total value of $117,351.34. Following the completion of the sale, the insider now owns 114,149 shares in the company, valued at approximately $586,725.86. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In the last three months, insiders have sold 25,509 shares of company stock worth $127,635. Corporate insiders own 7.60% of the company’s stock.

Hedge Funds Weigh In On Century Therapeutics

Several institutional investors have recently modified their holdings of IPSC. Bank of New York Mellon Corp raised its stake in Century Therapeutics by 31.5% in the 1st quarter. Bank of New York Mellon Corp now owns 43,881 shares of the company’s stock valued at $552,000 after acquiring an additional 10,524 shares during the period. MetLife Investment Management LLC purchased a new position in shares of Century Therapeutics in the first quarter worth $153,000. Rhumbline Advisers purchased a new position in Century Therapeutics during the 1st quarter valued at about $188,000. BlackRock Inc. increased its position in Century Therapeutics by 24.3% during the 1st quarter. BlackRock Inc. now owns 1,028,257 shares of the company’s stock valued at $12,946,000 after purchasing an additional 200,834 shares during the period. Finally, Vanguard Group Inc. boosted its position in Century Therapeutics by 49.6% during the 1st quarter. Vanguard Group Inc. now owns 819,762 shares of the company’s stock valued at $10,320,000 after acquiring an additional 271,760 shares in the last quarter. 50.20% of the stock is owned by institutional investors.

About Century Therapeutics

Century Therapeutics, Inc, a biotechnology company, engages in the development of genetically engineered allogeneic cell therapies for the treatment of solid tumor and hematological malignancies. Its lead product candidate is CNTY-101, an allogeneic, induced pluripotent stem cells (iPSCs)-derived chimeric antigen receptors (CAR)-iNK cell therapy, under Phase 1 trials targeting CD19 for relapsed, refractory B-cell lymphoma.