StockNews.com Begins Coverage on RedHill Biopharma (NASDAQ:RDHL)

StockNews.com assumed coverage on shares of RedHill Biopharma (NASDAQ:RDHL) in a research note issued to investors on Thursday morning. The brokerage issued a hold rating on the biotechnology company’s stock.

RedHill Biopharma Stock Up 10.8 %

RedHill Biopharma stock opened at $0.43 on Thursday. RedHill Biopharma has a one year low of $0.26 and a one year high of $3.28. The business’s fifty day moving average is $0.52 and its 200 day moving average is $0.74.

Institutional Investors Weigh In On RedHill Biopharma

Several institutional investors have recently modified their holdings of RDHL. BlackRock Inc. boosted its position in shares of RedHill Biopharma by 18.6% during the first quarter. BlackRock Inc. now owns 357,493 shares of the biotechnology company’s stock valued at $901,000 after buying an additional 56,178 shares during the last quarter. Virtu Financial LLC purchased a new stake in shares of RedHill Biopharma during the first quarter valued at $68,000. Millennium Management LLC purchased a new stake in shares of RedHill Biopharma during the second quarter valued at $324,000. Renaissance Technologies LLC purchased a new position in RedHill Biopharma in the fourth quarter worth about $49,000. Finally, Morgan Stanley boosted its position in RedHill Biopharma by 15.0% in the fourth quarter. Morgan Stanley now owns 445,309 shares of the biotechnology company’s stock worth $62,000 after purchasing an additional 58,128 shares during the last quarter. 7.20% of the stock is owned by hedge funds and other institutional investors.

About RedHill Biopharma

RedHill Biopharma Ltd., a specialty biopharmaceutical company, primarily focuses on gastrointestinal and infectious diseases. The company promotes gastrointestinal drugs, including Movantik for opioid-induced constipation in adults with chronic non-cancer pain; Talicia for the treatment of Helicobacter pylori infection in adults; and Aemcolo for the treatment of travelers' diarrhea in adults.