Fondation Rennes Purchases 1,200,000 Shares of XBiotech Inc (NASDAQ:XBIT) Stock

XBiotech Inc (NASDAQ:XBIT) major shareholder Fondation Rennes acquired 1,200,000 shares of the firm’s stock in a transaction on Tuesday, June 4th. The stock was bought at an average price of $8.25 per share, with a total value of $9,900,000.00. Following the purchase, the insider now directly owns 5,110,282 shares of the company’s stock, valued at $42,159,826.50. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Major shareholders that own at least 10% of a company’s shares are required to disclose their transactions with the SEC.

Shares of XBIT traded up $0.13 during mid-day trading on Friday, reaching $7.58. The company had a trading volume of 667,978 shares, compared to its average volume of 178,830. The firm has a market capitalization of $275.52 million, a PE ratio of -12.85 and a beta of 0.47. The company’s fifty day simple moving average is $8.13. XBiotech Inc has a fifty-two week low of $2.13 and a fifty-two week high of $11.74.

XBiotech (NASDAQ:XBIT) last released its quarterly earnings results on Thursday, May 9th. The biopharmaceutical company reported ($0.16) earnings per share (EPS) for the quarter. On average, equities research analysts expect that XBiotech Inc will post -0.61 earnings per share for the current fiscal year.

XBIT has been the subject of a number of recent research reports. BidaskClub raised shares of XBiotech from a “buy” rating to a “strong-buy” rating in a research note on Friday, March 22nd. Piper Jaffray Companies assumed coverage on shares of XBiotech in a research note on Friday, June 14th. They set an “overweight” rating and a $13.00 price objective for the company.

Institutional investors have recently added to or reduced their stakes in the stock. Virtu Financial LLC bought a new stake in shares of XBiotech during the 4th quarter valued at about $80,000. Birchview Capital LP acquired a new position in XBiotech during the 1st quarter valued at about $110,000. Marshall Wace LLP acquired a new position in XBiotech during the 1st quarter valued at about $682,000. Tibra Equities Europe Ltd acquired a new position in XBiotech during the 1st quarter valued at about $750,000. Finally, Vanguard Group Inc boosted its stake in XBiotech by 5.5% during the 3rd quarter. Vanguard Group Inc now owns 834,523 shares of the biopharmaceutical company’s stock valued at $2,654,000 after purchasing an additional 43,648 shares during the period. 7.05% of the stock is currently owned by hedge funds and other institutional investors.

XBiotech Company Profile

XBiotech Inc, a pre-market biopharmaceutical company, engages in discovering and developing True Human monoclonal antibodies for treating various diseases. The company's lead product is bermekimab, a therapeutic antibody that neutralizes interleukin-1 alpha, which has completed Phase III clinical trial in Europe for the treatment of symptomatic and advanced colorectal cancer.

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