IVERIC bio Inc (NASDAQ:ISEE) rose 6% during mid-day trading on Thursday . The company traded as high as $6.16 and last traded at $5.98. Approximately 1,454,598 shares were traded during trading, an increase of 85% from the average daily volume of 786,027 shares. The stock had previously closed at $5.64.
ISEE has been the subject of a number of research reports. BidaskClub cut IVERIC bio from a “buy” rating to a “hold” rating in a research note on Thursday, September 24th. Zacks Investment Research cut IVERIC bio from a “buy” rating to a “hold” rating in a research note on Wednesday. Finally, Credit Suisse Group started coverage on shares of IVERIC bio in a research note on Thursday, August 13th. They set an “outperform” rating and a $13.00 price target for the company. Four research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $10.58.
The company has a market cap of $535.22 million, a price-to-earnings ratio of -4.47 and a beta of 1.88. The firm has a fifty day moving average price of $4.95 and a 200 day moving average price of $4.37.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in ISEE. Evoke Wealth LLC bought a new position in IVERIC bio in the second quarter valued at about $37,000. Algert Global LLC grew its position in IVERIC bio by 24.4% in the second quarter. Algert Global LLC now owns 46,254 shares of the company’s stock valued at $236,000 after acquiring an additional 9,084 shares during the last quarter. Personal CFO Solutions LLC bought a new position in IVERIC bio in the second quarter valued at about $59,000. State Board of Administration of Florida Retirement System bought a new stake in shares of IVERIC bio during the second quarter worth about $59,000. Finally, Quantitative Systematic Strategies LLC grew its holdings in shares of IVERIC bio by 71.1% during the second quarter. Quantitative Systematic Strategies LLC now owns 31,196 shares of the company’s stock worth $159,000 after purchasing an additional 12,965 shares during the last quarter. 85.67% of the stock is owned by institutional investors.
About IVERIC bio (NASDAQ:ISEE)
IVERIC bio, Inc, a biopharmaceutical company, develops novel therapies to treat ophthalmic diseases with a focus on age-related and orphan retinal diseases. The company is developing Zimura, an inhibitor of complement factor C5, which is in Phase IIb clinical trials for the treatment of geographic atrophy (GA), a late-stage form of dry age-related macular degeneration (AMD) characterized by retinal cell death and degeneration of tissue in the central portion of the retina known as the macula; and autosomal recessive Stargardt disease (STGD1), which is an orphan inherited retinal disease (IRD).
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