Zacks Investment Research Downgrades Spring Bank Pharmaceuticals (SBPH) to Hold

Spring Bank Pharmaceuticals (NASDAQ:SBPH) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a note issued to investors on Wednesday, Zacks.com reports.

According to Zacks, “Spring Bank Pharmaceuticals, Inc. is a clinical-stage biopharmaceutical company. It is engaged in the discovery and development of therapeutics using its proprietary small molecule nucleic acid hybrid chemistry platform. The company is developing SB 9200, for the treatment of viral diseases, including hepatitis B virus. Spring Bank Pharmaceuticals, Inc. is based in Hopkinton, United States. “

SBPH has been the subject of several other research reports. Chardan Capital set a $25.00 target price on Spring Bank Pharmaceuticals and gave the stock a “buy” rating in a research note on Friday, April 12th. Cantor Fitzgerald set a $29.00 target price on Spring Bank Pharmaceuticals and gave the stock a “buy” rating in a research note on Friday, April 12th. Finally, ValuEngine cut Spring Bank Pharmaceuticals from a “hold” rating to a “sell” rating in a research note on Wednesday, May 1st. One investment analyst has rated the stock with a sell rating, one has given a hold rating and four have assigned a buy rating to the stock. Spring Bank Pharmaceuticals has a consensus rating of “Buy” and a consensus target price of $23.80.

Shares of NASDAQ:SBPH traded up $0.26 during midday trading on Wednesday, hitting $7.36. The company had a trading volume of 183,034 shares, compared to its average volume of 61,881. The stock has a market cap of $116.75 million, a PE ratio of -3.94 and a beta of 0.53. Spring Bank Pharmaceuticals has a twelve month low of $6.30 and a twelve month high of $15.00.

Spring Bank Pharmaceuticals (NASDAQ:SBPH) last posted its earnings results on Monday, April 29th. The company reported ($0.32) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.52) by $0.20. As a group, sell-side analysts forecast that Spring Bank Pharmaceuticals will post -2.13 EPS for the current year.

In other news, insider Martin J. Driscoll purchased 10,000 shares of the stock in a transaction dated Tuesday, April 30th. The stock was acquired at an average cost of $7.34 per share, for a total transaction of $73,400.00. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 15.60% of the company’s stock.

A number of large investors have recently added to or reduced their stakes in the stock. Wells Fargo & Company MN boosted its holdings in Spring Bank Pharmaceuticals by 7.4% in the first quarter. Wells Fargo & Company MN now owns 21,527 shares of the company’s stock valued at $225,000 after purchasing an additional 1,484 shares during the period. Northern Trust Corp lifted its holdings in Spring Bank Pharmaceuticals by 0.9% during the 4th quarter. Northern Trust Corp now owns 171,750 shares of the company’s stock worth $1,785,000 after buying an additional 1,507 shares during the last quarter. Bank of New York Mellon Corp lifted its holdings in Spring Bank Pharmaceuticals by 5.9% during the 4th quarter. Bank of New York Mellon Corp now owns 43,789 shares of the company’s stock worth $454,000 after buying an additional 2,430 shares during the last quarter. BNP Paribas Arbitrage SA lifted its holdings in Spring Bank Pharmaceuticals by 1,395.4% during the 1st quarter. BNP Paribas Arbitrage SA now owns 2,946 shares of the company’s stock worth $31,000 after buying an additional 2,749 shares during the last quarter. Finally, State of Wisconsin Investment Board lifted its holdings in Spring Bank Pharmaceuticals by 30.3% during the 1st quarter. State of Wisconsin Investment Board now owns 18,900 shares of the company’s stock worth $198,000 after buying an additional 4,400 shares during the last quarter. Hedge funds and other institutional investors own 43.08% of the company’s stock.

About Spring Bank Pharmaceuticals

Spring Bank Pharmaceuticals, Inc, a clinical-stage biopharmaceutical company, discovers and develops therapeutics for the treatment of viral infections, inflammatory diseases, and various cancers using small molecule nucleotide platform. Its lead product candidate is inarigivir soproxil for the treatment of chronic hepatitis B virus (HBV).

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