Gritstone Oncology (NASDAQ:GRTS) Cut to Hold at Zacks Investment Research

Zacks Investment Research downgraded shares of Gritstone Oncology (NASDAQ:GRTS) from a buy rating to a hold rating in a research report sent to investors on Wednesday, Zacks.com reports.

According to Zacks, “Gritstone Oncology is developing tumor-specific cancer immunotherapies to fight multiple cancer types. The company has built its tumor-specific immunotherapy approach on two key pillars – first, a proprietary machine learning-based platform, Gritstone EDGE(TM), which provides a powerful ability to predict from a routine tumor biopsy the tumor-specific neoantigens, or TSNA, that are presented on a patient’s tumor cells; and second, the ability to develop and manufacture potent immunotherapies utilizing patients’ TSNA to drive the patient’s immune system to attack and destroy tumors. “

A number of other equities analysts have also recently commented on GRTS. Cowen reiterated a buy rating on shares of Alector in a research report on Monday, May 13th. HC Wainwright reiterated a buy rating and issued a $26.00 target price on shares of Iovance Biotherapeutics in a research report on Monday, April 1st. Finally, Berenberg Bank cut their price target on shares of Lucara Diamond from C$1.60 to C$1.50 in a report on Wednesday, March 27th. Two research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. Gritstone Oncology currently has an average rating of Buy and an average target price of $20.50.

Shares of NASDAQ:GRTS opened at $10.12 on Wednesday. The stock has a fifty day simple moving average of $10.41. Gritstone Oncology has a 52 week low of $8.75 and a 52 week high of $32.90. The company has a debt-to-equity ratio of 0.13, a quick ratio of 9.57 and a current ratio of 9.57.

Gritstone Oncology (NASDAQ:GRTS) last issued its earnings results on Monday, May 13th. The company reported ($0.62) EPS for the quarter, topping analysts’ consensus estimates of ($0.65) by $0.03. The business had revenue of $1.35 million during the quarter, compared to analysts’ expectations of $1.20 million. As a group, equities analysts forecast that Gritstone Oncology will post -2.39 earnings per share for the current fiscal year.

Several institutional investors and hedge funds have recently made changes to their positions in the company. Versant Venture Management LLC acquired a new stake in Gritstone Oncology in the 2nd quarter worth approximately $34,567,000. FMR LLC boosted its stake in Gritstone Oncology by 0.5% in the 1st quarter. FMR LLC now owns 2,919,381 shares of the company’s stock worth $38,827,000 after purchasing an additional 15,551 shares in the last quarter. Redmile Group LLC boosted its stake in Gritstone Oncology by 3.7% in the 1st quarter. Redmile Group LLC now owns 2,353,735 shares of the company’s stock worth $31,305,000 after purchasing an additional 84,599 shares in the last quarter. Marshall Wace North America L.P. acquired a new stake in Gritstone Oncology in the 1st quarter worth approximately $84,000. Finally, Marshall Wace LLP acquired a new stake in Gritstone Oncology in the 1st quarter worth approximately $1,436,000. 48.83% of the stock is currently owned by hedge funds and other institutional investors.

About Gritstone Oncology

Gritstone Oncology Inc, an immuno-oncology company, engages in developing tumor-specific cancer immunotherapies to fight various cancer types. Its lead product candidate is GRANITE-001, which is in Phase I/II clinical trial for the treatment of solid tumors, including metastatic non-small cell lung cancer, as well as gastroesophageal, bladder and microsatellite stable, and colorectal cancers.

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