Graphite Bio, Inc. (NASDAQ:GRPH) Receives Average Rating of “Hold” from Analysts

Graphite Bio, Inc. (NASDAQ:GRPH – Get Rating) has been assigned a consensus rating of “Hold” from the nine brokerages that are covering the stock, MarketBeat Ratings reports. One research analyst has rated the stock with a sell rating and eight have given a hold rating to the company. The average 1-year price target among analysts that have issued ratings on the stock in the last year is $3.50.

A number of analysts recently commented on GRPH shares. Morgan Stanley dropped their price objective on Graphite Bio from $6.00 to $3.00 and set an “equal weight” rating for the company in a research report on Friday, February 3rd. Cowen cut Graphite Bio from an “outperform” rating to a “market perform” rating in a research report on Thursday, February 23rd. Cantor Fitzgerald cut Graphite Bio from an “overweight” rating to a “neutral” rating and dropped their price objective for the stock from $8.00 to $3.00 in a research report on Thursday, February 23rd. SVB Leerink lowered Graphite Bio from an “outperform” rating to a “market perform” rating and decreased their price target for the stock from $11.00 to $2.00 in a research note on Friday, January 6th. Finally, Bank of America lowered Graphite Bio from a “neutral” rating to an “underperform” rating and decreased their price target for the stock from $3.00 to $2.00 in a research note on Thursday, February 23rd.

Graphite Bio Trading Down 0.4 %

Graphite Bio stock opened at $2.46 on Friday. The stock has a market cap of $143.05 million and a PE ratio of -1.40. The stock has a 50-day moving average price of $2.25 and a 200 day moving average price of $2.92. Graphite Bio has a 52 week low of $1.59 and a 52 week high of $9.74.

Hedge Funds Weigh In On Graphite Bio

Several hedge funds and other institutional investors have recently modified their holdings of GRPH. EcoR1 Capital LLC lifted its stake in shares of Graphite Bio by 261.0% in the 4th quarter. EcoR1 Capital LLC now owns 5,712,096 shares of the company’s stock valued at $18,964,000 after purchasing an additional 4,129,961 shares in the last quarter. Renaissance Technologies LLC acquired a new position in shares of Graphite Bio in the 2nd quarter valued at about $2,165,000. Laurion Capital Management LP acquired a new position in shares of Graphite Bio in the 2nd quarter valued at about $1,577,000. Vanguard Group Inc. lifted its stake in shares of Graphite Bio by 71.7% in the 1st quarter. Vanguard Group Inc. now owns 1,202,755 shares of the company’s stock valued at $6,135,000 after purchasing an additional 502,381 shares in the last quarter. Finally, BlackRock Inc. lifted its stake in shares of Graphite Bio by 39.8% in the 1st quarter. BlackRock Inc. now owns 1,694,506 shares of the company’s stock valued at $8,642,000 after purchasing an additional 482,238 shares in the last quarter. 52.51% of the stock is owned by institutional investors and hedge funds.

About Graphite Bio

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Graphite Bio, Inc, a clinical-stage gene editing company, engages in developing therapies for serious and life-threatening diseases in the United States. It offers GPH101, a gene-edited autologous hematopoietic stem cell product candidate to directly correct the mutation that causes sickle cell disease and restore normal adult hemoglobin expression; GPH201 for the treatment of X-linked severe combined immunodeficiency syndrome; and GPH301, a product candidate for the treatment of Gaucher disease, a genetic disorder that results in a deficiency in the glucocerebrosidase enzyme.