First Wave BioPharma’s (FWBI) “Neutral” Rating Reiterated at HC Wainwright

HC Wainwright restated their neutral rating on shares of First Wave BioPharma (NASDAQ:FWBI) in a research report sent to investors on Monday, MarketBeat Ratings reports. HC Wainwright also issued estimates for First Wave BioPharma’s Q4 2023 earnings at ($3.14) EPS, FY2023 earnings at ($35.88) EPS, Q1 2024 earnings at ($1.92) EPS, Q2 2024 earnings at ($1.67) EPS, Q3 2024 earnings at ($1.23) EPS, Q4 2024 earnings at ($0.97) EPS and FY2024 earnings at ($5.39) EPS.

Separately, Roth Mkm lowered their price target on First Wave BioPharma from $40.00 to $36.00 and set a buy rating on the stock in a research report on Friday, March 15th.

First Wave BioPharma Stock Down 0.5 %

Shares of NASDAQ FWBI opened at $3.95 on Monday. The stock’s 50-day simple moving average is $5.37 and its two-hundred day simple moving average is $5.59. First Wave BioPharma has a twelve month low of $2.75 and a twelve month high of $73.00. The firm has a market capitalization of $2.69 million, a P/E ratio of -0.01 and a beta of 1.29.

Hedge Funds Weigh In On First Wave BioPharma

Several hedge funds and other institutional investors have recently modified their holdings of FWBI. Armistice Capital LLC bought a new stake in shares of First Wave BioPharma in the 4th quarter worth approximately $257,000. State Street Corp raised its stake in First Wave BioPharma by 97.4% during the third quarter. State Street Corp now owns 82,593 shares of the company’s stock valued at $122,000 after buying an additional 40,755 shares during the last quarter. Finally, Citigroup Inc. bought a new stake in First Wave BioPharma in the first quarter worth $39,000. Hedge funds and other institutional investors own 12.30% of the company’s stock.

First Wave BioPharma Company Profile

First Wave BioPharma, Inc, a clinical-stage biopharmaceutical company, engages in the research and development of targeted and non-systemic therapies for the treatment of patients with gastrointestinal diseases. Its product candidates include the biologic adrulipase, a recombinant lipase enzyme designed to enable the digestion of fats and other nutrients; and niclosamide, an oral small molecule with anti-viral and anti-inflammatory properties.