Phio Pharmaceuticals (NASDAQ:PHIO) Stock Price Down 2.6% – Here’s Why

Phio Pharmaceuticals Corp. (NASDAQ:PHIO) shares traded down 2.6% on Tuesday . The company traded as low as $1.13 and last traded at $1.13. 119,689 shares changed hands during trading, a decline of 14% from the average session volume of 138,595 shares. The stock had previously closed at $1.16.

Analysts Set New Price Targets

Several research firms recently weighed in on PHIO. Weiss Ratings restated a “sell (e+)” rating on shares of Phio Pharmaceuticals in a research report on Tuesday, April 21st. HC Wainwright restated a “buy” rating and set a $14.00 price target on shares of Phio Pharmaceuticals in a research report on Tuesday, February 10th. One investment analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $14.00.

Phio Pharmaceuticals Price Performance

The firm’s 50 day moving average is $1.21 and its 200 day moving average is $1.28. The firm has a market cap of $13.13 million, a P/E ratio of -0.78 and a beta of 0.84.

Phio Pharmaceuticals (NASDAQ:PHIO) last posted its quarterly earnings data on Thursday, March 5th. The company reported ($0.15) EPS for the quarter, topping the consensus estimate of ($0.34) by $0.19. As a group, analysts expect that Phio Pharmaceuticals Corp. will post -0.95 EPS for the current year.

Institutional Investors Weigh In On Phio Pharmaceuticals

A hedge fund recently raised its stake in Phio Pharmaceuticals stock. Geode Capital Management LLC grew its stake in Phio Pharmaceuticals Corp. (NASDAQ:PHIO) by 60.0% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 92,638 shares of the company’s stock after acquiring an additional 34,732 shares during the quarter. Geode Capital Management LLC owned 0.86% of Phio Pharmaceuticals worth $97,000 at the end of the most recent quarter. Institutional investors and hedge funds own 57.31% of the company’s stock.

About Phio Pharmaceuticals

Phio Pharmaceuticals, Inc (NASDAQ: PHIO) is a clinical‐stage biotechnology company focused on the discovery and development of dual RNA interference (RNAi) therapeutics. Utilizing its proprietary Transitional RNAi (TRiMTM) platform, Phio aims to simultaneously silence multiple gene targets to achieve enhanced therapeutic activity. The company’s core mission is to advance next‐generation RNAi compounds with potential applications in oncology and immuno‐oncology.

Phio’s TRiMTM platform is designed around the delivery of synthetic, double‐stranded RNA duplexes that can be engineered to target specific combinations of genes implicated in tumor growth and immune evasion.