Dare Bioscience (NASDAQ:DARE) Stock Price Passes Below 200 Day Moving Average – Here’s Why

Dare Bioscience, Inc. (NASDAQ:DARE) shares passed below its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $1.96 and traded as low as $1.23. Dare Bioscience shares last traded at $1.25, with a volume of 418,278 shares changing hands.

Wall Street Analyst Weigh In

Several brokerages have commented on DARE. Wall Street Zen raised Dare Bioscience to a “hold” rating in a research report on Saturday, May 23rd. Weiss Ratings reissued a “sell (e+)” rating on shares of Dare Bioscience in a research report on Friday. Two investment analysts have rated the stock with a Buy rating and one has issued a Sell rating to the stock. According to MarketBeat, Dare Bioscience has a consensus rating of “Hold” and an average target price of $10.00.

Dare Bioscience Trading Down 6.7%

The firm’s fifty day moving average price is $2.11 and its 200-day moving average price is $1.96. The company has a market cap of $18.73 million, a P/E ratio of -1.32 and a beta of 1.03.

Dare Bioscience (NASDAQ:DARE) last released its earnings results on Thursday, May 14th. The biotechnology company reported ($0.20) earnings per share for the quarter, beating the consensus estimate of ($0.33) by $0.13. The company had revenue of $0.15 million during the quarter, compared to the consensus estimate of $0.03 million. As a group, research analysts forecast that Dare Bioscience, Inc. will post -0.97 earnings per share for the current fiscal year.

Institutional Trading of Dare Bioscience

Hedge funds have recently modified their holdings of the company. LPL Financial LLC acquired a new stake in shares of Dare Bioscience during the 4th quarter worth approximately $28,000. Raymond James Financial Inc. raised its stake in shares of Dare Bioscience by 810.6% in the third quarter. Raymond James Financial Inc. now owns 15,334 shares of the biotechnology company’s stock valued at $32,000 after purchasing an additional 13,650 shares in the last quarter. Finally, Virtu Financial LLC acquired a new position in shares of Dare Bioscience in the third quarter valued at $37,000. Institutional investors own 6.70% of the company’s stock.

About Dare Bioscience

Dare Bioscience, Inc is a clinical-stage biopharmaceutical company focused on developing innovative therapies for women’s reproductive health. The company’s flagship development candidate is Ovaprene, a monthly, self-administered, non-hormonal contraceptive vaginal ring designed to offer an alternative to traditional hormone-based birth control methods. Through its proprietary intravaginal drug delivery platform, Dare seeks to address unmet medical needs in gynecology and contraception with products that prioritize efficacy, safety and ease of use.

In addition to its lead contraceptive program, Dare is advancing a pipeline of early-stage assets aimed at treating gynecologic conditions through local, non-systemic drug delivery.