Beyond Air, Inc. (NASDAQ:XAIR) Sees Large Growth in Short Interest

Beyond Air, Inc. (NASDAQ:XAIR) was the recipient of a significant growth in short interest during the month of August. As of August 31st, there was short interest totaling 72,945 shares, a growth of 164.5% from the August 15th total of 27,574 shares. Approximately 8.5% of the shares of the stock are sold short. Based on an average trading volume of 899,742 shares, the days-to-cover ratio is currently 0.1 days.

Beyond Air Stock Performance

Shares of Beyond Air stock opened at $3.20 on Friday. Beyond Air has a 52 week low of $3.06 and a 52 week high of $55.60. The business’s fifty day simple moving average is $5.49 and its 200-day simple moving average is $9.64. The firm has a market cap of $3.07 million, a PE ratio of -0.05 and a beta of 0.13. The company has a quick ratio of 3.12, a current ratio of 3.31 and a debt-to-equity ratio of 7.81.

Beyond Air (NASDAQ:XAIR) last issued its quarterly earnings data on Thursday, August 13th. The company reported ($11.00) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($10.80) by ($0.20). The business had revenue of $1.77 million for the quarter, compared to analyst estimates of $1.93 million. Beyond Air had a negative return on equity of 440.26% and a negative net margin of 435.71%.

Analyst Ratings Changes

Several equities research analysts recently commented on XAIR shares. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Beyond Air in a report on Tuesday, July 21st. Lake Street Capital initiated coverage on Beyond Air in a report on Tuesday, September 1st. They issued a “buy” rating and a $10.00 target price for the company. Three research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, Beyond Air has a consensus rating of “Moderate Buy” and an average target price of $105.00.

Insiders Place Their Bets

In other Beyond Air news, CEO Robert Scott Goodman acquired 34,722 shares of the company’s stock in a transaction that occurred on Wednesday, July 29th. The stock was bought at an average price of $5.76 per share, with a total value of $199,998.72. Following the purchase, the chief executive officer owned 34,822 shares in the company, valued at approximately $200,574.72. The trade was a 34,722.00% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 9.99% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the company. Geode Capital Management LLC grew its stake in shares of Beyond Air by 57.5% in the fourth quarter. Geode Capital Management LLC now owns 67,678 shares of the company’s stock valued at $49,000 after buying an additional 24,695 shares in the last quarter. Alyeska Investment Group L.P. acquired a new position in shares of Beyond Air in the third quarter valued at approximately $1,753,000. Virtu Financial LLC acquired a new stake in Beyond Air during the 3rd quarter worth approximately $48,000. Finally, Osaic Holdings Inc. boosted its position in Beyond Air by 26.4% in the 2nd quarter. Osaic Holdings Inc. now owns 162,560 shares of the company’s stock valued at $29,000 after buying an additional 34,000 shares during the period. 31.50% of the stock is currently owned by hedge funds and other institutional investors.

Beyond Air Company Profile

Beyond Air, Inc is a clinical-stage medical technology company focused on the development and commercialization of inhaled nitric oxide (NO) therapy for pulmonary and respiratory diseases. The company’s proprietary LungFit® platform delivers pulsed, low-dose nitric oxide gas through compact, portable devices designed to support treatments in both inpatient and outpatient settings. Beyond Air’s approach leverages NO’s antimicrobial, vasodilatory and anti-inflammatory properties to address a range of unmet needs in respiratory medicine.

The company’s lead candidate, LungFit® PH, is under investigation for the treatment of pulmonary hypertension, with ongoing clinical studies assessing its impact on pulmonary arterial pressure and exercise capacity.