77,778 Shares in Generate Biomedicines Inc $GENB Purchased by Bank Pictet & Cie Europe AG

Bank Pictet & Cie Europe AG bought a new position in shares of Generate Biomedicines Inc (NASDAQ:GENB) during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 77,778 shares of the company’s stock, valued at approximately $1,168,000.

Several other hedge funds also recently made changes to their positions in GENB. State Street Corp bought a new stake in shares of Generate Biomedicines in the second quarter valued at approximately $8,883,000. Braidwell LP acquired a new stake in Generate Biomedicines during the second quarter worth approximately $55,398,000. Squarepoint Ops LLC bought a new position in Generate Biomedicines during the 2nd quarter worth $530,000. The Manufacturers Life Insurance Company bought a new position in Generate Biomedicines during the 2nd quarter worth $1,431,000. Finally, Banque Pictet & Cie SA acquired a new position in Generate Biomedicines in the 3rd quarter valued at $26,631,000.

Generate Biomedicines Stock Performance

Shares of NASDAQ GENB traded up $0.34 during trading hours on Tuesday, hitting $12.90. 215,778 shares of the stock were exchanged, compared to its average volume of 852,357. The company’s fifty day simple moving average is $15.37 and its two-hundred day simple moving average is $14.45. The company has a market cap of $1.66 billion and a PE ratio of -8.09. Generate Biomedicines Inc has a 1-year low of $11.00 and a 1-year high of $22.67.

Generate Biomedicines (NASDAQ:GENB) last announced its quarterly earnings data on Thursday, August 6th. The company reported ($0.52) EPS for the quarter, missing the consensus estimate of ($0.48) by ($0.04). The business had revenue of $6.31 million for the quarter. As a group, sell-side analysts expect that Generate Biomedicines Inc will post -2.29 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on GENB. Weiss Ratings upgraded Generate Biomedicines from a “sell (d)” rating to a “sell (d+)” rating in a research report on Friday, September 25th. Wall Street Zen lowered Generate Biomedicines from a “hold” rating to a “sell” rating in a report on Saturday. Finally, HC Wainwright restated a “buy” rating and issued a $30.00 price target on shares of Generate Biomedicines in a research report on Monday, October 5th. Six analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $26.40.

About Generate Biomedicines

Generate Biomedicines is a biotechnology company focused on discovering and developing protein-based medicines. The company uses generative artificial intelligence, machine learning and laboratory-based biological research to design new therapeutic proteins and identify candidates with potential applications in a range of diseases.

Its platform, often described as a generative biology approach, is designed to model biological systems and create proteins with desired characteristics rather than relying solely on modifying naturally occurring molecules.