Gossamer Bio (NASDAQ:GOSS) Shares Break Above 50 Day Moving Average on Disappointing Earnings

Gossamer Bio, Inc. (NASDAQ:GOSS)’s stock price passed above its 50-day moving average during trading on Tuesday following a stronger than expected earnings report. The stock has a 50-day moving average of $10.71 and traded as high as $11.54. Gossamer Bio shares last traded at $11.28, with a volume of 99,581 shares trading hands.

The company reported ($7.36) earnings per share for the quarter, missing analysts’ consensus estimates of ($3.79) by ($3.57). The business had revenue of $38.43 million for the quarter, compared to the consensus estimate of $12.16 million.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on GOSS. HC Wainwright restated a “buy” rating on shares of Gossamer Bio in a research report on Thursday, August 27th. Weiss Ratings lowered shares of Gossamer Bio from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Wednesday, November 4th. Leerink Partners upgraded Gossamer Bio from a “market perform” rating to an “outperform” rating and set a $80.00 price objective on the stock in a report on Tuesday, July 28th. Chardan Capital reiterated a “buy” rating on shares of Gossamer Bio in a research note on Monday, October 26th. Finally, Wall Street Zen cut Gossamer Bio from a “hold” rating to a “sell” rating in a report on Sunday, September 20th. Five research analysts have rated the stock with a Buy rating, three have issued a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $256.00.

Institutional Investors Weigh In On Gossamer Bio

A number of hedge funds have recently modified their holdings of the business. SG Americas Securities LLC boosted its position in shares of Gossamer Bio by 73.4% during the 1st quarter. SG Americas Securities LLC now owns 128,568 shares of the company’s stock worth $42,000 after purchasing an additional 54,439 shares during the period. Hsbc Holdings PLC acquired a new stake in Gossamer Bio in the 1st quarter valued at approximately $38,000. ADAR1 Capital Management LLC purchased a new stake in Gossamer Bio in the second quarter valued at approximately $35,000. Hennion & Walsh Asset Management Inc. raised its position in Gossamer Bio by 32.6% in the second quarter. Hennion & Walsh Asset Management Inc. now owns 1,098,914 shares of the company’s stock valued at $181,000 after purchasing an additional 270,195 shares during the period. Finally, Bank of America Corp DE acquired a new stake in shares of Gossamer Bio in the second quarter valued at $65,000. 81.23% of the stock is currently owned by institutional investors and hedge funds.

Gossamer Bio Trading Up 5.9%

The stock has a market cap of $68.92 million, a PE ratio of -0.20 and a beta of 2.28. The company has a fifty day moving average of $10.71 and a 200-day moving average of $35.96.

Gossamer Bio Company Profile

Gossamer Bio, Inc. is a clinical-stage biopharmaceutical company focused on discovering, developing and commercializing medicines for diseases with significant unmet medical needs. The company concentrates primarily on immunology, inflammation and pulmonary disorders. Its lead product candidate is seralutinib, an inhaled tyrosine kinase inhibitor designed to target pathways involving platelet-derived growth factor, colony-stimulating factor 1 and stem cell factor receptors. Gossamer is developing seralutinib for pulmonary arterial hypertension and pulmonary hypertension associated with interstitial lung disease.