Equillium (NASDAQ:EQ) Announces Quarterly Earnings Results

Equillium (NASDAQ:EQ) released its quarterly earnings data on Wednesday. The company reported ($0.06) earnings per share for the quarter, missing the consensus estimate of ($0.04) by ($0.02), FiscalAI reports.

Equillium Price Performance

NASDAQ EQ traded up $0.07 during trading hours on Thursday, reaching $2.38. 103,346 shares of the company’s stock traded hands, compared to its average volume of 462,750. Equillium has a 52-week low of $0.27 and a 52-week high of $2.70. The firm has a 50-day simple moving average of $2.03 and a 200 day simple moving average of $1.56. The firm has a market cap of $150.17 million, a PE ratio of -4.75 and a beta of 1.67.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on EQ shares. Weiss Ratings reiterated a “sell (d-)” rating on shares of Equillium in a report on Friday, March 27th. Oppenheimer started coverage on Equillium in a report on Thursday, April 23rd. They issued an “outperform” rating and a $7.00 price objective for the company. Stifel Nicolaus initiated coverage on Equillium in a report on Wednesday, February 25th. They issued a “buy” rating and a $5.00 price objective for the company. B. Riley Financial initiated coverage on Equillium in a research report on Thursday, April 16th. They issued a “buy” rating and a $6.00 target price for the company. Finally, Roth Mkm reissued a “buy” rating and issued a $12.00 target price on shares of Equillium in a research report on Friday, April 17th. One equities research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Equillium presently has an average rating of “Moderate Buy” and an average price target of $7.67.

Insider Buying and Selling at Equillium

In other Equillium news, COO Christine Zedelmayer sold 185,937 shares of the firm’s stock in a transaction that occurred on Thursday, February 19th. The shares were sold at an average price of $1.76, for a total transaction of $327,249.12. Following the completion of the transaction, the chief operating officer owned 191,444 shares of the company’s stock, valued at approximately $336,941.44. This trade represents a 49.27% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders have sold a total of 487,468 shares of company stock worth $990,467 over the last ninety days. 17.84% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Equillium

Institutional investors and hedge funds have recently made changes to their positions in the business. Virtu Financial LLC increased its position in Equillium by 133.4% during the 3rd quarter. Virtu Financial LLC now owns 23,779 shares of the company’s stock valued at $34,000 after buying an additional 13,591 shares in the last quarter. Millennium Management LLC bought a new position in Equillium during the 3rd quarter valued at approximately $35,000. Royal Bank of Canada bought a new position in Equillium during the 4th quarter valued at approximately $124,000. Persistent Asset Partners Ltd increased its position in Equillium by 35.0% during the 4th quarter. Persistent Asset Partners Ltd now owns 93,123 shares of the company’s stock valued at $144,000 after buying an additional 24,132 shares in the last quarter. Finally, Boothbay Fund Management LLC bought a new position in Equillium during the 3rd quarter valued at approximately $174,000. Institutional investors own 27.05% of the company’s stock.

About Equillium

Equillium, Inc (NASDAQ: EQ) is a clinical-stage biopharmaceutical company focused on developing novel immunotherapies to treat severe autoimmune diseases and prevent organ transplant rejection. The company’s lead therapeutic candidate, EQ001 (itolizumab), is a humanized monoclonal antibody that modulates T-cell activation by targeting the CD6 receptor. Equillium’s pipeline also includes additional biologic candidates aimed at addressing indications such as acute graft-versus-host disease (GVHD) and lupus nephritis.

Founded in 2015 and headquartered in La Jolla, California, Equillium in-licensed itolizumab from Biocon Limited, leveraging the antibody’s established safety profile in earlier clinical studies.