Equillium (NASDAQ:EQ) Announces Earnings Results

Equillium (NASDAQ:EQ) released its quarterly earnings results on Thursday. The company reported ($0.04) EPS for the quarter, beating analysts’ consensus estimates of ($0.05) by $0.01, FiscalAI reports.

Equillium Stock Performance

Shares of EQ stock traded down $0.17 during mid-day trading on Thursday, reaching $2.01. 542,877 shares of the company’s stock traded hands, compared to its average volume of 503,391. The company’s 50-day moving average price is $2.69 and its 200-day moving average price is $2.22. Equillium has a 12 month low of $0.76 and a 12 month high of $3.54.

Insider Buying and Selling

In related news, COO Christine Zedelmayer sold 86,012 shares of Equillium stock in a transaction dated Thursday, May 28th. The shares were sold at an average price of $2.80, for a total transaction of $240,833.60. Following the completion of the transaction, the chief operating officer directly owned 62,586 shares of the company’s stock, valued at $175,240.80. This trade represents a 57.88% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Penny Tom sold 65,000 shares of the business’s stock in a transaction dated Thursday, May 28th. The stock was sold at an average price of $2.95, for a total transaction of $191,750.00. Following the sale, the insider directly owned 65,000 shares in the company, valued at $191,750. The trade was a 50.00% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 406,392 shares of company stock worth $1,224,898 in the last three months. 17.84% of the stock is owned by corporate insiders.

Institutional Trading of Equillium

A number of hedge funds have recently made changes to their positions in EQ. Virtu Financial LLC raised its stake in Equillium by 133.4% during the third 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 during the last quarter. Millennium Management LLC purchased a new stake in shares of Equillium in the third quarter worth $35,000. Royal Bank of Canada purchased a new stake in shares of Equillium in the fourth quarter worth $124,000. Persistent Asset Partners Ltd increased its holdings in shares of Equillium by 35.0% during the fourth quarter. Persistent Asset Partners Ltd now owns 93,123 shares of the company’s stock valued at $144,000 after acquiring an additional 24,132 shares in the last quarter. Finally, Boothbay Fund Management LLC bought a new position in shares of Equillium during the third quarter valued at $174,000. 27.05% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

EQ has been the subject of a number of research analyst reports. Stifel Nicolaus set a $5.00 price target on Equillium in a research note on Thursday, May 28th. Clear Str upgraded shares of Equillium to a “strong-buy” rating in a report on Tuesday, July 21st. Piper Sandler initiated coverage on shares of Equillium in a research note on Monday, July 13th. They set an “overweight” rating on the stock. Leerink Partners upgraded shares of Equillium from a “market perform” rating to an “outperform” rating and boosted their price target for the company from $1.00 to $6.00 in a research report on Thursday, May 28th. Finally, B. Riley Financial started coverage on shares of Equillium in a research note on Thursday, April 16th. They issued a “buy” rating and a $6.00 price target for the company. Two research analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, Equillium currently has an average rating of “Moderate Buy” and a consensus price target of $7.57.

Equillium Company Profile

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.