IVERIC bio, Inc. (NASDAQ:ISEE)’s stock price dropped 6.3% during trading on Wednesday . The company traded as low as $5.98 and last traded at $5.99. Approximately 585,152 shares were traded during trading, a decline of 5% from the average daily volume of 615,969 shares. The stock had previously closed at $6.39.
ISEE has been the topic of a number of research reports. Zacks Investment Research upgraded IVERIC bio from a “strong sell” rating to a “hold” rating in a research note on Tuesday, January 5th. ValuEngine upgraded IVERIC bio from a “hold” rating to a “buy” rating in a research note on Monday, December 21st. Finally, BidaskClub upgraded IVERIC bio from a “hold” rating to a “buy” rating in a research note on Saturday, October 3rd. Two analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus target price of $10.92.
The firm has a market capitalization of $536.96 million, a price-to-earnings ratio of -4.76 and a beta of 1.62. The firm has a 50 day moving average price of $6.85 and a 200-day moving average price of $5.66.
In related news, Chairman David R. Guyer sold 9,602 shares of the stock in a transaction on Thursday, December 10th. The stock was sold at an average price of $6.96, for a total value of $66,829.92. Following the transaction, the chairman now owns 71,785 shares of the company’s stock, valued at $499,623.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, COO Keith Westby sold 3,676 shares of the stock in a transaction on Thursday, December 10th. The shares were sold at an average price of $6.96, for a total value of $25,584.96. The disclosure for this sale can be found here. Corporate insiders own 5.20% of the company’s stock.
Hedge funds have recently modified their holdings of the business. BlackRock Inc. increased its position in shares of IVERIC bio by 72.6% during the 3rd quarter. BlackRock Inc. now owns 4,927,243 shares of the company’s stock valued at $27,790,000 after purchasing an additional 2,071,699 shares during the last quarter. State Street Corp increased its stake in IVERIC bio by 57.3% in the 3rd quarter. State Street Corp now owns 1,165,414 shares of the company’s stock worth $6,573,000 after purchasing an additional 424,379 shares during the period. Goldman Sachs Group Inc. increased its stake in IVERIC bio by 266.9% in the 2nd quarter. Goldman Sachs Group Inc. now owns 496,308 shares of the company’s stock worth $2,531,000 after purchasing an additional 361,040 shares during the period. HarbourVest Partners LLC increased its stake in IVERIC bio by 43.5% in the 3rd quarter. HarbourVest Partners LLC now owns 442,810 shares of the company’s stock worth $2,497,000 after purchasing an additional 134,270 shares during the period. Finally, Nuveen Asset Management LLC purchased a new position in IVERIC bio in the 2nd quarter worth approximately $1,093,000. 87.25% of the stock is currently owned by institutional investors.
About IVERIC bio (NASDAQ:ISEE)
IVERIC bio, Inc, a biopharmaceutical company, develops novel therapies to treat ophthalmic diseases with a focus on age-related and orphan retinal diseases. The company is developing Zimura, an inhibitor of complement factor C5, which is in Phase IIb clinical trials for the treatment of geographic atrophy (GA) secondary to dry age-related macular degeneration.
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