StockNews.com Initiates Coverage on RedHill Biopharma (NASDAQ:RDHL)

StockNews.com assumed coverage on shares of RedHill Biopharma (NASDAQ:RDHL) in a report issued on Thursday. The brokerage set a “hold” rating on the biotechnology company’s stock.

RedHill Biopharma Trading Up 7.4 %

RDHL opened at $0.45 on Thursday. RedHill Biopharma has a 1-year low of $0.26 and a 1-year high of $3.28. The company has a 50 day simple moving average of $0.52 and a two-hundred day simple moving average of $0.74.

Hedge Funds Weigh In On RedHill Biopharma

A number of hedge funds have recently modified their holdings of the company. Armistice Capital LLC bought a new position in shares of RedHill Biopharma in the third quarter worth approximately $369,000. Sabby Management LLC bought a new position in shares of RedHill Biopharma in the third quarter worth approximately $324,000. Morgan Stanley boosted its position in shares of RedHill Biopharma by 15.0% in the fourth quarter. Morgan Stanley now owns 445,309 shares of the biotechnology company’s stock worth $62,000 after purchasing an additional 58,128 shares during the period. Millennium Management LLC bought a new position in shares of RedHill Biopharma in the second quarter worth approximately $324,000. Finally, BlackRock Inc. boosted its position in shares of RedHill Biopharma by 18.6% in the first quarter. BlackRock Inc. now owns 357,493 shares of the biotechnology company’s stock worth $901,000 after purchasing an additional 56,178 shares during the period. 7.20% of the stock is currently owned by institutional investors.

RedHill Biopharma Company Profile

RedHill Biopharma Ltd., a specialty biopharmaceutical company, primarily focuses on gastrointestinal and infectious diseases. The company promotes gastrointestinal drugs, including Movantik for opioid-induced constipation in adults with chronic non-cancer pain; Talicia for the treatment of Helicobacter pylori infection in adults; and Aemcolo for the treatment of travelers' diarrhea in adults.