Gritstone Oncology (NASDAQ:GRTS) Lowered to “Hold” at Zacks Investment Research

Gritstone Oncology (NASDAQ:GRTS) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued on Wednesday, Zacks.com reports.

According to Zacks, “Gritstone Oncology is developing tumor-specific cancer immunotherapies to fight multiple cancer types. The company has built its tumor-specific immunotherapy approach on two key pillars – first, a proprietary machine learning-based platform, Gritstone EDGE(TM), which provides a powerful ability to predict from a routine tumor biopsy the tumor-specific neoantigens, or TSNA, that are presented on a patient’s tumor cells; and second, the ability to develop and manufacture potent immunotherapies utilizing patients’ TSNA to drive the patient’s immune system to attack and destroy tumors. “

Several other equities research analysts also recently weighed in on the company. Berenberg Bank decreased their price objective on Lucara Diamond from C$1.60 to C$1.50 in a report on Wednesday, March 27th. HC Wainwright reissued a “buy” rating and issued a $26.00 price objective on shares of Iovance Biotherapeutics in a report on Monday, April 1st. Finally, Cowen reissued a “buy” rating on shares of Alector in a report on Monday, May 13th. Two research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus price target of $20.50.

GRTS traded up $0.01 on Wednesday, reaching $10.32. The company’s stock had a trading volume of 29 shares, compared to its average volume of 252,933. The business has a 50 day simple moving average of $10.40. The company has a quick ratio of 9.57, a current ratio of 9.57 and a debt-to-equity ratio of 0.13. The company has a market capitalization of $372.19 million and a P/E ratio of -1.42. Gritstone Oncology has a fifty-two week low of $8.75 and a fifty-two week high of $32.90.

Gritstone Oncology (NASDAQ:GRTS) last announced its quarterly earnings results on Monday, May 13th. The company reported ($0.62) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.65) by $0.03. The business had revenue of $1.35 million during the quarter, compared to analyst estimates of $1.20 million. On average, research analysts forecast that Gritstone Oncology will post -2.39 EPS for the current year.

Hedge funds have recently bought and sold shares of the company. BlackRock Inc. purchased a new position in Gritstone Oncology in the fourth quarter valued at approximately $6,182,000. Citigroup Inc. purchased a new position in Gritstone Oncology in the fourth quarter valued at approximately $28,000. Northern Trust Corp purchased a new position in Gritstone Oncology in the fourth quarter valued at approximately $1,207,000. Geode Capital Management LLC purchased a new position in Gritstone Oncology in the fourth quarter valued at approximately $1,368,000. Finally, American International Group Inc. purchased a new position in Gritstone Oncology in the fourth quarter valued at approximately $70,000. 48.83% of the stock is owned by institutional investors and hedge funds.

About Gritstone Oncology

Gritstone Oncology Inc, an immuno-oncology company, engages in developing tumor-specific cancer immunotherapies to fight various cancer types. Its lead product candidate is GRANITE-001, which is in Phase I/II clinical trial for the treatment of solid tumors, including metastatic non-small cell lung cancer, as well as gastroesophageal, bladder and microsatellite stable, and colorectal cancers.

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