Gritstone Oncology (NASDAQ:GRTS) Downgraded by Zacks Investment Research

Zacks Investment Research cut shares of Gritstone Oncology (NASDAQ:GRTS) from a buy rating to a hold rating in a research note published on Wednesday morning, 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 research firms have also commented on GRTS. Cowen reiterated a buy rating on shares of Alector in a research report on Monday, May 13th. Berenberg Bank dropped their price target on Lucara Diamond from C$1.60 to C$1.50 in a research report on Wednesday, March 27th. Finally, HC Wainwright reiterated a buy rating and issued a $26.00 price target on shares of Iovance Biotherapeutics in a research report on Monday, April 1st. Two equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. The company presently has a consensus rating of Buy and an average price target of $20.50.

Shares of Gritstone Oncology stock opened at $10.12 on Wednesday. The firm’s 50-day moving average price is $10.41. The company has a quick ratio of 9.57, a current ratio of 9.57 and a debt-to-equity ratio of 0.13. Gritstone Oncology has a twelve month low of $8.75 and a twelve month high of $32.90.

Gritstone Oncology (NASDAQ:GRTS) last issued its quarterly earnings data on Monday, May 13th. The company reported ($0.62) earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.65) by $0.03. The firm had revenue of $1.35 million for the quarter, compared to analysts’ expectations of $1.20 million. Analysts anticipate that Gritstone Oncology will post -2.39 earnings per share for the current fiscal year.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in GRTS. Versant Venture Management LLC purchased a new position in shares of Gritstone Oncology in the 2nd quarter valued at $34,567,000. FMR LLC grew its position in shares of Gritstone Oncology by 0.5% in the 1st quarter. FMR LLC now owns 2,919,381 shares of the company’s stock valued at $38,827,000 after buying an additional 15,551 shares during the last quarter. Redmile Group LLC grew its position in shares of Gritstone Oncology by 3.7% in the 1st quarter. Redmile Group LLC now owns 2,353,735 shares of the company’s stock valued at $31,305,000 after buying an additional 84,599 shares during the last quarter. Marshall Wace North America L.P. purchased a new position in shares of Gritstone Oncology in the 1st quarter valued at $84,000. Finally, Marshall Wace LLP purchased a new position in shares of Gritstone Oncology in the 1st quarter valued at $1,436,000. Institutional investors own 48.83% of the company’s stock.

Gritstone Oncology Company Profile

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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