Prometheus Biosciences (NASDAQ:RXDX) Stock Rating Upgraded by Zacks Investment Research

Zacks Investment Research upgraded shares of Prometheus Biosciences (NASDAQ:RXDX) from a sell rating to a hold rating in a research report report published on Tuesday morning, Zacks.com reports.

According to Zacks, “Prometheus Biosciences Inc. is a biotechnology company. It involved in the discovery, development, and commercialization of novel therapeutic and companion diagnostic products for the treatment of inflammatory bowel disease. Prometheus Biosciences Inc. is based in SAN DIEGO. “

A number of other equities research analysts have also recently issued reports on the company. Royal Bank of Canada initiated coverage on Prometheus Biosciences in a research note on Monday, December 13th. They issued an outperform rating and a $46.00 price objective on the stock. Stifel Nicolaus initiated coverage on Prometheus Biosciences in a research note on Friday, November 12th. They issued a buy rating and a $45.00 price objective on the stock. Wells Fargo & Company initiated coverage on Prometheus Biosciences in a research note on Wednesday, December 8th. They issued an overweight rating and a $42.00 price objective on the stock. Oppenheimer raised Prometheus Biosciences from a market perform rating to an outperform rating and lifted their target price for the company from $35.00 to $50.00 in a report on Wednesday, December 8th. Finally, SVB Leerink lifted their target price on Prometheus Biosciences from $43.00 to $47.00 and gave the company an outperform rating in a report on Wednesday, December 8th. One research analyst has rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of Buy and a consensus price target of $42.86.

NASDAQ RXDX opened at $35.29 on Tuesday. Prometheus Biosciences has a one year low of $16.11 and a one year high of $40.49. The business’s fifty day moving average is $34.12 and its 200-day moving average is $27.81.

Prometheus Biosciences (NASDAQ:RXDX) last released its earnings results on Thursday, November 11th. The biopharmaceutical company reported ($0.70) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.59) by ($0.11). Prometheus Biosciences had a negative return on equity of 44.74% and a negative net margin of 2,696.67%. The business had revenue of $1.01 million for the quarter, compared to the consensus estimate of $0.38 million. As a group, sell-side analysts forecast that Prometheus Biosciences will post -2.76 EPS for the current fiscal year.

Hedge funds and other institutional investors have recently modified their holdings of the company. Citigroup Inc. grew its holdings in shares of Prometheus Biosciences by 140.2% during the third quarter. Citigroup Inc. now owns 1,290 shares of the biopharmaceutical company’s stock worth $31,000 after purchasing an additional 753 shares in the last quarter. Royal Bank of Canada grew its holdings in shares of Prometheus Biosciences by 116.9% during the third quarter. Royal Bank of Canada now owns 1,677 shares of the biopharmaceutical company’s stock worth $39,000 after purchasing an additional 904 shares in the last quarter. Morgan Stanley grew its holdings in shares of Prometheus Biosciences by 888.2% during the second quarter. Morgan Stanley now owns 2,856 shares of the biopharmaceutical company’s stock worth $71,000 after purchasing an additional 2,567 shares in the last quarter. Metropolitan Life Insurance Co NY purchased a new position in shares of Prometheus Biosciences during the third quarter worth about $88,000. Finally, Bank of America Corp DE grew its holdings in shares of Prometheus Biosciences by 237.2% during the second quarter. Bank of America Corp DE now owns 4,141 shares of the biopharmaceutical company’s stock worth $102,000 after purchasing an additional 2,913 shares in the last quarter. 61.39% of the stock is owned by institutional investors.

Prometheus Biosciences Company Profile

Prometheus Biosciences, Inc, a biopharmaceutical company, engages in the discovery, development, and commercialization of precision therapeutics and companion diagnostics products for the treatment and diagnosis of inflammatory bowel diseases (IBD). Its products include PRA023, a Phase I clinical trial IgG1 humanized monoclonal antibody (mAb); PR600, an anti- tumor necrosis factor mAb for IBD; PR300, a G-protein coupled receptor modulator small molecule for IBD; PR1800, anti-chemokine mAb for IBD; and PR2100, an anti-inflammatory cytokine mAb for IBD.

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