FY2023 EPS Estimates for First Wave BioPharma, Inc. Boosted by Analyst (NASDAQ:FWBI)

First Wave BioPharma, Inc. (NASDAQ:FWBI) – Analysts at HC Wainwright boosted their FY2023 earnings estimates for First Wave BioPharma in a research note issued to investors on Monday, March 25th. HC Wainwright analyst Y. Chen now forecasts that the company will post earnings of ($35.88) per share for the year, up from their previous estimate of ($46.60). HC Wainwright currently has a “Neutral” rating on the stock. The consensus estimate for First Wave BioPharma’s current full-year earnings is ($41.46) per share. HC Wainwright also issued estimates for First Wave BioPharma’s Q4 2023 earnings at ($3.14) EPS, Q1 2024 earnings at ($1.92) EPS, Q2 2024 earnings at ($1.67) EPS, Q3 2024 earnings at ($1.23) EPS, Q4 2024 earnings at ($0.97) EPS and FY2024 earnings at ($5.39) EPS.

Separately, Roth Mkm lowered their price target on shares of First Wave BioPharma from $40.00 to $36.00 and set a “buy” rating on the stock in a report on Friday, March 15th.

First Wave BioPharma Stock Performance

NASDAQ:FWBI opened at $4.45 on Wednesday. First Wave BioPharma has a one year low of $2.75 and a one year high of $73.00. The firm has a market cap of $3.03 million, a price-to-earnings ratio of -0.02 and a beta of 1.29. The firm’s fifty day moving average is $5.38 and its two-hundred day moving average is $5.59.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the stock. Armistice Capital LLC acquired a new stake in First Wave BioPharma in the 4th quarter valued at about $257,000. State Street Corp grew its stake in shares of First Wave BioPharma by 97.4% in the 3rd quarter. State Street Corp now owns 82,593 shares of the company’s stock valued at $122,000 after buying an additional 40,755 shares during the period. Finally, Citigroup Inc. purchased a new stake in shares of First Wave BioPharma in the 1st quarter valued at approximately $39,000. Institutional investors and hedge funds own 12.30% of the company’s stock.

About First Wave BioPharma

First Wave BioPharma, Inc, a clinical-stage biopharmaceutical company, engages in the research and development of targeted and non-systemic therapies for the treatment of patients with gastrointestinal diseases. Its product candidates include the biologic adrulipase, a recombinant lipase enzyme designed to enable the digestion of fats and other nutrients; and niclosamide, an oral small molecule with anti-viral and anti-inflammatory properties.