RedHill Biopharma (NASDAQ:RDHL) Coverage Initiated at StockNews.com

StockNews.com assumed coverage on shares of RedHill Biopharma (NASDAQ:RDHL) in a research note published on Friday. The brokerage issued a hold rating on the biotechnology company’s stock.

RedHill Biopharma Stock Performance

Shares of RDHL opened at $0.43 on Friday. RedHill Biopharma has a 1 year low of $0.26 and a 1 year high of $3.28. The stock’s fifty day moving average price is $0.51 and its two-hundred day moving average price is $0.75.

Institutional Investors Weigh In On RedHill Biopharma

An institutional investor recently bought a new position in RedHill Biopharma stock. Sabby Management LLC bought a new position in shares of RedHill Biopharma Ltd. (NASDAQ:RDHL) during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 635,006 shares of the biotechnology company’s stock, valued at approximately $324,000. RedHill Biopharma makes up 0.2% of Sabby Management LLC’s portfolio, making the stock its 17th largest position. Sabby Management LLC owned 5.74% of RedHill Biopharma at the end of the most recent reporting period. Institutional investors and hedge funds own 7.20% of the company’s stock.

About RedHill Biopharma

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.