Benitec Biopharma (NASDAQ:BNTC) Shares Cross Above 50-Day Moving Average - Here's Why

Benitec Biopharma Inc. (NASDAQ:BNTC - Get Free Report) passed above its fifty day moving average during trading on Tuesday . The stock has a fifty day moving average of $11.29 and traded as high as $13.45. Benitec Biopharma shares last traded at $13.29, with a volume of 55,453 shares.

Analyst Ratings Changes

Several brokerages have commented on BNTC. HC Wainwright reissued a "buy" rating and set a $28.00 price target on shares of Benitec Biopharma in a research report on Friday, February 21st. Baird R W upgraded shares of Benitec Biopharma to a "strong-buy" rating in a research report on Thursday, December 12th. Guggenheim reiterated a "buy" rating and set a $17.00 price target on shares of Benitec Biopharma in a research report on Tuesday, December 3rd. Finally, Robert W. Baird assumed coverage on shares of Benitec Biopharma in a research note on Friday, December 13th. They issued an "outperform" rating and a $30.00 price objective for the company. Seven equities research analysts have rated the stock with a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Buy" and a consensus price target of $24.43.

Benitec Biopharma Stock Up 8.3 %

The firm has a market cap of $311.66 million, a P/E ratio of -8.80 and a beta of 0.92. The business's 50 day moving average is $11.29 and its two-hundred day moving average is $10.61.

Benitec Biopharma (NASDAQ:BNTC - Get Free Report) last issued its quarterly earnings data on Friday, February 14th. The biotechnology company reported ($0.36) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.55) by $0.19. Equities research analysts anticipate that Benitec Biopharma Inc. will post -1.48 EPS for the current year.

Insider Activity at Benitec Biopharma

In related news, Director Suvretta Capital Management, L acquired 27,502 shares of the stock in a transaction on Monday, December 23rd. The shares were acquired at an average price of $10.98 per share, with a total value of $301,971.96. Following the completion of the transaction, the director now owns 7,981,725 shares in the company, valued at approximately $87,639,340.50. The trade was a 0.35 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through this link. 1.30% of the stock is owned by insiders.

Institutional Trading of Benitec Biopharma

Several hedge funds and other institutional investors have recently modified their holdings of the business. Geode Capital Management LLC increased its holdings in shares of Benitec Biopharma by 31.3% in the 3rd quarter. Geode Capital Management LLC now owns 83,987 shares of the biotechnology company's stock worth $772,000 after buying an additional 20,012 shares during the last quarter. Simplify Asset Management Inc. boosted its position in Benitec Biopharma by 127.5% during the 3rd quarter. Simplify Asset Management Inc. now owns 116,535 shares of the biotechnology company's stock valued at $1,071,000 after buying an additional 65,319 shares during the period. Suvretta Capital Management LLC lifted its position in shares of Benitec Biopharma by 422.0% in the 3rd quarter. Suvretta Capital Management LLC now owns 8,829,053 shares of the biotechnology company's stock worth $81,139,000 after purchasing an additional 7,137,763 shares during the period. Acuta Capital Partners LLC purchased a new stake in shares of Benitec Biopharma in the 3rd quarter worth about $274,000. Finally, Infinitum Asset Management LLC purchased a new stake in shares of Benitec Biopharma in the 4th quarter worth about $2,652,000. Institutional investors own 52.19% of the company's stock.

About Benitec Biopharma

Benitec Biopharma Inc, a clinical-stage biotechnology company, focuses on the development of novel genetic medicines. The company develops DNA-directed RNA interference-based therapeutics for chronic and life-threatening human conditions. It is developing BB-301, an adeno-associated virus based gene therapy agent for treating oculopharyngeal muscular dystrophy.

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