Benitec Biopharma (NASDAQ:BNTC) Stock Price Passes Below 50-Day Moving Average - Here's What Happened

Benitec Biopharma Inc. (NASDAQ:BNTC - Get Free Report) crossed below its 50-day moving average during trading on Wednesday . The stock has a 50-day moving average of $11.38 and traded as low as $10.20. Benitec Biopharma shares last traded at $10.20, with a volume of 19,838 shares changing hands.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on the stock. Robert W. Baird assumed coverage on shares of Benitec Biopharma in a report on Friday, December 13th. They set an "outperform" rating and a $30.00 price objective for the company. Baird R W upgraded shares of Benitec Biopharma to a "strong-buy" rating in a report on Thursday, December 12th. Guggenheim reiterated a "buy" rating and set a $17.00 price objective on shares of Benitec Biopharma in a report on Tuesday, December 3rd. Finally, HC Wainwright started coverage on shares of Benitec Biopharma in a research report on Monday, December 16th. They set a "buy" rating and a $28.00 price target on the stock. Seven equities research analysts have rated the stock with a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, Benitec Biopharma has an average rating of "Buy" and an average price target of $24.43.

Benitec Biopharma Trading Up 16.0 %

The business's 50-day moving average is $11.38 and its two-hundred day moving average is $10.25.

Benitec Biopharma (NASDAQ:BNTC - Get Free Report) last announced its quarterly earnings data on Friday, February 14th. The biotechnology company reported ($0.36) EPS for the quarter, topping the consensus estimate of ($0.55) by $0.19. On average, research analysts predict that Benitec Biopharma Inc. will post -3.58 EPS for the current fiscal year.

Insiders Place Their Bets

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. Insiders own 1.30% of the company's stock.

Institutional Trading of Benitec Biopharma

Hedge funds and other institutional investors have recently modified their holdings of the business. Acuta Capital Partners LLC bought a new stake in shares of Benitec Biopharma in the third quarter valued at approximately $274,000. Northern Trust Corp raised its position in shares of Benitec Biopharma by 54.2% in the fourth quarter. Northern Trust Corp now owns 38,200 shares of the biotechnology company's stock valued at $482,000 after purchasing an additional 13,425 shares during the period. MYDA Advisors LLC bought a new stake in shares of Benitec Biopharma in the fourth quarter valued at approximately $632,000. Geode Capital Management LLC raised its position in shares of Benitec Biopharma by 31.3% in the third quarter. Geode Capital Management LLC now owns 83,987 shares of the biotechnology company's stock valued at $772,000 after purchasing an additional 20,012 shares during the period. Finally, Simplify Asset Management Inc. raised its position in shares of Benitec Biopharma by 127.5% in the third quarter. Simplify Asset Management Inc. now owns 116,535 shares of the biotechnology company's stock valued at $1,071,000 after purchasing an additional 65,319 shares during the period. 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.