Benitec Biopharma (NASDAQ:BNTC) Stock Crosses Below 50 Day Moving Average - Time to Sell?

Benitec Biopharma Inc. (NASDAQ:BNTC - Get Free Report) shares crossed below its 50-day moving average during trading on Wednesday . The stock has a 50-day moving average of $11.09 and traded as low as $10.75. Benitec Biopharma shares last traded at $11.06, with a volume of 25,557 shares.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the company. JMP Securities boosted their price target on Benitec Biopharma from $16.00 to $18.00 and gave the stock a "market outperform" rating in a report on Monday, October 14th. Guggenheim reissued a "buy" rating and set a $17.00 target price on shares of Benitec Biopharma in a research note on Tuesday, December 3rd. Piper Sandler restated an "overweight" rating on shares of Benitec Biopharma in a research note on Friday, October 18th. HC Wainwright assumed coverage on shares of Benitec Biopharma in a research report on Monday, December 16th. They set a "buy" rating and a $28.00 price objective for the company. Finally, Oppenheimer assumed coverage on shares of Benitec Biopharma in a research note on Wednesday, October 16th. They issued an "outperform" rating and a $35.00 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. Based on data from MarketBeat.com, Benitec Biopharma currently has an average rating of "Buy" and a consensus target price of $24.43.

Benitec Biopharma Trading Down 0.7 %

The business has a 50-day moving average of $11.10 and a 200 day moving average of $9.86. The firm has a market capitalization of $256.77 million, a P/E ratio of -3.89 and a beta of 0.82.

Insider Transactions at Benitec Biopharma

In other news, Director Suvretta Capital Management, L acquired 27,502 shares of Benitec Biopharma stock in a transaction on Monday, December 23rd. The stock was acquired at an average cost of $10.98 per share, with a total value of $301,971.96. Following the transaction, the director now owns 7,981,725 shares of the company's stock, valued at approximately $87,639,340.50. This trade represents a 0.35 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 1.30% of the company's stock.

Institutional Trading of Benitec Biopharma

A number of large investors have recently added to or reduced their stakes in the stock. Simplify Asset Management Inc. bought a new stake in shares of Benitec Biopharma in the second quarter valued at $358,000. Nantahala Capital Management LLC purchased a new stake in Benitec Biopharma in the 2nd quarter worth about $5,881,000. GAMMA Investing LLC raised its stake in Benitec Biopharma by 20.3% in the 3rd quarter. GAMMA Investing LLC now owns 6,540 shares of the biotechnology company's stock valued at $60,000 after acquiring an additional 1,102 shares during the period. Acuta Capital Partners LLC purchased a new stake in Benitec Biopharma during the third quarter valued at about $274,000. Finally, Suvretta Capital Management LLC lifted its holdings in Benitec Biopharma by 422.0% during the third quarter. Suvretta Capital Management LLC now owns 8,829,053 shares of the biotechnology company's stock valued at $81,139,000 after purchasing an additional 7,137,763 shares during the last quarter. Hedge funds and other institutional investors own 52.19% of the company's stock.

Benitec Biopharma Company Profile

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.