Assembly Biosciences (NASDAQ:ASMB) Share Price Crosses Above 200 Day Moving Average - Here's Why

Assembly Biosciences, Inc. (NASDAQ:ASMB - Get Free Report) shares crossed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $15.05 and traded as high as $17.87. Assembly Biosciences shares last traded at $17.71, with a volume of 30,210 shares traded.

Wall Street Analyst Weigh In

ASMB has been the subject of several recent research reports. HC Wainwright reiterated a "neutral" rating on shares of Assembly Biosciences in a research note on Tuesday, September 24th. Jefferies Financial Group upgraded Assembly Biosciences from a "hold" rating to a "buy" rating and upped their target price for the company from $2.00 to $35.00 in a research report on Friday, September 20th.

Assembly Biosciences Stock Down 3.9 %

The firm's fifty day simple moving average is $16.52 and its 200 day simple moving average is $15.05.

Assembly Biosciences (NASDAQ:ASMB - Get Free Report) last announced its quarterly earnings results on Thursday, August 8th. The biopharmaceutical company reported ($1.98) earnings per share (EPS) for the quarter, beating the consensus estimate of ($2.96) by $0.98. The company had revenue of $8.53 million for the quarter, compared to the consensus estimate of $5.96 million. On average, equities research analysts predict that Assembly Biosciences, Inc. will post -7.82 earnings per share for the current year.

Insider Buying and Selling at Assembly Biosciences

In related news, major shareholder Alexander Schornstein bought 10,000 shares of the stock in a transaction that occurred on Tuesday, October 8th. The stock was acquired at an average cost of $14.58 per share, with a total value of $145,800.00. Following the transaction, the insider now directly owns 703,113 shares in the company, valued at approximately $10,251,387.54. This trade represents a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 5.10% of the company's stock.

Institutional Trading of Assembly Biosciences

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Acadian Asset Management LLC boosted its stake in shares of Assembly Biosciences by 131.0% in the 2nd quarter. Acadian Asset Management LLC now owns 13,558 shares of the biopharmaceutical company's stock valued at $184,000 after purchasing an additional 7,690 shares during the last quarter. Renaissance Technologies LLC boosted its position in Assembly Biosciences by 39.2% during the second quarter. Renaissance Technologies LLC now owns 54,911 shares of the biopharmaceutical company's stock valued at $753,000 after acquiring an additional 15,451 shares during the last quarter. Finally, Armistice Capital LLC acquired a new stake in Assembly Biosciences during the 2nd quarter worth about $6,421,000. Institutional investors and hedge funds own 19.92% of the company's stock.

About Assembly Biosciences

Assembly Biosciences, Inc, a biotechnology company, develops therapeutic candidates for the treatment of viral diseases. It develops ABI-5366, a long-acting herpes simplex virus (HSV) helicase-primase inhibitor that is in Phase 1a/1b clinical trial to treat recurrent genital herpes; ABI-1179, which is in Phase 1a/1b clinical trial for the treatment of recurrent genital herpes; and ABI-6250, a small molecule orally bioavailable hepatitis delta virus entry inhibitor that is in Phase 1a clinical trial.