XBiotech (NASDAQ:XBIT) Stock Price Passes Below 50-Day Moving Average - Here's Why

XBiotech Inc. (NASDAQ:XBIT - Get Free Report)'s share price crossed below its fifty day moving average during trading on Monday . The stock has a fifty day moving average of $7.23 and traded as low as $6.55. XBiotech shares last traded at $6.67, with a volume of 39,715 shares.

XBiotech Stock Up 0.9 %

The business has a fifty day moving average of $7.23 and a 200 day moving average of $6.94. The company has a market cap of $205.13 million, a P/E ratio of -6.18 and a beta of 1.42.

Institutional Investors Weigh In On XBiotech

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its position in XBiotech by 1.6% during the first quarter. Vanguard Group Inc. now owns 895,315 shares of the biopharmaceutical company's stock valued at $7,279,000 after purchasing an additional 13,804 shares in the last quarter. American Century Companies Inc. bought a new position in XBiotech in the 2nd quarter worth $393,000. Rhumbline Advisers boosted its stake in shares of XBiotech by 2,568.5% in the second quarter. Rhumbline Advisers now owns 20,094 shares of the biopharmaceutical company's stock worth $103,000 after acquiring an additional 19,341 shares during the period. Bank of New York Mellon Corp raised its stake in XBiotech by 102.9% during the 2nd quarter. Bank of New York Mellon Corp now owns 98,314 shares of the biopharmaceutical company's stock valued at $505,000 after purchasing an additional 49,863 shares during the period. Finally, Jane Street Group LLC purchased a new position in XBiotech in the 3rd quarter worth approximately $86,000. Hedge funds and other institutional investors own 55.70% of the company's stock.

About XBiotech

XBiotech Inc, a biopharmaceutical company, discovers, develops, and commercializes True Human monoclonal antibodies for treating various diseases. The company focuses on developing a pipeline of product candidates targeting both inflammatory and infectious diseases. It is also developing interleukin-1 alpha therapies to treat variety of medical conditions, such as cancer, stroke, heart attack, or arthritis; and mediates tissue breakdown, angiogenesis, the formation of blood clots, malaise, muscle wasting, and inflammation.