Rallybio (NASDAQ:RLYB) Stock Rating Lowered by Zacks Investment Research

Rallybio (NASDAQ:RLYB) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a note issued to investors on Thursday, Zacks.com reports.

According to Zacks, “Rallybio Corporation is a clinical-stage biotechnology company committed to identifying and accelerating the development of therapies for patients with severe and rare diseases. Rallybio Corporation is headquartered in New Haven, Connecticut. “

Shares of Rallybio stock opened at $8.87 on Thursday. The stock has a 50-day moving average price of $11.90. Rallybio has a 1 year low of $8.06 and a 1 year high of $25.78.

Rallybio (NASDAQ:RLYB) last announced its quarterly earnings results on Wednesday, November 10th. The company reported ($0.37) earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.89) by $0.52. On average, analysts expect that Rallybio will post -2.89 earnings per share for the current year.

In other Rallybio news, insider Jeffrey M. Fryer purchased 10,000 shares of Rallybio stock in a transaction dated Friday, January 7th. The stock was purchased at an average price of $9.41 per share, with a total value of $94,100.00. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Stephen Uden purchased 5,000 shares of Rallybio stock in a transaction dated Wednesday, January 12th. The shares were acquired at an average cost of $10.55 per share, with a total value of $52,750.00. The disclosure for this purchase can be found here. Insiders have acquired a total of 20,504 shares of company stock worth $202,440 in the last 90 days.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Morgan Stanley purchased a new stake in shares of Rallybio during the 3rd quarter valued at about $38,000. California State Teachers Retirement System purchased a new stake in shares of Rallybio during the 3rd quarter valued at about $68,000. American International Group Inc. purchased a new stake in shares of Rallybio during the 3rd quarter valued at about $69,000. Deutsche Bank AG purchased a new stake in Rallybio in the 3rd quarter worth approximately $73,000. Finally, New York State Common Retirement Fund purchased a new stake in Rallybio in the 3rd quarter worth approximately $77,000. 94.98% of the stock is owned by hedge funds and other institutional investors.

Rallybio Company Profile

Rallybio Corporation is a clinical-stage biotechnology company committed to identifying and accelerating the development of therapies for patients with severe and rare diseases. Rallybio Corporation is headquartered in New Haven, Connecticut.

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