Caribou Biosciences (NASDAQ:CRBU) Trading Down 6.7%

Caribou Biosciences, Inc. (NASDAQ:CRBUGet Rating)’s share price traded down 6.7% during mid-day trading on Thursday . The company traded as low as $10.21 and last traded at $10.24. 13,692 shares were traded during trading, a decline of 99% from the average session volume of 923,104 shares. The stock had previously closed at $10.97.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on the company. Citigroup cut their target price on Caribou Biosciences from $39.00 to $38.00 and set a “buy” rating on the stock in a research report on Monday, August 29th. HC Wainwright dropped their price target on Caribou Biosciences from $28.00 to $27.00 and set a “buy” rating on the stock in a research report on Thursday, August 18th. Seven equities research analysts have rated the stock with a buy rating, According to MarketBeat, Caribou Biosciences presently has an average rating of “Buy” and an average target price of $29.33.

Caribou Biosciences Stock Down 6.9 %

The stock has a market capitalization of $621.18 million, a price-to-earnings ratio of -6.73 and a beta of 2.82. The firm has a 50-day moving average of $9.66 and a two-hundred day moving average of $8.49.

Insiders Place Their Bets

In other Caribou Biosciences news, insider Steven Kanner sold 43,248 shares of the company’s stock in a transaction dated Thursday, August 25th. The stock was sold at an average price of $11.22, for a total value of $485,242.56. Following the transaction, the insider now directly owns 302,059 shares of the company’s stock, valued at approximately $3,389,101.98. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders own 8.50% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. BlackRock Inc. boosted its stake in shares of Caribou Biosciences by 88.3% during the 1st quarter. BlackRock Inc. now owns 3,319,182 shares of the company’s stock worth $30,470,000 after acquiring an additional 1,556,153 shares in the last quarter. Vanguard Group Inc. boosted its stake in shares of Caribou Biosciences by 118.9% during the 1st quarter. Vanguard Group Inc. now owns 2,001,554 shares of the company’s stock worth $18,375,000 after acquiring an additional 1,087,038 shares in the last quarter. Assenagon Asset Management S.A. bought a new stake in shares of Caribou Biosciences during the 2nd quarter worth about $6,027,000. State Street Corp boosted its stake in shares of Caribou Biosciences by 7.3% during the 2nd quarter. State Street Corp now owns 797,600 shares of the company’s stock worth $4,331,000 after acquiring an additional 54,578 shares in the last quarter. Finally, JPMorgan Chase & Co. boosted its stake in shares of Caribou Biosciences by 2,754.9% during the 1st quarter. JPMorgan Chase & Co. now owns 515,758 shares of the company’s stock worth $4,735,000 after acquiring an additional 497,692 shares in the last quarter. 64.73% of the stock is owned by institutional investors and hedge funds.

About Caribou Biosciences

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Caribou Biosciences, Inc, a clinical-stage biopharmaceutical company, engages in the development of genome-edited allogeneic cell therapies for the treatment of hematologic malignancies and solid tumors in the United States and internationally. Its lead product candidates are CB-010, an allogeneic anti-CD19 CAR-T cell therapy that is in phase 1 clinical trial to treat relapsed or refractory B cell non-Hodgkin lymphoma; and CB-011, an allogeneic anti-BCMA CAR-T cell therapy for the treatment of relapsed or refractory multiple myeloma.

Further Reading

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