Gritstone Bio Inc [NASDAQ: GRTS] closed the trading session at $2.35. The company report on April 1, 2024 at 11:00 PM that Gritstone bio Announces Pricing of $32.5 Million Underwritten Public Offering.
The offering consists of (i) 8,333,333 shares of common stock and accompanying common warrants to purchase up to 8,333,333 shares of common stock at a per share exercise price of $1.65 (provided, however, that the purchaser may elect to exercise the common warrants for pre-funded warrants in lieu of shares of common stock at an exercise price of $1.65 minus $0.0001, the exercise price of each pre-funded warrant), at a combined public offering price of $1.50 per share and accompanying common warrant and (ii) to a certain investor in lieu of common stock, pre-funded warrants to purchase up to 13,334,222 shares of common stock at a per share exercise price of $0.0001 and accompanying common warrants to purchase up to 13,334,222 shares of common stock at a per share exercise price of $1.65 (provided, however, that the purchaser may elect to exercise the common warrants for pre-funded warrants in lieu of shares of common stock at an exercise price of $1.65 minus $0.0001, the exercise price of each pre-funded warrant) at a combined public offering price of $1.4999 per pre-funded warrant and accompanying common warrant, which represents the per share combined purchase price for the common stock and accompanying common warrants less the $0.0001 per share exercise price for each such pre-funded warrant. The accompanying common warrants will be immediately exercisable for shares of common stock or pre-funded warrants in lieu thereof, and will expire on the twelve-month anniversary of the date of issuance. All of the shares of common stock, accompanying common warrants and pre-funded warrants are being offered by Gritstone bio. The offering is expected to close on or about April 4, 2024, subject to the satisfaction of customary closing conditions.
The stocks have a year to date performance of 15.20 percent and weekly performance of -14.23 percent. The stock has been moved at 50.64 percent over the last six months. The stock has performed -16.07 percent around the most recent 30 days and changed 14.08 percent over the most recent 3-months.
If compared to the average trading volume of 2.02M shares, GRTS reached to a volume of 6961480 in the most recent trading day, which is why market watchdogs consider the stock to be active.
Here’s what leading stock market gurus have to say about Gritstone Bio Inc [GRTS]:
Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for GRTS shares is $9.00 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on GRTS stock is a recommendation set at 1.00. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.
JMP Securities have made an estimate for Gritstone Bio Inc shares, keeping their opinion on the stock as Mkt Outperform, with their previous recommendation back on February 28, 2024. While these analysts kept the previous recommendation, Evercore ISI raised their target price to Outperform. The new note on the price target was released on March 31, 2023, representing the official price target for Gritstone Bio Inc stock. Previously, the target price had yet another raise to $8, while B. Riley Securities analysts kept a Buy rating on GRTS stock.
The Average True Range (ATR) for Gritstone Bio Inc is set at 0.27, with the Price to Sales ratio for GRTS stock in the period of the last 12 months amounting to 173.28. The Price to Book ratio for the last quarter was 4.42, with the Price to Cash per share for the same quarter was set at 0.83.
GRTS stock trade performance evaluation
Gritstone Bio Inc [GRTS] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -14.23. With this latest performance, GRTS shares dropped by -16.07% in over the last four-week period, additionally plugging by 50.64% over the last 6 months – not to mention a drop of -11.65% in the past year of trading.
Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for GRTS stock in for the last two-week period is set at 46.00, with the RSI for the last a single of trading hit 41.80, and the three-weeks RSI is set at 48.07 for Gritstone Bio Inc [GRTS]. The present Moving Average for the last 50 days of trading for this stock 2.45, while it was recorded at 2.60 for the last single week of trading, and 2.02 for the last 200 days.
Gritstone Bio Inc [GRTS]: An insightful look at the core fundamentals
Gritstone Bio Inc’s liquidity data is similarly interesting compelling, with a Quick Ratio of 3.20 and a Current Ratio set at 3.20.
Earnings per share (EPS) analysis for Gritstone Bio Inc [GRTS] stock
With the latest financial reports released by the company, Gritstone Bio Inc posted -0.3/share EPS, while the average EPS was predicted by analysts to be reported at -0.33/share. When compared, the two values demonstrate that the company surpassed the estimates by a Surprise Factor of 9.10%. The progress of the company may be observed through the prism of EPS growth rate, while Wall Street analysts are focusing on predicting the 5-year EPS growth rate for GRTS.
Gritstone Bio Inc [GRTS]: Institutional Ownership
The top three institutional holders of GRTS stocks are: VANGUARD GROUP INC with ownership of 1.32 billion shares, which is approximately 8.4983%. BLACKROCK INC., holding 1.04 billion shares of the stock with an approximate value of $200.69 billion in GRTS stocks shares; and BERKSHIRE HATHAWAY INC, currently with $174.35 billion in GRTS stock with ownership which is approximately 5.8386%.
