Rallybio (NASDAQ:RLYB) Stock Price Down 11.8%

Rallybio Co. (NASDAQ:RLYB) fell 11.8% on Tuesday . The stock traded as low as $1.16 and last traded at $1.20. 714,816 shares changed hands during trading, a decline of 24% from the average session volume of 943,522 shares. The stock had previously closed at $1.36.

Analysts Set New Price Targets

A number of brokerages have recently commented on RLYB. Wedbush dropped their price target on Rallybio from $13.00 to $11.00 and set an “outperform” rating on the stock in a research report on Thursday, April 11th. HC Wainwright restated a “buy” rating and set a $9.00 price target on shares of Rallybio in a report on Friday, May 10th. JPMorgan Chase & Co. cut shares of Rallybio from an “overweight” rating to a “neutral” rating in a research note on Wednesday, May 15th. Finally, JMP Securities restated a “market outperform” rating and set a $8.00 price objective on shares of Rallybio in a research note on Thursday, April 18th. Two analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, Rallybio has a consensus rating of “Moderate Buy” and a consensus price target of $12.20.

Rallybio Stock Performance

The stock has a market cap of $53.06 million, a P/E ratio of -0.68 and a beta of -1.69. The company’s fifty day moving average price is $1.62 and its 200-day moving average price is $1.78.

Rallybio (NASDAQ:RLYB) last posted its quarterly earnings data on Thursday, May 9th. The company reported ($0.47) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.50) by $0.03. Analysts anticipate that Rallybio Co. will post -1.42 earnings per share for the current fiscal year.

Institutional Trading of Rallybio

Several hedge funds have recently modified their holdings of RLYB. SG Americas Securities LLC purchased a new position in shares of Rallybio during the fourth quarter worth $40,000. abrdn plc acquired a new position in shares of Rallybio in the 4th quarter valued at about $4,128,000. Vanguard Group Inc. grew its holdings in Rallybio by 1.2% during the first quarter. Vanguard Group Inc. now owns 1,076,771 shares of the company’s stock worth $1,992,000 after acquiring an additional 12,801 shares during the period. Finally, Acadian Asset Management LLC purchased a new position in Rallybio during the first quarter valued at approximately $57,000. 90.34% of the stock is owned by hedge funds and other institutional investors.

Rallybio Company Profile

Rallybio Corporation, a clinical-stage biotechnology company, engages in development and commercialization of life-transforming therapies for patients suffering from severe and rare diseases. Its lead product candidate is RLYB212, a monoclonal anti-HPA-1a antibody that has completed Phase I clinical trial for the prevention of fetal and neonatal alloimmune thrombocytopenia (FNAIT); and RLYB211 for the prevention of FNAIT.