IVERIC bio (NASDAQ:ISEE) Downgraded by Zacks Investment Research

Zacks Investment Research downgraded shares of IVERIC bio (NASDAQ:ISEE) from a buy rating to a hold rating in a report published on Wednesday morning, Zacks.com reports.

According to Zacks, “IVERIC bio Inc. is a biotechnology company. It is focused on the discovery and development of novel gene therapy solutions to treat orphan inherited retinal diseases. IVERIC bio Inc., formerly known as Ophthotech Corporation, is based in New York, United States. “

Separately, HC Wainwright upped their price objective on IVERIC bio from $20.00 to $26.00 and gave the company a buy rating in a research note on Wednesday, November 10th.

NASDAQ:ISEE opened at $13.67 on Wednesday. IVERIC bio has a one year low of $4.96 and a one year high of $19.32. The business’s 50-day simple moving average is $15.47 and its 200 day simple moving average is $13.54.

IVERIC bio (NASDAQ:ISEE) last released its quarterly earnings results on Monday, November 8th. The company reported ($0.23) EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.29) by $0.06. During the same period last year, the firm posted ($0.27) earnings per share. As a group, equities research analysts predict that IVERIC bio will post -1.09 earnings per share for the current year.

In related news, SVP Christopher Paul Simms purchased 3,069 shares of the company’s stock in a transaction dated Thursday, November 18th. The shares were acquired at an average cost of $16.30 per share, for a total transaction of $50,024.70. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website. Also, COO Keith Westby sold 3,614 shares of the stock in a transaction that occurred on Friday, December 10th. The stock was sold at an average price of $14.53, for a total value of $52,511.42. The disclosure for this sale can be found here. Insiders have sold 116,420 shares of company stock worth $1,861,398 in the last 90 days. 4.10% of the stock is currently owned by insiders.

Several institutional investors have recently made changes to their positions in ISEE. Perceptive Advisors LLC grew its holdings in IVERIC bio by 62.9% in the 3rd quarter. Perceptive Advisors LLC now owns 7,471,798 shares of the company’s stock worth $121,342,000 after buying an additional 2,886,286 shares in the last quarter. American International Group Inc. grew its holdings in IVERIC bio by 12.6% in the 3rd quarter. American International Group Inc. now owns 57,128 shares of the company’s stock worth $928,000 after buying an additional 6,376 shares in the last quarter. Bank of New York Mellon Corp grew its holdings in IVERIC bio by 41.9% in the 3rd quarter. Bank of New York Mellon Corp now owns 426,191 shares of the company’s stock worth $6,922,000 after buying an additional 125,884 shares in the last quarter. Schonfeld Strategic Advisors LLC bought a new position in IVERIC bio in the 3rd quarter worth approximately $3,131,000. Finally, BNP Paribas Arbitrage SA grew its holdings in IVERIC bio by 290.7% in the 3rd quarter. BNP Paribas Arbitrage SA now owns 24,217 shares of the company’s stock worth $393,000 after buying an additional 18,019 shares in the last quarter. Institutional investors and hedge funds own 93.10% of the company’s stock.

IVERIC bio Company Profile

IVERIC bio, Inc operates as a biopharmaceutical company. The firm engages in discovering, developing and commercializing novel therapeutics to treat ophthalmic diseases, with a focus on age-related and orphan retinal diseases. Its product candidates include Zimura and Gene Therapy. The company was founded by David R.

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