Benitec Biopharma (NASDAQ:BNTC) Shares Pass Below Fifty Day Moving Average – Here’s What Happened

Benitec Biopharma Inc. (NASDAQ:BNTC)’s share price crossed below its 50-day moving average during trading on Wednesday . The stock has a 50-day moving average of $11.38 and traded as low as $10.20. Benitec Biopharma shares last traded at $10.20, with a volume of 19,838 shares traded.

Analyst Upgrades and Downgrades

BNTC has been the subject of a number of analyst reports. Guggenheim reiterated a “buy” rating and set a $17.00 target price on shares of Benitec Biopharma in a research note on Tuesday, December 3rd. Oppenheimer started coverage on Benitec Biopharma in a research report on Wednesday, October 16th. They set an “outperform” rating and a $35.00 price objective for the company. Robert W. Baird started coverage on Benitec Biopharma in a research report on Friday, December 13th. They set an “outperform” rating and a $30.00 target price on the stock. Baird R W raised Benitec Biopharma to a “strong-buy” rating in a report on Thursday, December 12th. Finally, Piper Sandler reissued an “overweight” rating on shares of Benitec Biopharma in a report on Friday, October 18th. Seven investment analysts have rated the stock with a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat.com, Benitec Biopharma currently has a consensus rating of “Buy” and an average target price of $24.43.

Benitec Biopharma Stock Performance

The business has a 50 day moving average of $11.38 and a 200-day moving average of $10.22.

Insider Activity

In other Benitec Biopharma news, Director Suvretta Capital Management, L acquired 42,000 shares of the company’s stock in a transaction on Tuesday, December 3rd. The shares were bought at an average cost of $9.60 per share, for a total transaction of $403,200.00. Following the completion of the purchase, the director now owns 7,957,365 shares in the company, valued at $76,390,704. This trade represents a 0.53 % increase in their position. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 1.30% of the company’s stock.

Institutional Investors Weigh In On Benitec Biopharma

Hedge funds have recently made changes to their positions in the business. Suvretta Capital Management LLC increased its position in Benitec Biopharma by 422.0% in the 3rd quarter. Suvretta Capital Management LLC now owns 8,829,053 shares of the biotechnology company’s stock valued at $81,139,000 after acquiring an additional 7,137,763 shares during the period. Franklin Resources Inc. grew its stake in shares of Benitec Biopharma by 269.0% in the 4th quarter. Franklin Resources Inc. now owns 2,939,287 shares of the biotechnology company’s stock valued at $37,123,000 after purchasing an additional 2,142,643 shares during the last quarter. Geode Capital Management LLC increased its holdings in shares of Benitec Biopharma by 134.7% in the fourth quarter. Geode Capital Management LLC now owns 197,096 shares of the biotechnology company’s stock valued at $2,490,000 after purchasing an additional 113,109 shares during the period. Simplify Asset Management Inc. raised its stake in shares of Benitec Biopharma by 127.5% during the third quarter. Simplify Asset Management Inc. now owns 116,535 shares of the biotechnology company’s stock worth $1,071,000 after purchasing an additional 65,319 shares during the last quarter. Finally, Acuta Capital Partners LLC purchased a new stake in shares of Benitec Biopharma during the third quarter worth approximately $274,000. Institutional investors and hedge funds own 52.19% of the company’s stock.

Benitec Biopharma Company Profile

Benitec Biopharma Inc, a clinical-stage biotechnology company, focuses on the development of novel genetic medicines. The company develops DNA-directed RNA interference-based therapeutics for chronic and life-threatening human conditions. It is developing BB-301, an adeno-associated virus based gene therapy agent for treating oculopharyngeal muscular dystrophy.