Jade Biosciences, Inc. (NASDAQ: JBIO) experienced a significant increase in short interest in December 2023, with figures rising by 47.9% within the month. As of December 31, the total short interest reached 1,546,739 shares, compared to 1,046,137 shares on December 15. This surge indicates heightened investor speculation regarding the company’s stock performance.
Based on an average daily trading volume of 465,345 shares, the current short-interest ratio stands at 3.3 days. This suggests that 4.2% of the company’s total stock is currently sold short, reflecting a growing interest among investors in the potential future movements of Jade Biosciences’ shares.
Analysts Adjust Price Targets
Several brokerages have recently revised their price targets for Jade Biosciences following the latest trends. On November 18, Guggenheim raised its price objective from $14.00 to $17.00, maintaining a “buy” rating. Meanwhile, Wall Street Zen upgraded the stock from a “sell” to a “hold” rating on November 15.
In contrast, Weiss Ratings reiterated a “sell (e+)” rating on December 29. Coverage was initiated by BTIG Research on October 9, with a “buy” rating and a target price of $28.00, while HC Wainwright issued a “buy” rating and a target of $25.00 on January 7. Overall, five analysts have assigned a “buy” rating, while one has rated the stock as a sell. According to MarketBeat.com, the consensus rating for Jade Biosciences is a “Moderate Buy,” with an average price target of $20.80.
Recent Earnings and Institutional Activity
Jade Biosciences reported its quarterly earnings on November 14, revealing earnings per share of ($0.48), surpassing analysts’ expectations of ($0.57) by $0.09. This performance has contributed to the overall interest from institutional investors.
In recent months, several large investors have made notable transactions involving Jade Biosciences shares. Aberdeen Group plc acquired a new stake valued at approximately $13.4 million during the fourth quarter. Similarly, Two Sigma Investments LP entered the market with a new stake worth about $212,000 in the third quarter.
Additionally, BNP Paribas Financial Markets increased its stake by 363.4% during the same quarter, now owning 14,931 shares valued at $129,000. Russell Investments Group Ltd. raised its stake by 40.7%, owning 4,422 shares valued at $38,000, while the New York State Common Retirement Fund saw its holdings soar by an astonishing 4,180.3%, now possessing 5,222 shares worth $45,000.
Jade Biosciences, Inc. is a clinical-stage biotechnology company that focuses on developing innovative therapeutics for inflammatory skin diseases and chronic itch. By leveraging a small-molecule platform, the company aims to address significant gaps in dermatological treatments by targeting critical pathways involved in skin inflammation and pruritus. Its research initiatives are dedicated to discovering and advancing compounds that effectively penetrate the epidermal barrier, aiming to enhance both safety and efficacy compared to existing therapies.
