Shares of BioTime, Inc. (NYSEAMERICAN:BTX) dropped 9% on Wednesday . The stock traded as low as $2.03 and last traded at $2.03. Approximately 537,545 shares traded hands during trading, an increase of 23% from the average daily volume of 437,591 shares. The stock had previously closed at $2.23.
BTX has been the topic of several recent research reports. Zacks Investment Research lowered shares of BioTime from a “hold” rating to a “strong sell” rating in a research report on Thursday, March 22nd. TheStreet lowered shares of BioTime from a “c” rating to a “d” rating in a research report on Monday, April 9th. Two equities research analysts have rated the stock with a sell rating, one has assigned a hold rating and one has assigned a buy rating to the company’s stock. BioTime presently has an average rating of “Hold” and a consensus price target of $5.38.
BioTime (NYSEAMERICAN:BTX) last announced its earnings results on Thursday, May 10th. The biotechnology company reported ($0.09) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.08) by ($0.01). BioTime had a return on equity of 30.68% and a net margin of 828.55%. The company had revenue of $0.70 million during the quarter, compared to the consensus estimate of $0.83 million.
Hedge funds and other institutional investors have recently made changes to their positions in the business. AXA bought a new stake in shares of BioTime during the fourth quarter worth approximately $4,942,000. Renaissance Technologies LLC raised its stake in shares of BioTime by 206.9% during the fourth quarter. Renaissance Technologies LLC now owns 1,197,800 shares of the biotechnology company’s stock worth $2,575,000 after buying an additional 807,500 shares during the last quarter. Bank of New York Mellon Corp raised its stake in shares of BioTime by 42.8% during the fourth quarter. Bank of New York Mellon Corp now owns 658,373 shares of the biotechnology company’s stock worth $1,416,000 after buying an additional 197,373 shares during the last quarter. Two Sigma Investments LP raised its stake in shares of BioTime by 122.8% during the fourth quarter. Two Sigma Investments LP now owns 289,240 shares of the biotechnology company’s stock worth $622,000 after buying an additional 159,421 shares during the last quarter. Finally, Millennium Management LLC raised its stake in shares of BioTime by 938.4% during the fourth quarter. Millennium Management LLC now owns 150,721 shares of the biotechnology company’s stock worth $324,000 after buying an additional 136,206 shares during the last quarter.
BioTime, Inc, a clinical-stage biotechnology company, focuses on developing and commercializing products addressing degenerative diseases based on pluripotent stem cells and HyStem cell/drug delivery platform technologies primarily in the United States and Israel. The company's lead product candidates include OpRegen, a retinal pigment epithelium cell replacement therapy, which is in Phase I/IIa multicenter trial for the treatment of the dry age-related macular degeneration; and Renevia, a facial aesthetics product that is in pivotal clinical trial for the treatment of HIV-associated facial lipoatrophy.
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