Rallybio (NASDAQ:RLYB) Stock Rating Lowered by Zacks Investment Research

Rallybio (NASDAQ:RLYB) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released on Thursday, Zacks.com reports.

According to Zacks, “Rallybio Corporation is a clinical-stage biotechnology company committed to identifying and accelerating the development of therapies for patients with severe and rare diseases. Rallybio Corporation is headquartered in New Haven, Connecticut. “

Shares of NASDAQ RLYB opened at $8.87 on Thursday. The business has a 50-day simple moving average of $11.90. Rallybio has a fifty-two week low of $8.06 and a fifty-two week high of $25.78.

Rallybio (NASDAQ:RLYB) last issued its quarterly earnings results on Wednesday, November 10th. The company reported ($0.37) earnings per share for the quarter, topping the consensus estimate of ($0.89) by $0.52. Sell-side analysts forecast that Rallybio will post -2.89 EPS for the current year.

In other news, CEO Martin Mackay bought 5,504 shares of the firm’s stock in a transaction that occurred on Monday, January 10th. The stock was purchased at an average price of $10.10 per share, with a total value of $55,590.40. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Jeffrey M. Fryer bought 10,000 shares of the firm’s stock in a transaction that occurred on Friday, January 7th. The shares were purchased at an average cost of $9.41 per share, with a total value of $94,100.00. The disclosure for this purchase can be found here. In the last three months, insiders acquired 20,504 shares of company stock valued at $202,440.

Institutional investors have recently added to or reduced their stakes in the stock. Morgan Stanley acquired a new stake in shares of Rallybio during the third quarter worth about $38,000. California State Teachers Retirement System acquired a new stake in shares of Rallybio during the third quarter worth about $68,000. American International Group Inc. acquired a new position in Rallybio in the third quarter valued at approximately $69,000. Deutsche Bank AG acquired a new position in Rallybio in the third quarter valued at approximately $73,000. Finally, New York State Common Retirement Fund acquired a new position in Rallybio in the third quarter valued at approximately $77,000. 94.98% of the stock is owned by hedge funds and other institutional investors.

About Rallybio

Rallybio Corporation is a clinical-stage biotechnology company committed to identifying and accelerating the development of therapies for patients with severe and rare diseases. Rallybio Corporation is headquartered in New Haven, Connecticut.

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