Ikarian Capital LLC Reduces Stake in Rezolute, Inc. (NASDAQ:RZLT)

Ikarian Capital LLC reduced its position in Rezolute, Inc. (NASDAQ:RZLT) by 1.8% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 887,230 shares of the company’s stock after selling 16,514 shares during the period. Rezolute comprises 0.6% of Ikarian Capital LLC’s investment portfolio, making the stock its 29th biggest position. Ikarian Capital LLC’s holdings in Rezolute were worth $4,303,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of RZLT. Federated Hermes Inc. increased its stake in Rezolute by 11.1% in the 2nd quarter. Federated Hermes Inc. now owns 11,279,327 shares of the company’s stock valued at $48,501,000 after purchasing an additional 1,125,000 shares in the last quarter. Marshall Wace LLP purchased a new position in Rezolute during the second quarter worth $4,503,000. Affinity Asset Advisors LLC increased its position in Rezolute by 15.6% during the second quarter. Affinity Asset Advisors LLC now owns 1,850,000 shares of the company’s stock worth $7,955,000 after buying an additional 250,000 shares in the last quarter. Vanguard Group Inc. increased its position in Rezolute by 10.4% during the first quarter. Vanguard Group Inc. now owns 1,553,352 shares of the company’s stock worth $3,961,000 after buying an additional 145,700 shares in the last quarter. Finally, Acadian Asset Management LLC increased its position in Rezolute by 104.2% during the second quarter. Acadian Asset Management LLC now owns 184,502 shares of the company’s stock worth $792,000 after buying an additional 94,156 shares in the last quarter. 82.97% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

RZLT has been the subject of several recent research reports. Guggenheim started coverage on Rezolute in a research report on Tuesday, August 27th. They set a “buy” rating and a $11.00 price target for the company. BTIG Research raised their price objective on Rezolute from $13.00 to $15.00 and gave the stock a “buy” rating in a report on Tuesday, September 10th. Maxim Group raised their price objective on Rezolute from $8.00 to $10.00 and gave the stock a “buy” rating in a report on Tuesday, August 6th. JMP Securities restated a “market outperform” rating and set a $7.00 price objective on shares of Rezolute in a report on Friday, September 20th. Finally, Wedbush restated an “outperform” rating and set a $112.00 price objective on shares of Rezolute in a report on Monday, November 4th. Eight analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average target price of $24.13.

Rezolute Price Performance

Rezolute stock traded down $0.08 during midday trading on Tuesday, reaching $5.02. The stock had a trading volume of 81,442 shares, compared to its average volume of 425,301. Rezolute, Inc. has a twelve month low of $0.76 and a twelve month high of $6.19. The stock’s 50-day simple moving average is $5.12 and its 200 day simple moving average is $4.65.

Rezolute (NASDAQ:RZLT) last issued its quarterly earnings data on Thursday, September 19th. The company reported ($0.44) EPS for the quarter, missing analysts’ consensus estimates of ($0.30) by ($0.14). As a group, research analysts anticipate that Rezolute, Inc. will post -0.99 earnings per share for the current year.

Rezolute Company Profile

Rezolute, Inc, a clinical stage biopharmaceutical company, develops therapies for metabolic diseases associated with chronic glucose imbalance in the United States. The company's lead product candidate is RZ358, a human monoclonal antibody that is in Phase 2b clinical trial for the treatment of congenital hyperinsulinism, an ultra-rare pediatric genetic disorder.