Zacks Investment Research upgraded shares of BioTime, Inc. (NYSEMKT:BTX) from a hold rating to a buy rating in a report released on Friday morning. They currently have $3.50 target price on the stock.
According to Zacks, “BioTime, Inc. is a clinical-stage biotechnology company focused on developing and commercializing novel therapies in the field of regenerative medicine. The foundation of its core therapeutic technology platform is pluripotent cells that are capable of becoming any of the cell types in the human body. BioTime’s research and other activities have resulted, over time, in the creation of other subsidiaries that address other non-therapeutic market opportunities such as cancer diagnostics, drug development and cell research products, and mobile health software applications. “
Shares of BioTime (NYSEMKT:BTX) traded up 0.63% during mid-day trading on Friday, reaching $3.21. The company’s stock had a trading volume of 71,863 shares. The company has a 50-day moving average of $3.16 and a 200-day moving average of $3.40. The company has a market cap of $329.91 million, a P/E ratio of 9.44 and a beta of 1.37. BioTime has a 12 month low of $2.26 and a 12 month high of $4.01.
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In related news, Director Broadwood Partners, L.P. acquired 2,222,222 shares of the stock in a transaction on Wednesday, February 15th. The stock was acquired at an average cost of $2.70 per share, for a total transaction of $5,999,999.40. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website.
Hedge funds have recently modified their holdings of the company. Berson & Corrado Investment Advisors LLC acquired a new position in BioTime during the third quarter valued at about $124,000. Intellectus Partners LLC acquired a new position in BioTime during the fourth quarter valued at about $127,000. Two Sigma Investments LP raised its position in BioTime by 86.9% in the fourth quarter. Two Sigma Investments LP now owns 66,135 shares of the company’s stock valued at $239,000 after buying an additional 30,753 shares during the last quarter. Finally, State Street Corp raised its position in BioTime by 9.3% in the fourth quarter. State Street Corp now owns 1,045,826 shares of the company’s stock valued at $3,775,000 after buying an additional 89,189 shares during the last quarter.
BioTime Company Profile
BioTime, Inc is a clinical-stage biotechnology company. The Company is focused on the field of regenerative medicine, specifically pluripotent stem cell technology. The Company is engaged in the research and development of therapeutic products for oncology, orthopedics, retinal and neurological diseases and disorders, blood and vascular system diseases and disorders, blood plasma volume expansion, diagnostic products for the early detection of cancer, and hydrogel products that may be used in surgery and products for human embryonic stem cell research.
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