XBiotech Inc (NASDAQ:XBIT) shot up 6.9% during trading on Friday . The company traded as high as $9.70 and last traded at $9.70, 205,300 shares were traded during mid-day trading. An increase of 27% from the average session volume of 161,513 shares. The stock had previously closed at $9.07.

A number of research firms have commented on XBIT. BidaskClub raised shares of XBiotech from a “hold” rating to a “buy” rating in a research report on Wednesday, August 21st. ValuEngine cut shares of XBiotech from a “buy” rating to a “hold” rating in a research report on Thursday, August 1st. Zacks Investment Research reissued a “sell” rating on shares of XBiotech in a research report on Sunday, September 8th. Finally, Piper Jaffray Companies began coverage on shares of XBiotech in a research report on Friday, June 14th. They set an “overweight” rating and a $13.00 price target on the stock.

The firm has a market cap of $369.51 million, a price-to-earnings ratio of -16.44 and a beta of 0.41. The company’s 50-day moving average price is $7.91 and its 200-day moving average price is $8.56.

Several institutional investors and hedge funds have recently modified their holdings of XBIT. Marshall Wace LLP acquired a new stake in shares of XBiotech during the first quarter worth about $682,000. Strs Ohio acquired a new stake in shares of XBiotech during the second quarter worth about $357,000. JPMorgan Chase & Co. acquired a new stake in shares of XBiotech during the second quarter worth about $34,000. Charles Schwab Investment Management Inc. acquired a new stake in shares of XBiotech during the second quarter worth about $309,000. Finally, Bank of New York Mellon Corp lifted its position in shares of XBiotech by 217.8% during the second quarter. Bank of New York Mellon Corp now owns 53,136 shares of the biopharmaceutical company’s stock worth $403,000 after purchasing an additional 36,415 shares in the last quarter. 10.75% of the stock is currently owned by institutional investors and hedge funds.

XBiotech Company Profile (NASDAQ:XBIT)

XBiotech Inc, a pre-market biopharmaceutical company, engages in discovering and developing True Human monoclonal antibodies for treating various diseases. The company's lead product is bermekimab, a therapeutic antibody that neutralizes interleukin-1 alpha, which has completed Phase III clinical trial in Europe for the treatment of symptomatic and advanced colorectal cancer.

Further Reading: Initial Coin Offering (ICO)

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