Assembly Biosciences (NASDAQ:ASMB) Upgraded by Jefferies Financial Group to “Buy”

Jefferies Financial Group upgraded shares of Assembly Biosciences (NASDAQ:ASMB) from a hold rating to a buy rating in a research report sent to investors on Friday morning, MarketBeat Ratings reports. The firm currently has $35.00 price target on the biopharmaceutical company’s stock, up from their previous price target of $2.00.

Separately, HC Wainwright reissued a neutral rating on shares of Assembly Biosciences in a research note on Thursday, June 20th.

Assembly Biosciences Stock Performance

Assembly Biosciences stock opened at $16.26 on Friday. The company’s fifty day simple moving average is $15.52 and its 200-day simple moving average is $14.50. Assembly Biosciences has a 12 month low of $7.69 and a 12 month high of $20.04.

Assembly Biosciences (NASDAQ:ASMB) last announced its quarterly earnings results on Thursday, August 8th. The biopharmaceutical company reported ($1.98) earnings per share (EPS) for the quarter, beating the consensus estimate of ($2.96) by $0.98. The firm had revenue of $8.53 million for the quarter, compared to analyst estimates of $5.96 million. On average, analysts forecast that Assembly Biosciences will post -7.41 EPS for the current year.

Insider Transactions at Assembly Biosciences

In related news, major shareholder Alexander Schornstein bought 4,562 shares of the business’s stock in a transaction that occurred on Wednesday, July 3rd. The stock was purchased at an average cost of $12.29 per share, for a total transaction of $56,066.98. Following the purchase, the insider now directly owns 688,675 shares in the company, valued at $8,463,815.75. The purchase was disclosed in a filing with the SEC, which is available through this link. Corporate insiders own 5.10% of the company’s stock.

Institutional Investors Weigh In On Assembly Biosciences

A number of institutional investors have recently added to or reduced their stakes in ASMB. Acadian Asset Management LLC increased its holdings in Assembly Biosciences by 131.0% in the 2nd quarter. Acadian Asset Management LLC now owns 13,558 shares of the biopharmaceutical company’s stock valued at $184,000 after buying an additional 7,690 shares during the period. Renaissance Technologies LLC lifted its holdings in shares of Assembly Biosciences by 39.2% during the 2nd quarter. Renaissance Technologies LLC now owns 54,911 shares of the biopharmaceutical company’s stock worth $753,000 after acquiring an additional 15,451 shares during the period. Finally, Armistice Capital LLC acquired a new stake in shares of Assembly Biosciences during the 2nd quarter valued at about $6,421,000. 19.92% of the stock is owned by institutional investors and hedge funds.

About Assembly Biosciences

Assembly Biosciences, Inc, a biotechnology company, develops therapeutic candidates for the treatment of viral diseases. It develops ABI-5366, a long-acting herpes simplex virus (HSV) helicase-primase inhibitor that is in Phase 1a/1b clinical trial to treat recurrent genital herpes; ABI-1179, which is in Phase 1a/1b clinical trial for the treatment of recurrent genital herpes; and ABI-6250, a small molecule orally bioavailable hepatitis delta virus entry inhibitor that is in Phase 1a clinical trial.