Rodman & Renshaw Initiates Coverage on FibroBiologics (NASDAQ:FBLG)

Investment analysts at Rodman & Renshaw started coverage on shares of FibroBiologics (NASDAQ:FBLG) in a research note issued to investors on Thursday, MarketBeat reports. The firm set a “buy” rating and a $12.00 price target on the stock. Rodman & Renshaw’s price target points to a potential upside of 440.54% from the company’s previous close.

FBLG has been the subject of several other research reports. Maxim Group assumed coverage on shares of FibroBiologics in a report on Tuesday, September 24th. They issued a “buy” rating and a $12.00 target price for the company. D. Boral Capital reiterated a “buy” rating and issued a $16.00 price objective on shares of FibroBiologics in a report on Wednesday, November 20th. EF Hutton Acquisition Co. I raised FibroBiologics to a “strong-buy” rating in a research note on Wednesday, September 4th. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $12.00 target price on shares of FibroBiologics in a research report on Wednesday, November 13th. Four equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus target price of $13.00.

FibroBiologics Trading Down 2.2 %

Shares of FBLG opened at $2.22 on Thursday. The firm has a 50-day simple moving average of $2.80 and a two-hundred day simple moving average of $3.93. FibroBiologics has a 1-year low of $1.08 and a 1-year high of $55.00.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of FBLG. Fund Evaluation Group LLC acquired a new stake in FibroBiologics in the 2nd quarter valued at about $5,265,000. Cascade Financial Partners LLC purchased a new stake in shares of FibroBiologics during the second quarter worth approximately $1,572,000. Geode Capital Management LLC increased its stake in shares of FibroBiologics by 90.0% during the third quarter. Geode Capital Management LLC now owns 599,760 shares of the company’s stock worth $1,854,000 after buying an additional 284,047 shares during the period. State Street Corp raised its holdings in FibroBiologics by 26.5% in the third quarter. State Street Corp now owns 475,837 shares of the company’s stock valued at $1,470,000 after acquiring an additional 99,789 shares in the last quarter. Finally, Bank of New York Mellon Corp purchased a new position in FibroBiologics in the second quarter worth approximately $342,000.

FibroBiologics Company Profile

FibroBiologics, Inc operates as a cell therapy, regenerative medicine company. It is developing a pipeline of treatments and potential cures for chronic diseases using fibroblast cells and fibroblast-derived materials. It holds 150+ U.S. and internationally issued patents/patents pending across various clinical pathways, including disc degeneration, orthopedics, multiple sclerosis, psoriasis, wound healing, reversing organ involution, and cancer.