Avalo Therapeutics Reports Quarterly Earnings
Avalo Therapeutics (NASDAQ:AVTX) released its latest quarterly earnings, revealing a net loss of $1.92 per share, which falls short of analysts' forecasted loss of $1.43 by $0.49. Despite this earnings shortfall, the company's stock experienced a notable increase of 6.9%, reaching $8.93, supported by higher-than-average trading volume.
Market Response and Analyst Upgrades
Market sentiment appeared positive after HC Wainwright upgraded Avalo from a "hold" to a "buy" rating, setting a target price of $15.00 amid optimistic analyst outlooks. On Friday, AVTX shares gained $0.58 during trading, with a total volume of 392,428 shares, surpassing the usual 284,396. The stock's 50-day moving average stands at $5.59, while the 200-day average is at $6.00. Over the past year, the stock has traded between $3.39 and $16.00.
Institutional Investment and Ownership
Institutional investors are increasing their stakes, with Geode Capital Management LLC raising its position by 2.5% in the second quarter, owning 110,460 shares valued at approximately $552,000. Overall, hedge funds and institutional investors control a...