Johnson & Johnson Acquires Shares of 3,636,363 Rallybio Co. (NASDAQ:RLYB)

Johnson & Johnson bought a new stake in Rallybio Co. (NASDAQ:RLYB) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm bought 3,636,363 shares of the company’s stock, valued at approximately $4,873,000. Rallybio comprises 1.2% of Johnson & Johnson’s investment portfolio, making the stock its 13th biggest position. Johnson & Johnson owned 8.77% of Rallybio at the end of the most recent reporting period.

Separately, Acadian Asset Management LLC acquired a new stake in Rallybio in the first quarter valued at $57,000. 90.34% of the stock is currently owned by institutional investors and hedge funds.

Rallybio Price Performance

Shares of NASDAQ:RLYB opened at $1.13 on Monday. The firm has a market capitalization of $46.88 million, a PE ratio of -0.60 and a beta of -1.71. Rallybio Co. has a 12 month low of $1.08 and a 12 month high of $5.77. The business has a 50-day moving average of $1.22 and a two-hundred day moving average of $1.52.

Rallybio (NASDAQ:RLYB) last announced its quarterly earnings results on Thursday, August 8th. The company reported ($0.37) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.42) by $0.05. The company had revenue of $0.30 million during the quarter. As a group, research analysts anticipate that Rallybio Co. will post -1.45 earnings per share for the current year.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on RLYB. Evercore ISI reiterated an “outperform” rating and issued a $15.00 price target on shares of Rallybio in a report on Monday, August 26th. HC Wainwright restated a “buy” rating and issued a $6.00 target price on shares of Rallybio in a report on Tuesday, September 3rd. Two investment analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $10.00.

Rallybio Profile

Rallybio Corporation, a clinical-stage biotechnology company, engages in development and commercialization of life-transforming therapies for patients suffering from severe and rare diseases. Its lead product candidate is RLYB212, a monoclonal anti-HPA-1a antibody that has completed Phase I clinical trial for the prevention of fetal and neonatal alloimmune thrombocytopenia (FNAIT); and RLYB211 for the prevention of FNAIT.