Shares of life sciences company Emergent BioSolutions (NYSE:EBS) are rising today after multiple big guns on the Street bought the recent dip in the stock.
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The company’s fourth-quarter numbers last month fell short of estimates on the bottom line front. The company is anticipating stabilizing a top line and an improving cost structure for 2023. Revenue is expected at $1.15 billion with a gross margin of 43% and an adjusted EBITDA of $100 million.
Data indicates names including Eagle Asset, Great-West Life Assurance, and UBS Group picked up shares of the company. Additionally, Hotchkis & Wiley Capital too has increased its position in the stock by nearly 137%.
Overall, though, our data dive at TipRanks indicates Hedge Fund Confidence signal in the stock still remains Neutral.
Wall Street has a consensus price target of $21 on EBS, implying a hefty 102.9% potential upside in the stock. That’s after a nearly 14% slide in the share price so far this year.
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