It’s been a while since Eleven Biotherapeutics Inc (NASDAQ:EBIO) shareholders have been able to crack a smile, but today it appears as if fortunes may be changing, at least a little bit. After the stock plunged from over $2.30 following their failed clinical trial for their pink eye drug, the stock has been in a downward trend for close to two weeks.
On Tuesday, however, the tide may had turned as Albumedix announced that they would be acquiring Eleven Biotherapeutics’ (NASDAQ:EBIO) Supermin albumin variant assets, in a deal in which the exact terms were not disclosed. Currently trading at a market cap south of $7 million, many investors and analysts alike feel that perhaps a takeover of the company is now likely.
Shares of Eleven Biotherapeutics Inc (NASDAQ:EBIO) are up $0.057 or 15.7% in pre-market trading this morning. It will be interesting to see if buyers now enter the stock, and if shorts begin covering today as it appears that the tide may be turning. The stock increased 3.71% or $0.013 during the last trading session, hitting $0.363. About 600 shares traded hands. EBIO has declined 87.08% since June 23, 2015 and is downtrending. It has underperformed the S&P500 by 78.21%.
The institutional sentiment decreased to 0.64 in Q2 2015. It’s down 0.29, from 0.93 in 2015Q2. The ratio dropped, as 16 funds sold all their Eleven Biotherapeutics Inc shares they owned while 6 reduced their positions. 6 funds bought stakes while 8 increased their total positions. Institutions now own 18.60 million shares which is 31.23% more than the previous share count of 14.17 million in 2015Q2.
Flagship Ventures 2007 General Partner Llc holds 2.89% of its total portfolio in Eleven Biotherapeutics Inc, equating to 1.91 million shares. Third Rock Ventures Llc owns 4.84 million shares representing 1.09% of their total US portfolio. Moreover, Rotella Capital Management Inc. has 0.15% of their total portfolio invested in the company, equating to 190,947 shares. The California-based Redmile Group Llc has a total of 0.04% of their portfolio invested in the stock. Sabby Management Llc, a New Jersey-based fund reported 171,541 shares owned.
Eleven Biotherapeutics, Inc. is a clinical-stage biopharmaceutical company. The company has a market cap of $6.86 million. The Firm through AMP-Rx, a protein engineering platform, is engaged in the discovery and development of protein therapeutics to treat diseases of the eye. It currently has negative earnings. The Firm designs, engineers and generates a pipeline of protein therapeutic candidates that target cytokines, which are central to diseases of the eye.