Shares of Ibio (NYSEMKT:IBIO) stock are taking off to start the day on Friday after an analyst update and new price target.
Cantor Fitzgerald analyst Kristen Kluska initiated an ‘overweight’ rating on IBIO stock, with its price target reaching $3. This is major news with IBIO stock closing at $1.46 per share on Thursday. And if shares reach $3, that means there is more than 105% of upside from the closing price.
From a more long-term perspective, 2020 was a big year for the biotechnology firm. Shares of IBIO stock exploded 320% during the year, including reaching a high of $7.45 in August. And year-to-date, investors are enjoying gains of 62% thus far.
Ibio is located in Bryan, Texas, and focuses on “plant-based biologics manufacturing.” The company boasts a handful of therapeutics in its pipeline, including its own novel coronavirus vaccine. However, its also know for FastPharming technology, which can produce quality protein products with plants in a quick, efficient and safe manner.
That said,”iBio uses the FastPharming System to quickly produce biotherapeutic and vaccine candidates for unmet medical needs.”
IBIO stock was up 17% as of Friday morning.
On the date of publication, Nick Clarkson did not have (either directly or indirectly) any positions in the securities mentioned in this article.
Nick is a web editor at InvestorPlace.