Shares of Zura Bio Ltd (NASDAQ:ZURA) shares are trading lower Wednesday, possibly on profit-taking after the stock rallied roughly more than 35% Tuesday afternoon.
The company triggered interest, and the move has been part of a pattern since it raised $80 million in a private placement to start two Phase 2 trials of the company's lead therapies.
In March, Zura Bio merged with JATT Acquisition Corp, a special-purpose acquisition company.
The business combination resulted in approximately $65 million in gross cash proceeds to support research and development initiatives and potential future acquisitions.
Analysts are beginning to notice the stock.
Chardan Capital recently began coverage on the stock with a buy rating and a price target of $14.
Raymond James initiated coverage on Zura Bio with a price target of $20 and a Strong Buy rating.
Price Action: ZURA shares are down 6.25% at $12 during the premarket session on the last check Wednesday.
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