Palisade Bio (NASDAQ:PALI) Stock Gets Price Target Reduction from HC Wainwright

Key Points

• HC Wainwright cut its price target for Palisade Bio to $5 but maintained a Buy rating; the target implies 342.48% upside from the prior close.
• Analyst sentiment is mixed but mostly positive: MarketBeat reports an average Buy rating and a $9 consensus target, while some firms rate the stock Sell.
• Palisade Bio reported quarterly EPS of -$0.07, missing analysts’ estimate of -$0.06; shares opened at $1.13, near their 52-week low of $1.08.

Palisade Bio (NASDAQ:PALI - Get Free Report) had its price objective dropped by HC Wainwright to $5.00 in a report issued on Wednesday, Benzinga reports. The firm currently has a "buy" rating on the stock. HC Wainwright's target price suggests a potential upside of 342.48% from the stock's previous close.

Other equities analysts have also issued reports about the company. Oppenheimer reaffirmed an "outperform" rating on shares of Palisade Bio in a research note on Wednesday, October 21st. Raymond James Financial began coverage on Palisade Bio in a research note on Thursday, October 8th. They issued an "outperform" rating and a $6.00 price objective on the stock. Wall Street Zen lowered Palisade Bio from a "hold" rating to a "sell" rating in a research note on Saturday, October 17th. Finally, Weiss Ratings reaffirmed a "sell (e+)" rating on shares of Palisade Bio in a research note on Monday, October 12th. Two investment analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock currently has an average rating of "Buy" and a consensus target price of $9.00.

Palisade Bio Price Performance

PALI opened at $1.13 on Wednesday. The company's 50 day moving average price is $1.53 and its two-hundred day moving average price is $1.83. The firm has a market capitalization of $196.93 million, a price-to-earnings ratio of -2.35 and a beta of 1.61. Palisade Bio has a fifty-two week low of $1.08 and a fifty-two week high of $2.86.

Palisade Bio (NASDAQ:PALI - Get Free Report) last posted its quarterly earnings data on Tuesday, November 10th. The company reported ($0.07) EPS for the quarter, missing analysts' consensus estimates of ($0.06) by ($0.01). As a group, equities research analysts predict that Palisade Bio will post -0.22 EPS for the current year.

Institutional Investors Weigh In On Palisade Bio

Hedge funds have recently added to or reduced their stakes in the business. Jupiter Topco LLC bought a new stake in Palisade Bio in the second quarter worth approximately $22,394,000. BlackRock Inc. bought a new stake in Palisade Bio in the second quarter worth approximately $21,813,000. Janus Henderson Group PLC increased its holdings in Palisade Bio by 1.4% in the first quarter. Janus Henderson Group PLC now owns 10,689,452 shares of the company's stock worth $18,760,000 after purchasing an additional 149,118 shares in the last quarter. Octagon Capital Advisors LP increased its holdings in Palisade Bio by 7.4% in the first quarter. Octagon Capital Advisors LP now owns 10,276,317 shares of the company's stock worth $17,984,000 after purchasing an additional 708,419 shares in the last quarter. Finally, Wellington Management Group LLP increased its holdings in Palisade Bio by 27.5% in the second quarter. Wellington Management Group LLP now owns 3,703,936 shares of the company's stock worth $7,741,000 after purchasing an additional 799,025 shares in the last quarter. 11.79% of the stock is currently owned by institutional investors.

Palisade Bio Company Profile

Palisade Bio, Inc. NASDAQ: PALI is a clinical-stage biopharmaceutical company focused on developing therapies for gastrointestinal diseases and complications associated with gastrointestinal surgery. The company's research is centered on treatments intended to protect the intestinal barrier and support recovery following major medical procedures. Palisade Bio's lead product candidate, LB1148, is an orally administered serine protease inhibitor designed to reduce the harmful effects of digestive enzymes released during surgery or gastrointestinal injury.