Avalyn Pharma (NASDAQ:AVLN) Hits New 52-Week High Following Better-Than-Expected Earnings

Key Points

• Avalyn Pharma shares reached a new 52-week high, trading as high as $39.99 after the company reported a quarterly loss of $0.98 per share, beating analysts’ expected loss of $1.03.
• Analyst sentiment is broadly positive: the stock has a consensus “Buy” rating and a $59.00 average price target, while several firms initiated coverage with targets between $51 and $53.
• Bank of New York Mellon established a new position of 40,140 shares worth approximately $1.32 million, giving it a 0.09% stake in the clinical-stage biopharmaceutical company.

Shares of Avalyn Pharma Inc. (NASDAQ:AVLN - Get Free Report) reached a new 52-week high during mid-day trading on Thursday following a better than expected earnings announcement. The company traded as high as $39.99 and last traded at $37.38, with a volume of 378235 shares traded. The stock had previously closed at $35.46.

The company reported ($0.98) earnings per share for the quarter, topping analysts' consensus estimates of ($1.03) by $0.05.

Analysts Set New Price Targets

Several brokerages recently weighed in on AVLN. Zacks Research raised shares of Avalyn Pharma to a "hold" rating in a research report on Wednesday, May 27th. Morgan Stanley began coverage on shares of Avalyn Pharma in a research note on Tuesday, May 26th. They set an "overweight" rating and a $53.00 price target on the stock. Evercore began coverage on shares of Avalyn Pharma in a report on Tuesday, May 26th. They set an "outperform" rating and a $51.00 price target on the stock. Jefferies Financial Group assumed coverage on shares of Avalyn Pharma in a research note on Monday, May 25th. They issued a "buy" rating and a $52.00 price objective for the company. Finally, Wall Street Zen upgraded shares of Avalyn Pharma to a "hold" rating in a report on Saturday, May 9th. Two equities research analysts have rated the stock with a Strong Buy rating, two have issued a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Buy" and a consensus target price of $59.00.

Institutional Trading of Avalyn Pharma

A hedge fund recently bought a new position in Avalyn Pharma stock. Bank of New York Mellon Corp acquired a new position in shares of Avalyn Pharma Inc. (NASDAQ:AVLN - Free Report) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 40,140 shares of the company's stock, valued at approximately $1,321,000. Bank of New York Mellon Corp owned 0.09% of Avalyn Pharma at the end of the most recent quarter.

Avalyn Pharma Price Performance

The stock's 50 day simple moving average is $29.71. The stock has a market cap of $1.66 billion and a price-to-earnings ratio of -1.71.

Avalyn Pharma Company Profile

We are a clinical-stage biopharmaceutical company pioneering inhaled therapies to transform the treatment paradigm of serious, rare respiratory diseases with significant unmet needs. Our approach is designed to address the limitations of current oral therapies by delivering optimized inhaled formulations of approved oral medicines directly to the lungs to enhance efficacy and minimize systemic exposure that contributes to side effects and treatment discontinuation. Our current pipeline is focused on treating pulmonary fibrosis, a life-threatening disease with a median survival of three to five years, which is a significantly shorter prognosis than that observed for many forms of cancer.

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