4,919,498 Shares of Parabilis Medicines, Inc. $PBLS Bought by Alphabet Inc.

Key Points

• Alphabet bought 4,919,498 Parabilis Medicines shares in the third quarter, worth about $158.9 million. The stake represents approximately 3.98% of the company and is Alphabet’s ninth-largest portfolio holding.
• Analysts’ consensus rating is “Moderate Buy,” with an average price target of $40.80; the shares opened at $27.69, down 6.6% according to the article.
• Parabilis reported a quarterly loss of $0.36 per share, beating estimates for a $0.40 loss, and revenue of $2.11 million.

Alphabet Inc. bought a new position in shares of Parabilis Medicines, Inc. (NASDAQ:PBLS - Free Report) during the 3rd quarter, according to its most recent filing with the SEC. The institutional investor bought 4,919,498 shares of the company's stock, valued at approximately $158,851,000. Parabilis Medicines makes up 0.2% of Alphabet Inc.'s portfolio, making the stock its 9th largest position. Alphabet Inc. owned about 3.98% of Parabilis Medicines as of its most recent filing with the SEC.

Other institutional investors have also added to or reduced their stakes in the company. Parallel Advisors LLC lifted its holdings in Parabilis Medicines by 95.5% during the third quarter. Parallel Advisors LLC now owns 1,075 shares of the company's stock worth $35,000 after buying an additional 525 shares during the period. Sterling Capital Management LLC purchased a new stake in Parabilis Medicines during the third quarter valued at approximately $35,000. WINTON GROUP Ltd purchased a new stake in Parabilis Medicines during the second quarter valued at approximately $955,000. Squarepoint Ops LLC purchased a new stake in Parabilis Medicines during the second quarter valued at approximately $1,327,000. Finally, Frazier Life Sciences Management L.P. acquired a new stake in Parabilis Medicines in the second quarter valued at approximately $52,572,000.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on PBLS shares. Weiss Ratings lowered shares of Parabilis Medicines from a "sell (d+)" rating to a "sell (d)" rating in a report on Monday, November 2nd. HC Wainwright initiated coverage on Parabilis Medicines in a report on Thursday, October 22nd. They set a "buy" rating and a $40.00 price objective for the company. Finally, Canaccord Genuity Group assumed coverage on Parabilis Medicines in a research report on Monday. They issued a "buy" rating and a $39.00 price objective for the company. One analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, Parabilis Medicines presently has a consensus rating of "Moderate Buy" and an average price target of $40.80.

Parabilis Medicines Stock Down 6.6%

NASDAQ:PBLS opened at $27.69 on Friday. The firm has a market capitalization of $3.42 billion and a P/E ratio of -13.00. Parabilis Medicines, Inc. has a 12 month low of $22.66 and a 12 month high of $42.49. The business's fifty day moving average is $31.11.

Parabilis Medicines (NASDAQ:PBLS - Get Free Report) last released its earnings results on Thursday, November 12th. The company reported ($0.36) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.40) by $0.04. The firm had revenue of $2.11 million during the quarter. As a group, research analysts forecast that Parabilis Medicines, Inc. will post -2.60 earnings per share for the current fiscal year.

Parabilis Medicines Company Profile

Parabilis Medicines is a clinical-stage biopharmaceutical company developing medicines for diseases driven by proteins that have been difficult to target with conventional drugs. Its research focuses on macrocyclic peptides designed to address challenging protein interactions, including targets relevant to cancer. The company uses its proprietary Helicon platform to design these peptide-based drug candidates. Parabilis is based in Cambridge, Massachusetts, and was formerly known as Peptone. Parabilis was founded by Gregory Verdine, who serves as the company's chief executive officer.

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