Alphabet Inc. Makes New $134.65 Million Investment in Parabilis Medicines, Inc. $PBLS

Key Points

• Alphabet acquired 4.92 million Parabilis Medicines shares worth approximately $134.65 million, giving it a 4.16% stake and making PBLS its eighth-largest holding.
• Parabilis insiders purchased 530,000 shares worth approximately $10.7 million over the past 90 days, including major shareholder Guy Levy’s $10 million purchase.
• Parabilis reported a quarterly loss of $2.32 per share, far below the $0.16 consensus estimate, despite analysts maintaining an overall “Buy” rating with an average price target of $41.67.

Alphabet Inc. acquired a new stake in Parabilis Medicines, Inc. (NASDAQ:PBLS - Free Report) during the 2nd quarter, according to its most recent disclosure with the SEC. The fund acquired 4,919,498 shares of the company's stock, valued at approximately $134,647,000. Parabilis Medicines makes up about 0.1% of Alphabet Inc.'s portfolio, making the stock its 8th biggest holding. Alphabet Inc. owned 4.16% of Parabilis Medicines as of its most recent SEC filing.

Separately, Persistent Asset Partners Ltd acquired a new position in shares of Parabilis Medicines during the 2nd quarter worth approximately $113,000.

Insider Transactions at Parabilis Medicines

In related news, Director Alan Sebulsky bought 12,500 shares of Parabilis Medicines stock in a transaction on Thursday, June 11th. The stock was acquired at an average price of $20.00 per share, with a total value of $250,000.00. Following the acquisition, the director directly owned 12,500 shares of the company's stock, valued at $250,000. This represents a ∞ increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, major shareholder Guy Levy acquired 500,000 shares of the company's stock in a transaction that occurred on Thursday, June 11th. The shares were acquired at an average cost of $20.00 per share, with a total value of $10,000,000.00. Following the purchase, the insider directly owned 1,027,000 shares of the company's stock, valued at $20,540,000. This trade represents a 94.88% increase in their position. The SEC filing for this purchase provides additional information. Insiders have acquired a total of 530,000 shares of company stock valued at $10,723,528 in the last ninety days.

Parabilis Medicines Trading Up 0.4%

Shares of NASDAQ:PBLS opened at $37.22 on Tuesday. The business has a 50-day moving average of $30.80. Parabilis Medicines, Inc. has a fifty-two week low of $24.51 and a fifty-two week high of $38.83.

Parabilis Medicines (NASDAQ:PBLS - Get Free Report) last posted its quarterly earnings data on Thursday, August 13th. The company reported ($2.32) EPS for the quarter, missing the consensus estimate of ($0.16) by ($2.16). The company had revenue of $0.15 million during the quarter. On average, analysts expect that Parabilis Medicines, Inc. will post -1.4 EPS for the current year.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on PBLS shares. Bank of America started coverage on Parabilis Medicines in a research note on Monday, July 6th. They issued a "buy" rating and a $45.00 price target on the stock. Wall Street Zen upgraded shares of Parabilis Medicines to a "hold" rating in a research report on Saturday, June 20th. Evercore assumed coverage on shares of Parabilis Medicines in a report on Monday, July 6th. They issued an "outperform" rating for the company. Leerink Partners started coverage on Parabilis Medicines in a report on Monday, July 6th. They set an "outperform" rating and a $40.00 price target on the stock. Finally, Zacks Research raised Parabilis Medicines to a "hold" rating in a research note on Tuesday, July 7th. One research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Buy" and an average target price of $41.67.

About Parabilis Medicines

Parabilis Medicines Inc is a clinical-stage biopharmaceutical company built to develop transformative medicines addressing some of the most consequential, yet historically undruggable, protein targets driving human disease. Parabilis Medicines Inc is based in CAMBRIDGE, Mass.

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