Bank of America Corp DE Makes New $8.34 Million Investment in Palvella Therapeutics, Inc. $PVLA

Key Points

• Bank of America initiated an $8.34 million position in Palvella Therapeutics, purchasing 54,554 shares and holding approximately 0.38% of the company. Institutional investors and hedge funds collectively own 40.11% of Palvella.
• Palvella shares fell 5.4% to $138.16 after the company reported a quarterly loss of $1.52 per share, missing estimates of $1.17. Analysts expect a full-year loss of $6.36 per share.
• Analyst sentiment remains largely positive, with a “Moderate Buy” consensus and an average price target of $209.14, although insiders sold $5.53 million of stock over the past 90 days.

Bank of America Corp DE purchased a new stake in Palvella Therapeutics, Inc. (NASDAQ:PVLA - Free Report) in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund purchased 54,554 shares of the company's stock, valued at approximately $8,337,000. Bank of America Corp DE owned about 0.38% of Palvella Therapeutics as of its most recent SEC filing.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. BlackRock Inc. bought a new position in shares of Palvella Therapeutics in the second quarter worth about $140,343,000. First Light Asset Management LLC grew its stake in shares of Palvella Therapeutics by 38.3% during the first quarter. First Light Asset Management LLC now owns 980,758 shares of the company's stock valued at $122,251,000 after purchasing an additional 271,617 shares during the last quarter. Jennison Associates LLC increased its holdings in shares of Palvella Therapeutics by 65.3% in the first quarter. Jennison Associates LLC now owns 640,611 shares of the company's stock valued at $79,852,000 after purchasing an additional 253,128 shares in the last quarter. Summit Partners Public Asset Management LLC increased its holdings in shares of Palvella Therapeutics by 1,016.0% in the fourth quarter. Summit Partners Public Asset Management LLC now owns 389,420 shares of the company's stock valued at $40,761,000 after purchasing an additional 354,525 shares in the last quarter. Finally, Primecap Management Co. CA bought a new position in Palvella Therapeutics in the 2nd quarter worth approximately $39,150,000. Institutional investors and hedge funds own 40.11% of the company's stock.

Palvella Therapeutics Stock Down 5.4%

Shares of Palvella Therapeutics stock opened at $138.16 on Friday. Palvella Therapeutics, Inc. has a 12 month low of $58.16 and a 12 month high of $161.38. The business has a fifty day simple moving average of $149.29 and a 200 day simple moving average of $133.43. The stock has a market cap of $1.99 billion, a PE ratio of -28.60 and a beta of -0.25.

Palvella Therapeutics (NASDAQ:PVLA - Get Free Report) last released its earnings results on Tuesday, August 4th. The company reported ($1.52) earnings per share for the quarter, missing the consensus estimate of ($1.17) by ($0.35). Analysts expect that Palvella Therapeutics, Inc. will post -6.36 EPS for the current fiscal year.

Insider Activity

In related news, Director Christopher P. Kiritsy sold 313 shares of Palvella Therapeutics stock in a transaction that occurred on Wednesday, September 2nd. The shares were sold at an average price of $157.00, for a total transaction of $49,141.00. Following the transaction, the director owned 250 shares of the company's stock, valued at $39,250. This trade represents a 55.60% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director George M. Jenkins sold 1,777 shares of the business's stock in a transaction that occurred on Tuesday, September 15th. The shares were sold at an average price of $150.14, for a total transaction of $266,798.78. Following the transaction, the director owned 160,116 shares of the company's stock, valued at approximately $24,039,816.24. This represents a 1.10% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 36,417 shares of company stock valued at $5,526,138 in the last ninety days. 17.20% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of research analysts have commented on the company. Chardan Capital started coverage on Palvella Therapeutics in a research report on Monday, September 21st. They issued a "buy" rating and a $240.00 price objective on the stock. Canaccord Genuity Group set a $232.00 price target on Palvella Therapeutics in a research note on Wednesday, August 5th. HC Wainwright reiterated a "buy" rating and issued a $270.00 price target on shares of Palvella Therapeutics in a report on Wednesday, July 22nd. Weiss Ratings reiterated a "sell (d-)" rating on shares of Palvella Therapeutics in a research report on Monday, June 29th. Finally, Truist Financial set a $207.00 price objective on Palvella Therapeutics in a report on Wednesday, August 5th. One analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $209.14.

Palvella Therapeutics Company Profile

Palvella Therapeutics, Inc is a clinical-stage biopharmaceutical company focused on developing therapies for patients with rare genetic and dermatologic diseases. The company uses its proprietary QTORIN platform to formulate and deliver medicines locally to affected tissues, with the goal of improving treatment effectiveness while limiting systemic exposure.

Palvella's lead program is QTORIN 3.9% rapamycin, an investigational topical gel being developed for microcystic lymphatic malformations, rare lesions caused by abnormalities in the lymphatic system.

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