ICONIQ Capital LLC Makes New Investment in Parabilis Medicines, Inc. $PBLS

Key Points

• ICONIQ Capital acquired 350,000 Parabilis Medicines shares in the second quarter, valued at approximately $9.58 million and representing about 0.30% of the company.
• Other investors also built positions, including Alphabet, which purchased a stake worth approximately $134.6 million. Parabilis insiders bought 530,000 shares worth $10.7 million over the past 90 days.
• Analysts maintain a generally positive outlook, with an average “Buy” rating and a $41.67 consensus price target. However, the company reported a quarterly loss of $2.32 per share, far below the $0.16 loss analysts expected.

ICONIQ Capital LLC acquired a new position in Parabilis Medicines, Inc. (NASDAQ:PBLS - Free Report) in the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 350,000 shares of the company's stock, valued at approximately $9,580,000. Parabilis Medicines makes up approximately 0.3% of ICONIQ Capital LLC's holdings, making the stock its 21st biggest holding. ICONIQ Capital LLC owned about 0.30% of Parabilis Medicines at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Alphabet Inc. acquired a new stake in shares of Parabilis Medicines in the 2nd quarter worth approximately $134,647,000. Mitsubishi UFJ Asset Management Co. Ltd. bought a new position in Parabilis Medicines during the second quarter valued at about $526,000. Finally, Persistent Asset Partners Ltd acquired a new position in Parabilis Medicines during the second quarter worth about $113,000.

Parabilis Medicines Price Performance

Shares of NASDAQ:PBLS opened at $39.36 on Monday. Parabilis Medicines, Inc. has a 1 year low of $24.51 and a 1 year high of $41.49. The stock's fifty day moving average price is $31.59.

Parabilis Medicines (NASDAQ:PBLS - Get Free Report) last announced its quarterly earnings results 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. Analysts anticipate that Parabilis Medicines, Inc. will post -2.05 earnings per share for the current year.

Analyst Ratings Changes

Several equities analysts have recently weighed in on the stock. Guggenheim assumed coverage on shares of Parabilis Medicines in a research report on Monday, July 6th. They set a "buy" rating and a $40.00 price objective for the company. Evercore began coverage on shares of Parabilis Medicines in a research note on Monday, July 6th. They set an "outperform" rating for the company. Bank of America initiated coverage on shares of Parabilis Medicines in a research note on Monday, July 6th. They set a "buy" rating and a $45.00 target price for the company. Leerink Partners assumed coverage on shares of Parabilis Medicines in a report on Monday, July 6th. They set an "outperform" rating and a $40.00 target price for the company. Finally, Zacks Research upgraded shares of Parabilis Medicines to a "hold" rating in a research report on Tuesday, July 7th. One research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and one has issued a Hold rating to the company's stock. According to MarketBeat, Parabilis Medicines has an average rating of "Buy" and a consensus target price of $41.67.

Insider Transactions at Parabilis Medicines

In other news, Director Alan Sebulsky purchased 12,500 shares of the business's stock in a transaction that occurred on Thursday, June 11th. The stock was purchased at an average cost 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 approximately $250,000. This trade represents a ∞ increase in their position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, major shareholder Guy Levy purchased 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 completion of the acquisition, the insider directly owned 1,027,000 shares in the company, valued at approximately $20,540,000. This represents a 94.88% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders have bought a total of 530,000 shares of company stock valued at $10,723,528 over the last ninety days.

Parabilis Medicines Profile

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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