ICONIQ Capital LLC Takes $9.58 Million Position in Parabilis Medicines, Inc. $PBLS

Key Points

• ICONIQ Capital acquired 350,000 Parabilis Medicines shares worth approximately $9.58 million, while several other institutional investors also established new positions during the second quarter.
• Company insiders bought 530,000 shares worth about $10.7 million over the past 90 days, including a $10 million purchase by major shareholder Guy Levy and a $250,000 purchase by Director Alan Sebulsky.
• Analysts generally view PBLS favorably, with an average “Buy” rating and a consensus price target of $41.67; however, the company recently reported a quarterly loss of $2.32 per share versus the $0.16 expected.

ICONIQ Capital LLC purchased a new position in Parabilis Medicines, Inc. (NASDAQ:PBLS - Free Report) during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm purchased 350,000 shares of the company's stock, valued at approximately $9,580,000. Parabilis Medicines makes up 0.3% of ICONIQ Capital LLC's investment portfolio, making the stock its 22nd biggest position. ICONIQ Capital LLC owned approximately 0.30% of Parabilis Medicines as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. Persistent Asset Partners Ltd purchased a new stake in Parabilis Medicines during the second quarter valued at about $113,000. Alyeska Investment Group L.P. purchased a new position in shares of Parabilis Medicines in the second quarter worth approximately $274,000. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new position in shares of Parabilis Medicines in the second quarter worth approximately $526,000. General Catalyst Group Management LLC purchased a new position in shares of Parabilis Medicines in the second quarter worth approximately $43,818,000. Finally, Jupiter Topco LLC acquired a new stake in shares of Parabilis Medicines during the second quarter valued at approximately $62,710,000.

Insiders Place Their Bets

In other news, Director Alan Sebulsky bought 12,500 shares of the stock in a transaction on Thursday, June 11th. The shares were purchased at an average price of $20.00 per share, for a total transaction of $250,000.00. Following the completion of the purchase, the director directly owned 12,500 shares of the company's stock, valued at $250,000. This trade represents a ∞ increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, major shareholder Guy Levy bought 500,000 shares of the stock in a transaction on Thursday, June 11th. The stock was purchased at an average price of $20.00 per share, for a total transaction of $10,000,000.00. Following the purchase, the insider directly owned 1,027,000 shares of the company's stock, valued at approximately $20,540,000. This represents a 94.88% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders bought 530,000 shares of company stock worth $10,723,528 over the last ninety days.

Wall Street Analyst Weigh In

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

Parabilis Medicines Stock Performance

Shares of PBLS opened at $39.11 on Monday. The company's 50 day moving average is $32.91. Parabilis Medicines, Inc. has a 52 week low of $24.51 and a 52 week high of $41.49.

Parabilis Medicines (NASDAQ:PBLS - Get Free Report) last released its earnings results on Thursday, August 13th. The company reported ($2.32) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.16) by ($2.16). The business had revenue of $0.15 million for the quarter. On average, equities research analysts predict that Parabilis Medicines, Inc. will post -2.05 EPS for the current year.

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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