Squarepoint Ops LLC Decreases Holdings in Palvella Therapeutics, Inc. $PVLA

Key Points

• Squarepoint Ops LLC cut its Palvella Therapeutics stake by 60.4% in the second quarter, selling 7,891 shares and retaining 5,176 shares valued at approximately $791,000. Institutional investors collectively own 40.11% of PVLA.
• Palvella shares opened at $150.56, near their 12-month high of $161.38, despite the company reporting a quarterly loss of $1.52 per share—$0.35 worse than analyst expectations.
• Analysts maintain a consensus “Buy” rating with an average price target of $209.14, while insiders have sold 36,417 shares worth $5.53 million over the past 90 days.

Squarepoint Ops LLC trimmed its position in shares of Palvella Therapeutics, Inc. (NASDAQ:PVLA - Free Report) by 60.4% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 5,176 shares of the company's stock after selling 7,891 shares during the quarter. Squarepoint Ops LLC's holdings in Palvella Therapeutics were worth $791,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also bought and sold shares of the company. BlackRock Inc. bought a new stake in shares of Palvella Therapeutics during the 2nd quarter worth approximately $140,343,000. First Light Asset Management LLC boosted 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 period. Jennison Associates LLC boosted its stake in shares of Palvella Therapeutics by 65.3% during 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 during the period. Summit Partners Public Asset Management LLC grew 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 worth $40,761,000 after purchasing an additional 354,525 shares during the last quarter. Finally, Primecap Management Co. CA bought a new position in shares of Palvella Therapeutics in the second quarter worth about $39,150,000. Institutional investors own 40.11% of the company's stock.

Palvella Therapeutics Trading Down 2.4%

NASDAQ PVLA opened at $150.56 on Friday. The company has a fifty day simple moving average of $149.44 and a two-hundred day simple moving average of $132.90. The stock has a market cap of $2.17 billion, a P/E ratio of -31.17 and a beta of -0.25. Palvella Therapeutics, Inc. has a 12-month low of $56.22 and a 12-month high of $161.38.

Palvella Therapeutics (NASDAQ:PVLA - Get Free Report) last released its quarterly earnings data on Tuesday, August 4th. The company reported ($1.52) earnings per share for the quarter, missing analysts' consensus estimates of ($1.17) by ($0.35). As a group, sell-side analysts forecast that Palvella Therapeutics, Inc. will post -6.36 earnings per share for the current year.

Insider Transactions at Palvella Therapeutics

In other Palvella Therapeutics news, Director George M. Jenkins sold 13,352 shares of the firm's stock in a transaction on Monday, September 14th. The stock was sold at an average price of $151.96, for a total value of $2,028,969.92. Following the sale, the director directly owned 161,893 shares in the company, valued at $24,601,260.28. This trade represents a 7.62% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Christopher P. Kiritsy sold 313 shares of the company's stock in a transaction 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 completion of the transaction, the director owned 250 shares of the company's stock, valued at $39,250. This represents a 55.60% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 36,417 shares of company stock worth $5,526,138 in the last ninety days. Insiders own 17.20% of the company's stock.

Analyst Upgrades and Downgrades

PVLA has been the topic of a number of research reports. Chardan Capital raised shares of Palvella Therapeutics to a "strong-buy" rating in a research report on Tuesday, July 28th. Truist Financial set a $207.00 price target on Palvella Therapeutics in a report on Wednesday, August 5th. HC Wainwright reissued a "buy" rating and issued a $270.00 price objective on shares of Palvella Therapeutics in a research note on Wednesday, July 22nd. Canaccord Genuity Group set a $232.00 price objective on Palvella Therapeutics in a report on Wednesday, August 5th. Finally, Weiss Ratings restated a "sell (d-)" rating on shares of Palvella Therapeutics in a report on Monday, June 29th. Two equities research analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Buy" and a consensus target price of $209.14.

About Palvella Therapeutics

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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