venBio Partners LLC Takes $144.15 Million Position in Parabilis Medicines, Inc. $PBLS

Key Points

• venBio Partners acquired 5.27 million Parabilis Medicines shares worth approximately $144.15 million, representing about 4.46% of the company and becoming its second-largest portfolio holding.
• Institutional and insider buying was substantial, including major stakes from Alphabet and ARCH Venture Management, while insiders purchased 530,000 shares worth $10.7 million over the past three months.
• Analysts maintain a consensus “Buy” rating with a $41.67 target price, but Parabilis reported a quarterly loss of $2.32 per share—far worse than the expected $0.16 loss—on just $150,000 in revenue.

venBio Partners LLC purchased a new position in shares of Parabilis Medicines, Inc. (NASDAQ:PBLS - Free Report) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm purchased 5,266,697 shares of the company's stock, valued at approximately $144,149,497. Parabilis Medicines accounts for about 0.0% of venBio Partners LLC's investment portfolio, making the stock its 2nd largest holding. venBio Partners LLC owned approximately 4.46% of Parabilis Medicines at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Persistent Asset Partners Ltd acquired a new position in shares of Parabilis Medicines during the 2nd quarter valued at $113,000. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new stake in Parabilis Medicines in the 2nd quarter valued at $526,000. Alphabet Inc. acquired a new stake in Parabilis Medicines during the second quarter worth approximately $134,647,000. ICONIQ Capital LLC acquired a new stake in shares of Parabilis Medicines during the second quarter worth $9,580,000. Finally, ARCH Venture Management LLC purchased a new position in shares of Parabilis Medicines in the 2nd quarter worth about $175,517,789.

Insider Transactions at Parabilis Medicines

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

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on PBLS. Lifesci Capital upgraded shares of Parabilis Medicines to a "strong-buy" rating in a research note on Monday, July 6th. Zacks Research raised shares of Parabilis Medicines to a "hold" rating in a research note on Tuesday, July 7th. Bank of America assumed 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. Wall Street Zen raised shares of Parabilis Medicines to a "hold" rating in a research report on Saturday, June 20th. Finally, Evercore initiated coverage on shares of Parabilis Medicines in a report on Monday, July 6th. They issued an "outperform" rating on the stock. One research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat.com, Parabilis Medicines currently has a consensus rating of "Buy" and a consensus target price of $41.67.

Parabilis Medicines Price Performance

Shares of PBLS traded down $0.18 during trading hours on Friday, hitting $39.11. The stock had a trading volume of 316,241 shares, compared to its average volume of 574,312. Parabilis Medicines, Inc. has a fifty-two week low of $24.51 and a fifty-two week high of $41.49. The business's 50-day moving average is $32.64.

Parabilis Medicines (NASDAQ:PBLS - Get Free Report) last issued its quarterly earnings results on Thursday, August 13th. The company reported ($2.32) EPS for the quarter, missing analysts' consensus estimates of ($0.16) by ($2.16). The firm had revenue of $0.15 million for the quarter. Equities analysts expect that Parabilis Medicines, Inc. will post -2.05 EPS for the current year.

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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