Kalaris Therapeutics (NASDAQ:KLRS) Shares Up 15.4% - Here's What Happened

Key Points

• Kalaris Therapeutics shares jumped 15.4% to $4.05 in midday trading, reaching as high as $4.09, although trading volume was 76% below the stock’s average.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and an average price target of $18.75, despite one sell rating and some target-price reductions.
• Director Srinivas Akkaraju bought 244,300 shares for approximately $1.18 million, increasing his holdings by 12.34%; insiders collectively own 68.10% of the company.

Kalaris Therapeutics Inc. (NASDAQ:KLRS - Get Free Report)'s stock price rose 15.4% during mid-day trading on Monday . The company traded as high as $4.09 and last traded at $4.05. Approximately 155,903 shares changed hands during mid-day trading, a decline of 76% from the average daily volume of 653,556 shares. The stock had previously closed at $3.51.

Wall Street Analyst Weigh In

Several research analysts recently commented on the company. Citizens Jmp reduced their price objective on Kalaris Therapeutics from $26.00 to $25.00 and set a "market outperform" rating for the company in a research note on Wednesday, May 13th. Wedbush began coverage on shares of Kalaris Therapeutics in a research note on Thursday, May 14th. They set an "outperform" rating and a $17.00 target price on the stock. Morgan Stanley started coverage on shares of Kalaris Therapeutics in a research note on Thursday, April 16th. They set an "overweight" rating and a $14.00 target price on the stock. TD Cowen initiated coverage on shares of Kalaris Therapeutics in a research report on Monday, June 15th. They issued a "buy" rating for the company. Finally, Weiss Ratings downgraded shares of Kalaris Therapeutics from a "sell (d-)" rating to a "sell (e+)" rating in a research note on Tuesday, July 28th. One research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, Kalaris Therapeutics currently has a consensus rating of "Moderate Buy" and a consensus target price of $18.75.

Kalaris Therapeutics Stock Up 15.4%

The business has a 50-day moving average price of $4.38 and a 200-day moving average price of $6.46. The firm has a market capitalization of $96.35 million, a PE ratio of -1.88 and a beta of 0.20.

Kalaris Therapeutics (NASDAQ:KLRS - Get Free Report) last posted its quarterly earnings results on Tuesday, May 12th. The company reported ($0.46) EPS for the quarter, beating the consensus estimate of ($0.52) by $0.06. On average, equities research analysts anticipate that Kalaris Therapeutics Inc. will post -2 earnings per share for the current year.

Insider Activity

In related news, Director Srinivas Akkaraju purchased 244,300 shares of Kalaris Therapeutics stock in a transaction dated Wednesday, May 20th. The shares were acquired at an average price of $4.83 per share, for a total transaction of $1,179,969.00. Following the acquisition, the director directly owned 2,224,147 shares in the company, valued at approximately $10,742,630.01. The trade was a 12.34% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 68.10% of the stock is owned by company insiders.

Institutional Investors Weigh In On Kalaris Therapeutics

Hedge funds have recently modified their holdings of the company. State Street Corp grew its stake in shares of Kalaris Therapeutics by 12.4% in the 4th quarter. State Street Corp now owns 25,410 shares of the company's stock valued at $214,000 after buying an additional 2,800 shares during the period. Nano Cap New Millennium Growth Fund L P purchased a new stake in shares of Kalaris Therapeutics during the 4th quarter valued at approximately $34,000. Barclays PLC acquired a new position in Kalaris Therapeutics in the fourth quarter valued at approximately $51,000. Johnson Financial Group Inc. purchased a new position in Kalaris Therapeutics in the third quarter worth approximately $58,000. Finally, Keel Point LLC acquired a new stake in Kalaris Therapeutics during the fourth quarter worth $86,000. Hedge funds and other institutional investors own 66.05% of the company's stock.

Kalaris Therapeutics Company Profile

Allovir, Inc, a clinical-stage cell therapy company, engages in the research and development of allogeneic, off-the-shelf multi-virus specific T cell (VST) therapies to prevent and treat devastating viral-associated diseases. The company's lead product is posoleucel, an allogeneic, off-the-shelf VST therapy, to treat BK virus, cytomegalovirus, adenovirus, Epstein-Barr virus, human herpesvirus 6, and JC virus. Its preclinical and clinical development product candidates include ALVR106 for the respiratory syncytial virus, influenza, parainfluenza virus, and human metapneumovirus; ALVR109 to treat SARS-CoV-2 and COVID-19; ALVR107 for treating hepatitis B; and ALVR108.

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