KalVista Pharmaceuticals (NASDAQ:KALV) Shares Gap Down on Disappointing Earnings

KalVista Pharmaceuticals, Inc. (NASDAQ:KALV - Get Free Report)'s share price gapped down prior to trading on Friday following a dissappointing earnings announcement. The stock had previously closed at $15.51, but opened at $14.88. KalVista Pharmaceuticals shares last traded at $14.46, with a volume of 331,384 shares trading hands.

The specialty pharmaceutical company reported ($3.69) earnings per share for the quarter, missing analysts' consensus estimates of ($0.83) by ($2.86). During the same quarter in the previous year, the business posted ($1.07) EPS.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on KALV. JMP Securities upped their target price on KalVista Pharmaceuticals from $19.00 to $27.00 and gave the stock a "market outperform" rating in a report on Tuesday, July 8th. Jones Trading reiterated a "buy" rating and issued a $30.00 price objective on shares of KalVista Pharmaceuticals in a report on Wednesday, March 26th. HC Wainwright lifted their target price on shares of KalVista Pharmaceuticals from $20.00 to $27.00 and gave the stock a "buy" rating in a research report on Tuesday, July 8th. Needham & Company LLC reissued a "buy" rating and set a $28.00 target price on shares of KalVista Pharmaceuticals in a report on Tuesday, April 8th. Finally, Leerink Partners upped their price target on shares of KalVista Pharmaceuticals from $18.00 to $20.00 and gave the company an "outperform" rating in a research report on Monday, July 7th. Eight research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Buy" and a consensus target price of $26.29.

Insider Activity

In other KalVista Pharmaceuticals news, CEO Benjamin L. Palleiko sold 32,979 shares of the stock in a transaction that occurred on Wednesday, July 9th. The stock was sold at an average price of $15.69, for a total transaction of $517,440.51. Following the transaction, the chief executive officer directly owned 369,595 shares in the company, valued at approximately $5,798,945.55. This represents a 8.19% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Paul K. Audhya sold 2,776 shares of KalVista Pharmaceuticals stock in a transaction on Monday, May 19th. The shares were sold at an average price of $11.84, for a total transaction of $32,867.84. Following the completion of the sale, the insider directly owned 106,611 shares of the company's stock, valued at approximately $1,262,274.24. This trade represents a 2.54% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 48,878 shares of company stock worth $723,617. 10.50% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Suvretta Capital Management LLC grew its holdings in shares of KalVista Pharmaceuticals by 16.6% during the fourth quarter. Suvretta Capital Management LLC now owns 4,913,012 shares of the specialty pharmaceutical company's stock valued at $41,613,000 after buying an additional 701,007 shares during the last quarter. Tang Capital Management LLC boosted its stake in KalVista Pharmaceuticals by 13.2% during the 4th quarter. Tang Capital Management LLC now owns 4,893,847 shares of the specialty pharmaceutical company's stock valued at $41,451,000 after purchasing an additional 572,300 shares during the last quarter. Frazier Life Sciences Management L.P. boosted its stake in KalVista Pharmaceuticals by 32.5% during the 4th quarter. Frazier Life Sciences Management L.P. now owns 4,887,867 shares of the specialty pharmaceutical company's stock valued at $41,400,000 after purchasing an additional 1,200,000 shares during the last quarter. Vestal Point Capital LP increased its holdings in KalVista Pharmaceuticals by 19.3% during the 4th quarter. Vestal Point Capital LP now owns 4,770,000 shares of the specialty pharmaceutical company's stock worth $40,402,000 after purchasing an additional 770,000 shares in the last quarter. Finally, Vanguard Group Inc. raised its stake in shares of KalVista Pharmaceuticals by 1.9% in the first quarter. Vanguard Group Inc. now owns 2,298,598 shares of the specialty pharmaceutical company's stock worth $26,526,000 after purchasing an additional 43,355 shares during the last quarter.

KalVista Pharmaceuticals Price Performance

The company has a market cap of $760.24 million, a P/E ratio of -4.12 and a beta of -0.04. The stock has a fifty day moving average price of $12.57 and a two-hundred day moving average price of $11.26.

About KalVista Pharmaceuticals

KalVista Pharmaceuticals, Inc, a clinical stage pharmaceutical company, engages in the discovery, development, and commercialization of drug therapies inhibitors for diseases with unmet needs. The company's product candidate is Sebetralstat, a small molecule plasma kallikrein inhibitor targeting the disease of hereditary angioedema (HAE).