KalVista Pharmaceuticals (NASDAQ:KALV) Shares Gap Up - Here's Why

Key Points

• KalVista Pharmaceuticals shares gapped up significantly, opening at $16.99, after closing at $15.39, despite experiencing a recent trading drop to $13.82.
• Analysts have increased their price targets for KalVista, with HC Wainwright setting a new target of $27.00, indicating a positive outlook and maintaining a "buy" rating.
• Recently reported quarterly earnings showed a loss of ($1.12) EPS, which missed expectations, alongside revenue of $1.43 million compared to the expected $1.97 million.

Shares of KalVista Pharmaceuticals, Inc. (NASDAQ:KALV - Get Free Report) gapped up before the market opened on Thursday . The stock had previously closed at $15.39, but opened at $16.99. KalVista Pharmaceuticals shares last traded at $13.82, with a volume of 494,028 shares traded.

Analysts Set New Price Targets

Several research firms recently issued reports on KALV. JMP Securities lifted their price target on shares of KalVista Pharmaceuticals from $27.00 to $28.00 and gave the company a "market outperform" rating in a research report on Friday. Leerink Partners raised their price objective on KalVista Pharmaceuticals from $18.00 to $20.00 and gave the company an "outperform" rating in a research note on Monday, July 7th. HC Wainwright raised their price objective on KalVista Pharmaceuticals from $20.00 to $27.00 and gave the company a "buy" rating in a research note on Tuesday, July 8th. Finally, Needham & Company LLC restated a "buy" rating and set a $28.00 price objective on shares of KalVista Pharmaceuticals in a research note on Friday. One research analyst has rated the stock with a Strong Buy rating and eight have assigned a Buy rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Buy" and a consensus price target of $26.43.

KalVista Pharmaceuticals Trading Up 1.5%

The firm has a market cap of $698.44 million, a PE ratio of -3.51 and a beta of -0.10. The stock has a fifty day simple moving average of $14.11 and a two-hundred day simple moving average of $12.84.

KalVista Pharmaceuticals (NASDAQ:KALV - Get Free Report) last posted its earnings results on Thursday, September 11th. The specialty pharmaceutical company reported ($1.12) earnings per share for the quarter, missing analysts' consensus estimates of ($0.91) by ($0.21). The business had revenue of $1.43 million during the quarter, compared to analyst estimates of $1.97 million. As a group, sell-side analysts predict that KalVista Pharmaceuticals, Inc. will post -3.56 earnings per share for the current fiscal year.

Insider Activity

In other news, insider Paul K. Audhya sold 2,942 shares of the business's stock in a transaction dated Friday, August 22nd. The stock was sold at an average price of $13.22, for a total transaction of $38,893.24. Following the completion of the transaction, the insider owned 119,841 shares of the company's stock, valued at approximately $1,584,298.02. The trade was a 2.40% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Benjamin L. Palleiko sold 32,979 shares of the business's stock in a transaction dated Wednesday, July 9th. The stock was sold at an average price of $15.69, for a total value of $517,440.51. Following the transaction, the chief executive officer directly owned 369,595 shares of the company's stock, valued at $5,798,945.55. The trade was a 8.19% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 59,835 shares of company stock valued at $892,350 in the last three months. 4.30% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the business. The Manufacturers Life Insurance Company grew its holdings in shares of KalVista Pharmaceuticals by 5.9% during the second quarter. The Manufacturers Life Insurance Company now owns 14,626 shares of the specialty pharmaceutical company's stock worth $165,000 after purchasing an additional 818 shares in the last quarter. BNP Paribas Financial Markets lifted its position in KalVista Pharmaceuticals by 47.0% in the 2nd quarter. BNP Paribas Financial Markets now owns 4,041 shares of the specialty pharmaceutical company's stock worth $46,000 after buying an additional 1,292 shares during the last quarter. Rhumbline Advisers lifted its position in KalVista Pharmaceuticals by 2.8% in the 2nd quarter. Rhumbline Advisers now owns 54,376 shares of the specialty pharmaceutical company's stock worth $615,000 after buying an additional 1,458 shares during the last quarter. Police & Firemen s Retirement System of New Jersey lifted its position in KalVista Pharmaceuticals by 26.8% in the 2nd quarter. Police & Firemen s Retirement System of New Jersey now owns 9,756 shares of the specialty pharmaceutical company's stock worth $110,000 after buying an additional 2,061 shares during the last quarter. Finally, Corebridge Financial Inc. lifted its position in KalVista Pharmaceuticals by 12.7% in the 1st quarter. Corebridge Financial Inc. now owns 19,094 shares of the specialty pharmaceutical company's stock worth $220,000 after buying an additional 2,149 shares during the last quarter.

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).