KalVista Pharmaceuticals (NASDAQ:KALV) Stock Price Down 4.4% After Earnings Miss

Key Points

• KalVista Pharmaceuticals stock dropped by 4.4% after reporting a quarterly earnings miss, with an EPS of ($1.12) compared to expectations of ($0.91).
• The company generated $1.43 million in revenue, falling short of the consensus estimate of $1.97 million.
• Despite the earnings setback, multiple analysts have set price targets for the stock ranging from $20.00 to $28.00, maintaining a general "buy" rating.

KalVista Pharmaceuticals, Inc. (NASDAQ:KALV - Get Free Report) was down 4.4% during trading on Friday following a dissappointing earnings announcement. The company traded as low as $13.65 and last traded at $14.16. Approximately 267,428 shares changed hands during trading, a decline of 67% from the average daily volume of 801,309 shares. The stock had previously closed at $14.81.

The specialty pharmaceutical company reported ($1.12) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.91) by ($0.21). The company had revenue of $1.43 million during the quarter, compared to the consensus estimate of $1.97 million.

Analyst Upgrades and Downgrades

KALV has been the subject of several analyst reports. Needham & Company LLC reiterated a "buy" rating and set a $28.00 price objective on shares of KalVista Pharmaceuticals in a report on Friday. Leerink Partners increased their price objective on KalVista Pharmaceuticals from $18.00 to $20.00 and gave the company an "outperform" rating in a report on Monday, July 7th. JMP Securities increased their price objective on KalVista Pharmaceuticals from $27.00 to $28.00 and gave the company a "market outperform" rating in a report on Friday. Finally, HC Wainwright increased their price objective on KalVista Pharmaceuticals from $20.00 to $27.00 and gave the company a "buy" rating in a report on Tuesday, July 8th. One investment analyst has rated the stock with a Strong Buy rating and eight have given a Buy rating to the company. According to MarketBeat, KalVista Pharmaceuticals has an average rating of "Buy" and a consensus price target of $26.43.

Insiders Place Their Bets

In related news, insider Paul K. Audhya sold 2,942 shares of the firm's stock in a transaction on Friday, August 22nd. The stock was sold at an average price of $13.22, for a total value of $38,893.24. Following the completion of the transaction, the insider owned 119,841 shares in the company, valued at $1,584,298.02. This trade represents a 2.40% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Benjamin L. Palleiko sold 32,979 shares of the firm's stock in a transaction on Wednesday, July 9th. The stock was sold at an average price of $15.69, for a total value of $517,440.51. Following the completion of the transaction, the chief executive officer owned 369,595 shares of the company's stock, valued at $5,798,945.55. This trade represents a 8.19% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 59,835 shares of company stock valued at $892,350 in the last 90 days. 4.30% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On KalVista Pharmaceuticals

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Rhumbline Advisers grew its position in KalVista Pharmaceuticals by 3.4% during the 1st quarter. Rhumbline Advisers now owns 52,918 shares of the specialty pharmaceutical company's stock worth $611,000 after purchasing an additional 1,762 shares during the period. GAMMA Investing LLC grew its position in KalVista Pharmaceuticals by 567.3% during the 1st quarter. GAMMA Investing LLC now owns 4,431 shares of the specialty pharmaceutical company's stock worth $51,000 after purchasing an additional 3,767 shares during the period. Bank of America Corp DE grew its position in KalVista Pharmaceuticals by 108.8% during the 4th quarter. Bank of America Corp DE now owns 110,050 shares of the specialty pharmaceutical company's stock worth $932,000 after purchasing an additional 57,356 shares during the period. ProShare Advisors LLC acquired a new stake in KalVista Pharmaceuticals during the 4th quarter worth about $101,000. Finally, Ameriprise Financial Inc. acquired a new stake in KalVista Pharmaceuticals during the 4th quarter worth about $452,000.

KalVista Pharmaceuticals Trading Down 5.3%

The firm has a 50-day simple moving average of $14.10 and a two-hundred day simple moving average of $12.77. The company has a market capitalization of $705.97 million, a price-to-earnings ratio of -3.79 and a beta of -0.10.

KalVista Pharmaceuticals Company Profile

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).

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