PDS Biotechnology Corporation (NASDAQ:PDSB) Sees Significant Decline in Short Interest

Key Points

• Short interest fell 56.8% to 2.77 million shares as of September 30, down from 6.41 million shares two weeks earlier. Short interest represented approximately 5.4% of shares outstanding, with a days-to-cover ratio of just 0.1.
• Institutional investors own 26.84% of PDS Biotechnology, with recent purchases from BlackRock, Bank of New York Mellon, and Everhart Financial Group, while Renaissance Technologies increased its position by 25%.
• PDSB shares traded at $1.60, near their 52-week high of $1.79, but the company recently missed quarterly EPS expectations. Analysts have a consensus “Hold” rating and a $9.00 price target.

PDS Biotechnology Corporation (NASDAQ:PDSB - Get Free Report) was the target of a significant decrease in short interest in the month of September. As of September 30th, there was short interest totaling 2,770,411 shares, a decrease of 56.8% from the September 15th total of 6,406,521 shares. Based on an average daily volume of 29,130,359 shares, the days-to-cover ratio is presently 0.1 days. Approximately 5.4% of the shares of the stock are sold short.

Hedge Funds Weigh In On PDS Biotechnology

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Everhart Financial Group Inc. bought a new stake in shares of PDS Biotechnology during the third quarter worth $29,000. Renaissance Technologies LLC grew its position in PDS Biotechnology by 25.0% during the 1st quarter. Renaissance Technologies LLC now owns 220,800 shares of the company's stock worth $134,000 after acquiring an additional 44,100 shares during the last quarter. Bank of New York Mellon Corp acquired a new position in PDS Biotechnology in the 2nd quarter worth about $60,000. Finally, BlackRock Inc. bought a new stake in shares of PDS Biotechnology during the second quarter worth about $535,000. Institutional investors own 26.84% of the company's stock.

PDS Biotechnology Price Performance

PDS Biotechnology stock traded up $0.08 during midday trading on Tuesday, reaching $1.60. The company's stock had a trading volume of 16,870,551 shares, compared to its average volume of 8,360,210. PDS Biotechnology has a 52 week low of $0.20 and a 52 week high of $1.79. The company has a current ratio of 0.57, a quick ratio of 0.57 and a debt-to-equity ratio of 2.73. The business has a 50-day moving average price of $0.56 and a 200-day moving average price of $0.81. The stock has a market cap of $89.55 million, a PE ratio of -2.50 and a beta of 1.17.

PDS Biotechnology (NASDAQ:PDSB - Get Free Report) last posted its earnings results on Thursday, August 13th. The company reported ($0.18) EPS for the quarter, missing analysts' consensus estimates of ($0.13) by ($0.05). On average, sell-side analysts predict that PDS Biotechnology will post -0.47 EPS for the current year.

Wall Street Analyst Weigh In

Several equities analysts have commented on PDSB shares. Weiss Ratings raised shares of PDS Biotechnology from a "sell (e+)" rating to a "sell (d-)" rating in a report on Monday, September 28th. Wall Street Zen raised shares of PDS Biotechnology from a "sell" rating to a "hold" rating in a report on Monday, October 5th. Finally, HC Wainwright reaffirmed a "buy" rating on shares of PDS Biotechnology in a report on Wednesday, August 26th. Two analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, PDS Biotechnology has a consensus rating of "Hold" and a consensus target price of $9.00.

PDS Biotechnology Company Profile

PDS Biotechnology Corporation NASDAQ: PDSB is a clinical-stage biopharmaceutical company focused on developing targeted immunotherapies for cancer and infectious diseases. The company's technology is designed to stimulate the immune system and generate antigen-specific T-cell responses against diseased cells.

PDS Biotech's lead investigational product is PDS0101, an immunotherapy designed to target human papillomavirus type 16 (HPV16) antigens E6 and E7. The product is being evaluated in combination with other treatments for HPV16-associated cancers, including cervical, anal, and certain head and neck cancers.

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