PolyPid Ltd. (NASDAQ:PYPD) Sees Large Drop in Short Interest

Key Points

• PolyPid’s short interest fell 44% to 231,379 shares as of August 14, representing about 1.6% of shares outstanding and 1.4 days to cover.
• Several institutional investors initiated positions during the second quarter, led by AIGH Capital Management’s approximately $7.6 million investment; institutions and hedge funds collectively own 26.47% of the company.
• The stock traded near $5.07, while analysts maintained a “Moderate Buy” consensus with an average price target of $11.33. PolyPid also exceeded quarterly EPS expectations, reporting a loss of $0.35 versus the anticipated $0.38 loss.

PolyPid Ltd. (NASDAQ:PYPD - Get Free Report) was the target of a large decline in short interest in August. As of August 14th, there was short interest totaling 231,379 shares, a decline of 44.0% from the July 30th total of 412,853 shares. Approximately 1.6% of the shares of the stock are short sold. Based on an average trading volume of 170,743 shares, the days-to-cover ratio is presently 1.4 days.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the stock. AIGH Capital Management LLC acquired a new position in PolyPid in the second quarter valued at about $7,644,000. J. Goldman & Co LP acquired a new position in shares of PolyPid during the 2nd quarter worth about $504,000. ADAR1 Capital Management LLC acquired a new position in shares of PolyPid during the 2nd quarter worth about $528,000. Symmetry Peak Management LLC bought a new stake in shares of PolyPid in the 2nd quarter valued at about $512,000. Finally, AXQ Capital LP bought a new stake in shares of PolyPid in the 2nd quarter valued at about $87,000. Institutional investors and hedge funds own 26.47% of the company's stock.

PolyPid Price Performance

Shares of NASDAQ PYPD traded down $0.05 during mid-day trading on Friday, hitting $5.07. The company's stock had a trading volume of 63,535 shares, compared to its average volume of 151,331. PolyPid has a one year low of $3.06 and a one year high of $5.73. The company's fifty day simple moving average is $4.82 and its 200-day simple moving average is $4.60. The stock has a market cap of $96.75 million, a price-to-earnings ratio of -3.43 and a beta of 1.41.

PolyPid (NASDAQ:PYPD - Get Free Report) last posted its quarterly earnings results on Wednesday, August 12th. The company reported ($0.35) earnings per share for the quarter, topping analysts' consensus estimates of ($0.38) by $0.03. On average, sell-side analysts predict that PolyPid will post -0.92 EPS for the current year.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on PYPD shares. Craig Hallum set a $12.00 price target on PolyPid in a report on Wednesday, July 22nd. Weiss Ratings raised PolyPid from a "sell (e+)" rating to a "sell (d-)" rating in a research note on Tuesday, June 23rd. Finally, HC Wainwright restated a "buy" rating and set a $13.00 target price on shares of PolyPid in a report on Tuesday, July 21st. Three investment analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $11.33.

PolyPid Company Profile

PolyPid Ltd is a clinical‐stage biotechnology company focused on polymer‐based drug delivery technologies designed to enhance the performance of therapeutic agents at mucosal surfaces. Leveraging its proprietary Mucoadhesive & Mucus‐Penetrating (MMP) platform, PolyPid develops long‐acting formulations for ocular, oral and pulmonary indications. Its lead candidates include OncoTears and OralTear, therapies targeting dry eye and dry mouth conditions, respectively, as well as Paclical, a polymer‐formulated paclitaxel designed to improve tolerability and antitumor activity in oncology patients.

Founded in 2003 and headquartered in Jerusalem, Israel, PolyPid has assembled an international patent portfolio covering key markets in North America, Europe and Asia.

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