PolyPid Ltd. (NASDAQ:PYPD) Shares Shorted: Short Interest Up 78.6% in October

Key Points

• PolyPid’s short interest jumped 78.6% in October to 225,458 shares, representing about 1.6% of shares outstanding and a 2.1-day days-to-cover ratio.
• PYPD shares traded at $5.39, with a market capitalization of approximately $102.8 million. The stock remains below its 52-week high of $5.84 but above its 52-week low of $3.50.
• Analyst sentiment is moderately bullish, with four Buy ratings and one Sell rating producing an $11.00 consensus price target; institutional investors and hedge funds own 26.47% of the company.

PolyPid Ltd. (NASDAQ:PYPD - Get Free Report) was the recipient of a large increase in short interest in the month of October. As of October 15th, there was short interest totaling 225,458 shares, an increase of 78.6% from the September 30th total of 126,220 shares. Approximately 1.6% of the company's shares are sold short. Based on an average trading volume of 104,979 shares, the days-to-cover ratio is currently 2.1 days.

PolyPid Stock Performance

Shares of PYPD stock traded down $0.20 during trading hours on Friday, hitting $5.39. 100,725 shares of the company were exchanged, compared to its average volume of 118,422. The firm has a market cap of $102.84 million, a P/E ratio of -3.64 and a beta of 1.38. PolyPid has a fifty-two week low of $3.50 and a fifty-two week high of $5.84. The company has a 50 day simple moving average of $5.19 and a two-hundred day simple moving average of $4.73.

PolyPid (NASDAQ:PYPD - Get Free Report) last released its quarterly earnings data on Wednesday, August 12th. The company reported ($0.35) earnings per share for the quarter, beating the consensus estimate of ($0.38) by $0.03. As a group, sell-side analysts expect that PolyPid will post -0.44 EPS for the current fiscal year.

Analysts Set New Price Targets

Several brokerages recently issued reports on PYPD. Craig Hallum set a $12.00 target price on PolyPid in a research report on Wednesday, July 22nd. Wall Street Zen raised PolyPid from a "hold" rating to a "buy" rating in a research note on Saturday. Weiss Ratings reiterated a "sell (d-)" rating on shares of PolyPid in a report on Friday, September 18th. HC Wainwright reissued a "buy" rating and set a $13.00 target price on shares of PolyPid in a research report on Tuesday, July 21st. Finally, Oppenheimer began coverage on shares of PolyPid in a research report on Tuesday, October 27th. They set an "outperform" rating and a $10.00 target price for the company. Four investment analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $11.00.

Hedge Funds Weigh In On PolyPid

Institutional investors have recently made changes to their positions in the stock. HighTower Advisors LLC acquired a new position in PolyPid during the 2nd quarter worth approximately $56,000. Renaissance Technologies LLC bought a new position in PolyPid in the first quarter worth approximately $81,000. AXQ Capital LP bought a new position in PolyPid in the second quarter worth approximately $87,000. B. Riley Wealth Advisors Inc. grew its stake in PolyPid by 32.7% in the third quarter. B. Riley Wealth Advisors Inc. now owns 20,085 shares of the company's stock valued at $106,000 after acquiring an additional 4,955 shares during the period. Finally, Connective Capital Management LLC acquired a new stake in PolyPid in the second quarter valued at approximately $343,000. Institutional investors and hedge funds own 26.47% of the company's stock.

PolyPid Company Profile

PolyPid Ltd. NASDAQ: PYPD is a clinical-stage biopharmaceutical company focused on developing locally administered therapies designed to provide controlled and sustained drug release at treatment sites. The company's technology is intended to maintain therapeutic drug concentrations over extended periods while limiting systemic exposure.

PolyPid's lead product candidate is D-PLEX100, an investigational formulation based on doxycycline and the company's proprietary PLEX polymeric matrix.

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