PolyPid Ltd. (NASDAQ:PYPD) Shares Shorted: Short Interest Up 98.3% in October

Key Points

• Short interest nearly doubled in October, rising 98.3% to 447,180 shares, or about 3.1% of PolyPid’s shares outstanding; the short-interest ratio was 3.5 days.
• Shares traded at $6.26, within a 52-week range of $3.50–$7.15. The stock was above both its 50-day and 200-day moving averages.
• PolyPid reported a quarterly loss of $0.24 per share, missing the stated consensus estimate, while revenue of $30 million matched estimates. Analysts’ consensus rating was “Moderate Buy,” with an average price target of $11.67.

PolyPid Ltd. (NASDAQ:PYPD - Get Free Report) saw a significant increase in short interest in October. As of October 30th, there was short interest totaling 447,180 shares, an increase of 98.3% from the October 15th total of 225,458 shares. Approximately 3.1% of the shares of the stock are short sold. Based on an average trading volume of 128,450 shares, the short-interest ratio is currently 3.5 days.

PolyPid Stock Performance

NASDAQ:PYPD traded down $0.14 during trading hours on Friday, reaching $6.26. The company's stock had a trading volume of 193,133 shares, compared to its average volume of 168,040. The firm has a market capitalization of $119.44 million, a price-to-earnings ratio of -4.64 and a beta of 1.43. The firm has a 50-day simple moving average of $5.37 and a 200-day simple moving average of $4.80. PolyPid has a 1 year low of $3.50 and a 1 year high of $7.15.

PolyPid (NASDAQ:PYPD - Get Free Report) last posted its quarterly earnings results on Wednesday, November 11th. The company reported ($0.24) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.91 by ($1.15). The business had revenue of $30.00 million for the quarter, compared to analyst estimates of $30.00 million. Equities analysts anticipate that PolyPid will post -0.44 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several research analysts have recently commented on the company. Craig Hallum set a $12.00 price objective on PolyPid in a report on Wednesday, July 22nd. HC Wainwright reiterated a "buy" rating and set a $13.00 target price on shares of PolyPid in a research report on Thursday. Weiss Ratings reissued a "sell (d-)" rating on shares of PolyPid in a research note on Friday, September 18th. Wall Street Zen lowered shares of PolyPid from a "buy" rating to a "hold" rating in a report on Saturday. Finally, Oppenheimer started coverage on shares of PolyPid in a report on Tuesday, October 27th. They issued an "outperform" rating and a $10.00 price target on the stock. Three equities research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $11.67.

Hedge Funds Weigh In On PolyPid

Large investors have recently bought and sold shares of the stock. HighTower Advisors LLC lifted its position in PolyPid by 18.2% in the third quarter. HighTower Advisors LLC now owns 13,000 shares of the company's stock valued at $69,000 after purchasing an additional 2,000 shares during the last quarter. B. Riley Wealth Advisors Inc. boosted its stake in shares of PolyPid by 32.7% during the third quarter. B. Riley Wealth Advisors Inc. now owns 20,085 shares of the company's stock valued at $106,000 after purchasing an additional 4,955 shares during the period. AXQ Capital LP bought a new position in shares of PolyPid in the second quarter worth approximately $87,000. Renaissance Technologies LLC bought a new position in shares of PolyPid in the first quarter worth approximately $81,000. Finally, Connective Capital Management LLC purchased a new position in shares of PolyPid in the second quarter worth $343,000. 26.47% of the stock is owned by hedge funds and other institutional investors.

About PolyPid

PolyPid Ltd. is an Israeli clinical-stage biopharmaceutical company developing products designed to deliver medicines locally and over an extended period. Its proprietary PLEX (Polymer-Lipid Encapsulation matriX) technology is intended to control the release of drugs at the site where they are administered. The company's lead product candidate, D-PLEX100, uses the antibiotic doxycycline and is designed to be applied during surgery to provide sustained local drug delivery for the prevention of surgical-site infections.

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