Palvella Therapeutics (NASDAQ:PVLA) Hits New 52-Week High - Time to Buy?

Key Points

• Palvella Therapeutics shares reached a new 52-week high of $77.76, reflecting a significant increase in trading volume with 85,501 shares exchanged.
• Analysts have provided varied ratings for Palvella, with a consensus price target of $75.50, showing strong buy sentiments from most while one rating remains sell.
• Institutional investors have actively increased their stakes in Palvella, with hedge funds now owning over 40% of the company's stock, indicating growing confidence in the firm.

Palvella Therapeutics, Inc. (NASDAQ:PVLA - Get Free Report)'s share price reached a new 52-week high during mid-day trading on Monday . The company traded as high as $77.76 and last traded at $77.20, with a volume of 85501 shares changing hands. The stock had previously closed at $73.15.

Analysts Set New Price Targets

A number of research firms have issued reports on PVLA. Truist Financial boosted their target price on shares of Palvella Therapeutics from $56.00 to $80.00 and gave the company a "buy" rating in a research note on Thursday, October 2nd. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Palvella Therapeutics in a research note on Wednesday, October 8th. Oppenheimer initiated coverage on shares of Palvella Therapeutics in a research note on Tuesday, September 9th. They issued an "outperform" rating and a $85.00 price target for the company. Canaccord Genuity Group upped their price target on shares of Palvella Therapeutics from $66.00 to $90.00 and gave the stock a "buy" rating in a research note on Thursday, October 9th. Finally, Chardan Capital upped their price target on shares of Palvella Therapeutics from $60.00 to $73.00 and gave the stock a "buy" rating in a research note on Friday, September 26th. One analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $75.50.

Palvella Therapeutics Stock Up 6.2%

The firm has a market capitalization of $859.03 million, a price-to-earnings ratio of -6.42 and a beta of -0.13. The firm's 50 day moving average is $58.32 and its 200 day moving average is $37.35.

Palvella Therapeutics (NASDAQ:PVLA - Get Free Report) last released its quarterly earnings results on Thursday, August 14th. The company reported ($0.86) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.78) by ($0.08). On average, sell-side analysts predict that Palvella Therapeutics, Inc. will post -3.69 earnings per share for the current year.

Institutional Investors Weigh In On Palvella Therapeutics

A number of large investors have recently made changes to their positions in PVLA. Millennium Management LLC acquired a new stake in shares of Palvella Therapeutics during the first quarter valued at approximately $7,553,000. Woodline Partners LP acquired a new position in Palvella Therapeutics in the 1st quarter valued at approximately $5,435,000. Clio Asset Management LLC acquired a new position in Palvella Therapeutics in the 2nd quarter valued at approximately $2,063,000. Geode Capital Management LLC increased its stake in Palvella Therapeutics by 84.7% in the 2nd quarter. Geode Capital Management LLC now owns 173,986 shares of the company's stock valued at $3,923,000 after buying an additional 79,787 shares during the period. Finally, Royce & Associates LP acquired a new position in Palvella Therapeutics in the 1st quarter valued at approximately $2,002,000. Institutional investors and hedge funds own 40.11% of the company's stock.

Palvella Therapeutics Company Profile

Palvella Therapeutics Inc is a clinical-stage biopharmaceutical company focused on developing and commercializing novel therapies to treat patients suffering from serious, rare genetic skin diseases. Palvella Therapeutics Inc, formerly known as Pieris Pharmaceuticals Inc, is based in WAYNE, Pa.

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