Palvella Therapeutics (NASDAQ:PVLA) Reaches New 52-Week High on Analyst Upgrade

Key Points

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Palvella Therapeutics, Inc. (NASDAQ:PVLA - Get Free Report)'s stock price hit a new 52-week high during trading on Tuesday after Canaccord Genuity Group raised their price target on the stock from $52.00 to $66.00. Canaccord Genuity Group currently has a buy rating on the stock. Palvella Therapeutics traded as high as $50.22 and last traded at $49.55, with a volume of 165084 shares. The stock had previously closed at $47.30.

Several other brokerages have also recently commented on PVLA. Truist Financial initiated coverage on Palvella Therapeutics in a report on Monday, July 21st. They set a "buy" rating and a $56.00 target price on the stock. Raymond James Financial set a $54.00 target price on Palvella Therapeutics and gave the stock an "outperform" rating in a report on Tuesday, August 5th. HC Wainwright boosted their target price on Palvella Therapeutics from $38.00 to $75.00 and gave the stock a "buy" rating in a report on Friday, August 15th. Lifesci Capital assumed coverage on Palvella Therapeutics in a report on Monday, August 4th. They issued an "outperform" rating and a $90.00 price target on the stock. Finally, Chardan Capital upped their price target on Palvella Therapeutics from $50.00 to $60.00 and gave the company a "buy" rating in a report on Friday, August 15th. One equities research analyst has rated the stock with a Strong Buy rating and ten have assigned a Buy rating to the stock. According to data from MarketBeat, Palvella Therapeutics currently has an average rating of "Buy" and an average price target of $58.50.

Institutional Trading of Palvella Therapeutics

Large investors have recently added to or reduced their stakes in the company. Police & Firemen s Retirement System of New Jersey acquired a new stake in Palvella Therapeutics during the 2nd quarter valued at $37,000. Spire Wealth Management acquired a new stake in Palvella Therapeutics during the 1st quarter valued at $70,000. JPMorgan Chase & Co. raised its stake in Palvella Therapeutics by 108,066.7% during the 2nd quarter. JPMorgan Chase & Co. now owns 3,245 shares of the company's stock valued at $73,000 after purchasing an additional 3,242 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new stake in Palvella Therapeutics during the 2nd quarter valued at $85,000. Finally, BNP Paribas Financial Markets acquired a new stake in Palvella Therapeutics during the 2nd quarter valued at $104,000. 40.11% of the stock is owned by institutional investors and hedge funds.

Palvella Therapeutics Stock Performance

The firm's 50 day simple moving average is $32.98 and its 200-day simple moving average is $26.62. The company has a market capitalization of $590.83 million, a price-to-earnings ratio of -4.41 and a beta of -0.01.

Palvella Therapeutics (NASDAQ:PVLA - Get Free Report) last announced its earnings results on Thursday, August 14th. The company reported ($0.86) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.78) by ($0.08). As a group, equities analysts anticipate that Palvella Therapeutics, Inc. will post -3.69 earnings per share for the current fiscal year.

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.