Palvella Therapeutics (NASDAQ:PVLA) Shares Up 3.6% - Time to Buy?

Key Points

• Palvella Therapeutics' stock rose by 3.6% to $46.25, with a significant decline in trading volume of 54% compared to the average daily volume.
• Multiple analysts have set new price targets for Palvella Therapeutics, with an average target of $52.40 and ten analysts rating the stock as a "buy."
• Palvella reported a quarterly loss of ($0.86) earnings per share, missing analysts' expectations, as it continues to focus on developing therapies for rare genetic skin diseases.

Shares of Palvella Therapeutics, Inc. (NASDAQ:PVLA - Get Free Report) were up 3.6% on Thursday . The stock traded as high as $46.36 and last traded at $46.25. Approximately 42,997 shares were traded during trading, a decline of 54% from the average daily volume of 93,775 shares. The stock had previously closed at $44.64.

Analysts Set New Price Targets

Several analysts have issued reports on PVLA shares. Lifesci Capital began coverage on Palvella Therapeutics in a research note on Monday, August 4th. They issued an "outperform" rating and a $90.00 price target on the stock. HC Wainwright reaffirmed a "buy" rating and issued a $38.00 target price on shares of Palvella Therapeutics in a report on Wednesday, April 30th. Canaccord Genuity Group cut their target price on Palvella Therapeutics from $53.00 to $52.00 and set a "buy" rating on the stock in a report on Friday, May 16th. Raymond James Financial set a $54.00 target price on Palvella Therapeutics and gave the company an "outperform" rating in a research report on Tuesday, August 5th. Finally, Truist Financial assumed coverage on Palvella Therapeutics in a research report on Monday, July 21st. They set a "buy" rating and a $56.00 target price on the stock. Ten analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Buy" and a consensus price target of $52.40.

Palvella Therapeutics Price Performance

The company has a 50-day simple moving average of $29.62 and a 200-day simple moving average of $24.86. The firm has a market cap of $504.49 million, a PE ratio of -3.77 and a beta of -0.01.

Palvella Therapeutics (NASDAQ:PVLA - Get Free Report) last announced its quarterly earnings data on Thursday, August 14th. The company reported ($0.86) earnings per share for the quarter, missing analysts' consensus estimates of ($0.78) by ($0.08). As a group, equities research 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 hedge funds and other institutional investors have recently modified their holdings of PVLA. Police & Firemen s Retirement System of New Jersey acquired a new position in shares of Palvella Therapeutics during the second quarter worth about $37,000. Spire Wealth Management acquired a new position in Palvella Therapeutics during the 1st quarter valued at about $70,000. JPMorgan Chase & Co. grew its stake in shares of Palvella Therapeutics by 108,066.7% in the 2nd quarter. JPMorgan Chase & Co. now owns 3,245 shares of the company's stock worth $73,000 after purchasing an additional 3,242 shares during the last quarter. New York State Common Retirement Fund purchased a new position in shares of Palvella Therapeutics in the second quarter worth approximately $110,000. Finally, Citadel Advisors LLC acquired a new stake in shares of Palvella Therapeutics during the fourth quarter worth approximately $125,000. 40.11% of the stock is currently owned by institutional investors and hedge funds.

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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