Palvella Therapeutics (NASDAQ:PVLA) Trading 6.6% Higher - Here's What Happened

Key Points

• Palvella Therapeutics shares increased by 6.6% during trading, reaching a price of $72.46, with trading volume up 19% from the average.
• Analysts have given the stock a consensus rating of "Moderate Buy", with price targets ranging from $54.00 to $85.00.
• Palvella Therapeutics reported a quarterly earnings loss of ($0.86) per share, missing expectations, as institutional investors now hold over 40% of the company's stock.

Shares of Palvella Therapeutics, Inc. (NASDAQ:PVLA - Get Free Report) traded up 6.6% during mid-day trading on Tuesday . The company traded as high as $72.46 and last traded at $72.46. 127,696 shares changed hands during mid-day trading, an increase of 19% from the average session volume of 107,396 shares. The stock had previously closed at $67.95.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on the stock. Chardan Capital increased their price objective on shares of Palvella Therapeutics from $60.00 to $73.00 and gave the company a "buy" rating in a research note on Friday, September 26th. Cantor Fitzgerald restated an "overweight" rating on shares of Palvella Therapeutics in a research note on Tuesday. Oppenheimer began coverage on shares of Palvella Therapeutics in a research report on Tuesday, September 9th. They set an "outperform" rating and a $85.00 target price for the company. Raymond James Financial set a $54.00 target price on shares of Palvella Therapeutics and gave the stock an "outperform" rating in a research report on Tuesday, August 5th. Finally, Truist Financial increased their target price on shares of Palvella Therapeutics from $56.00 to $80.00 and gave the stock a "buy" rating in a research report on Thursday, October 2nd. One research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat, Palvella Therapeutics currently has an average rating of "Moderate Buy" and a consensus target price of $69.27.

Palvella Therapeutics Stock Performance

The stock has a market cap of $798.86 million, a price-to-earnings ratio of -5.97 and a beta of -0.13. The firm's 50-day simple moving average is $52.02 and its two-hundred day simple moving average is $34.44.

Palvella Therapeutics (NASDAQ:PVLA - Get Free Report) last posted its quarterly earnings data on Thursday, August 14th. The company reported ($0.86) earnings per share for the quarter, missing the consensus estimate of ($0.78) by ($0.08). Equities research analysts expect that Palvella Therapeutics, Inc. will post -3.69 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Palvella Therapeutics

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Citadel Advisors LLC acquired a new stake in Palvella Therapeutics in the 4th quarter valued at about $125,000. Clio Asset Management LLC bought a new position in shares of Palvella Therapeutics in the 2nd quarter valued at about $2,063,000. Spire Wealth Management bought a new position in shares of Palvella Therapeutics in the 1st quarter valued at about $70,000. Woodline Partners LP bought a new position in shares of Palvella Therapeutics in the 1st quarter valued at about $5,435,000. Finally, Strid Group LLC bought a new position in shares of Palvella Therapeutics in the 1st quarter valued at about $818,000. 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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