Parabilis Medicines, Inc. (NASDAQ:PBLS) Sees Significant Increase in Short Interest

Key Points

• Short interest in Parabilis Medicines surged 148.1% in June to 2,769,824 shares, with about 2.3% of shares sold short and a days-to-cover ratio of 2.6 days.
• Insiders bought heavily during the period, including major shareholder Guy Levy’s purchase of 500,000 shares at $20 each and Director Alan Sebulsky’s purchase of 12,500 shares; insiders bought 530,000 shares total over the last quarter.
• Analysts remain mostly bullish on PBLS, with an average rating of “Buy” and an average price target of $41.67, while the stock was last reported down 0.4% at $29.50.

Parabilis Medicines, Inc. (NASDAQ:PBLS - Get Free Report) was the recipient of a large growth in short interest in June. As of June 30th, there was short interest totaling 2,769,824 shares, a growth of 148.1% from the June 15th total of 1,116,504 shares. Currently, 2.3% of the shares of the stock are sold short. Based on an average daily volume of 1,067,719 shares, the days-to-cover ratio is presently 2.6 days.

Insider Activity

In other news, major shareholder Guy Levy bought 500,000 shares of the business's stock in a transaction on Thursday, June 11th. The stock was acquired at an average price of $20.00 per share, with a total value of $10,000,000.00. Following the completion of the purchase, the insider directly owned 1,027,000 shares in the company, valued at $20,540,000. This represents a 94.88% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Alan Sebulsky purchased 12,500 shares of Parabilis Medicines stock in a transaction on Thursday, June 11th. The shares were acquired at an average price of $20.00 per share, for a total transaction of $250,000.00. Following the completion of the transaction, the director directly owned 12,500 shares of the company's stock, valued at approximately $250,000. The trade was a ∞ increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders have bought a total of 530,000 shares of company stock worth $10,723,528 over the last quarter.

Analysts Set New Price Targets

PBLS has been the subject of a number of recent research reports. Wall Street Zen upgraded shares of Parabilis Medicines to a "hold" rating in a report on Saturday, June 20th. Bank of America started coverage on shares of Parabilis Medicines in a research report on Monday, July 6th. They issued a "buy" rating and a $45.00 target price on the stock. Evercore began coverage on shares of Parabilis Medicines in a research note on Monday, July 6th. They issued an "outperform" rating for the company. Leerink Partners began coverage on shares of Parabilis Medicines in a research report on Monday, July 6th. They set an "outperform" rating and a $40.00 price target for the company. Finally, Zacks Research raised Parabilis Medicines to a "hold" rating in a research note on Tuesday, July 7th. One analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Buy" and an average price target of $41.67.

Parabilis Medicines Stock Down 0.4%

PBLS traded down $0.13 during midday trading on Tuesday, reaching $29.50. 40,040 shares of the company's stock traded hands, compared to its average volume of 843,776. Parabilis Medicines has a 52 week low of $24.51 and a 52 week high of $34.47.

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