Parabilis Medicines (NASDAQ:PBLS) Stock Price Up 5.9% - Here's What Happened

Key Points

• Parabilis Medicines shares rose 5.9% to $39.42, reaching an intraday high of $39.59, while trading volume fell 22% below its average.
• Analyst sentiment is broadly positive, with an average rating of “Buy” and a consensus price target of $41.67; Bank of America set the highest cited target at $45.
• The company reported a quarterly loss of $2.32 per share—far below the $0.16 consensus estimate—on just $150,000 in revenue, despite significant insider and hedge-fund buying recently.

Shares of Parabilis Medicines, Inc. (NASDAQ:PBLS - Get Free Report) traded up 5.9% on Tuesday . The stock traded as high as $39.59 and last traded at $39.42. Approximately 473,163 shares changed hands during trading, a decline of 22% from the average daily volume of 608,946 shares. The stock had previously closed at $37.22.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on PBLS shares. Wall Street Zen raised Parabilis Medicines to a "hold" rating in a research note on Saturday, June 20th. Evercore assumed coverage on Parabilis Medicines in a research note on Monday, July 6th. They set an "outperform" rating for the company. Bank of America started coverage on shares of Parabilis Medicines in a report on Monday, July 6th. They issued a "buy" rating and a $45.00 target price on the stock. Guggenheim started coverage on shares of Parabilis Medicines in a report on Monday, July 6th. They set a "buy" rating and a $40.00 price target for the company. Finally, Leerink Partners initiated 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. One analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat.com, Parabilis Medicines currently has an average rating of "Buy" and a consensus target price of $41.67.

Parabilis Medicines Stock Up 6.6%

The stock has a fifty day moving average of $30.80.

Parabilis Medicines (NASDAQ:PBLS - Get Free Report) last posted its quarterly earnings data on Thursday, August 13th. The company reported ($2.32) earnings per share for the quarter, missing the consensus estimate of ($0.16) by ($2.16). The business had revenue of $0.15 million during the quarter. Analysts expect that Parabilis Medicines, Inc. will post -1.4 earnings per share for the current year.

Insider Transactions at Parabilis Medicines

In related news, Director Alan Sebulsky acquired 9,065 shares of Parabilis Medicines stock in a transaction that occurred on Monday, June 15th. The stock was bought at an average price of $26.49 per share, with a total value of $240,131.85. Following the transaction, the director directly owned 30,000 shares in the company, valued at approximately $794,700. This represents a 43.30% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, major shareholder Guy Levy purchased 500,000 shares of the stock in a transaction dated Thursday, June 11th. The stock was bought at an average cost of $20.00 per share, with a total value of $10,000,000.00. Following the transaction, the insider owned 1,027,000 shares in the company, valued at $20,540,000. The trade was a 94.88% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders bought a total of 530,000 shares of company stock worth $10,723,528 over the last ninety days.

Hedge Funds Weigh In On Parabilis Medicines

A number of hedge funds have recently added to or reduced their stakes in the company. Persistent Asset Partners Ltd bought a new position in shares of Parabilis Medicines during the second quarter valued at $113,000. Mitsubishi UFJ Asset Management Co. Ltd. bought a new stake in shares of Parabilis Medicines during the 2nd quarter valued at $526,000. ICONIQ Capital LLC purchased a new stake in shares of Parabilis Medicines in the 2nd quarter worth $9,580,000. General Catalyst Group Management LLC bought a new position in Parabilis Medicines in the 2nd quarter worth $43,818,000. Finally, Jupiter Topco LLC bought a new stake in Parabilis Medicines during the second quarter valued at about $62,710,000.

Parabilis Medicines Company Profile

Parabilis Medicines Inc is a clinical-stage biopharmaceutical company built to develop transformative medicines addressing some of the most consequential, yet historically undruggable, protein targets driving human disease. Parabilis Medicines Inc is based in CAMBRIDGE, Mass.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source