Short Interest in PolyPid Ltd. (NASDAQ:PYPD) Drops By 42.3%

Key Points

• Short interest in PolyPid fell sharply in June, dropping 42.3% to 84,501 shares as of June 30, which equals just 0.6% of shares outstanding and a 0.4-day days-to-cover ratio.
• PolyPid shares were trading around $5.19, near their 52-week high of $5.61, with volume running above average during the session discussed.
• The company recently reported a smaller-than-expected quarterly loss of $0.35 per share versus analyst estimates of a $0.47 loss, and analysts currently view the stock as a Moderate Buy with an average price target of $11.67.

PolyPid Ltd. (NASDAQ:PYPD - Get Free Report) saw a large drop in short interest during the month of June. As of June 30th, there was short interest totaling 84,501 shares, a drop of 42.3% from the June 15th total of 146,384 shares. Currently, 0.6% of the company's shares are sold short. Based on an average daily volume of 203,032 shares, the days-to-cover ratio is currently 0.4 days.

PolyPid Stock Performance

Shares of NASDAQ:PYPD traded down $0.02 during mid-day trading on Thursday, hitting $5.19. 183,910 shares of the company traded hands, compared to its average volume of 100,541. The firm's 50 day simple moving average is $4.82 and its 200 day simple moving average is $4.57. The firm has a market cap of $99.04 million, a P/E ratio of -2.72 and a beta of 1.40. PolyPid has a 52-week low of $3.06 and a 52-week high of $5.61.

PolyPid (NASDAQ:PYPD - Get Free Report) last released its quarterly earnings results on Wednesday, May 13th. The company reported ($0.35) earnings per share for the quarter, topping analysts' consensus estimates of ($0.47) by $0.12. Equities research analysts expect that PolyPid will post -1.34 EPS for the current fiscal year.

Analysts Set New Price Targets

Separately, Weiss Ratings raised PolyPid from a "sell (e+)" rating to a "sell (d-)" rating in a research note on Tuesday, June 23rd. Four equities research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company's stock. According to MarketBeat, PolyPid presently has a consensus rating of "Moderate Buy" and an average target price of $11.67.

Institutional Investors Weigh In On PolyPid

A number of large investors have recently added to or reduced their stakes in the company. BNP Paribas Financial Markets increased its stake in PolyPid by 56.1% during the 3rd quarter. BNP Paribas Financial Markets now owns 9,734 shares of the company's stock worth $32,000 after buying an additional 3,500 shares during the period. HighTower Advisors LLC acquired a new stake in shares of PolyPid during the fourth quarter valued at about $44,000. Jane Street Group LLC acquired a new stake in shares of PolyPid during the fourth quarter valued at about $66,000. Renaissance Technologies LLC purchased a new stake in shares of PolyPid during the first quarter worth about $81,000. Finally, XTX Topco Ltd increased its position in shares of PolyPid by 50.0% during the fourth quarter. XTX Topco Ltd now owns 32,661 shares of the company's stock worth $142,000 after acquiring an additional 10,888 shares during the last quarter. 26.47% of the stock is owned by institutional investors and hedge funds.

About PolyPid

PolyPid Ltd is a clinical‐stage biotechnology company focused on polymer‐based drug delivery technologies designed to enhance the performance of therapeutic agents at mucosal surfaces. Leveraging its proprietary Mucoadhesive & Mucus‐Penetrating (MMP) platform, PolyPid develops long‐acting formulations for ocular, oral and pulmonary indications. Its lead candidates include OncoTears and OralTear, therapies targeting dry eye and dry mouth conditions, respectively, as well as Paclical, a polymer‐formulated paclitaxel designed to improve tolerability and antitumor activity in oncology patients.

Founded in 2003 and headquartered in Jerusalem, Israel, PolyPid has assembled an international patent portfolio covering key markets in North America, Europe and Asia.

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