Principia Biopharma Inc (NASDAQ:PRNB)’s stock price hit a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $38.97 and last traded at $38.97, with a volume of 935 shares trading hands. The stock had previously closed at $38.21.
Several analysts have issued reports on the company. Leerink Swann set a $42.00 target price on Principia Biopharma and gave the company a “buy” rating in a report on Thursday, March 21st. HC Wainwright dropped their target price on Innovate Biopharmaceuticals from $35.00 to $10.00 and set a “buy” rating for the company in a report on Monday, July 1st. Stifel Nicolaus upgraded QUALCOMM from a “hold” rating to a “buy” rating and upped their target price for the company from $57.00 to $100.00 in a report on Tuesday, April 16th. Finally, Zacks Investment Research cut ExlService from a “hold” rating to a “sell” rating in a report on Wednesday. One investment analyst has rated the stock with a sell rating and six have assigned a buy rating to the stock. Principia Biopharma has a consensus rating of “Buy” and a consensus price target of $46.00.
The firm has a market cap of $939.64 million and a price-to-earnings ratio of 68.16. The firm has a fifty day simple moving average of $33.69.
In other news, major shareholder Orbimed Advisors Llc sold 1,000,000 shares of the stock in a transaction on Tuesday, May 21st. The stock was sold at an average price of $30.25, for a total transaction of $30,250,000.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 28.98% of the company’s stock.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. BNP Paribas Arbitrage SA acquired a new position in Principia Biopharma during the 1st quarter worth about $40,000. Citigroup Inc. acquired a new position in Principia Biopharma during the 4th quarter worth about $45,000. American International Group Inc. acquired a new position in Principia Biopharma during the 4th quarter worth about $103,000. Strs Ohio lifted its stake in Principia Biopharma by 220.0% during the 1st quarter. Strs Ohio now owns 4,800 shares of the company’s stock worth $163,000 after acquiring an additional 3,300 shares in the last quarter. Finally, Deutsche Bank AG acquired a new position in Principia Biopharma during the 4th quarter worth about $204,000. Institutional investors and hedge funds own 82.20% of the company’s stock.
About Principia Biopharma (NASDAQ:PRNB)
Principia Biopharma Inc, a late-stage biopharmaceutical company, focuses on developing novel therapies for immunology and oncology. The company is developing PRN1008, an inhibitor that is in Phase III clinical trial for the treatment of pemphigus, a chronic skin disease, as well as in Phase II clinical trial to treat immune thrombocytopenic purpura.
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