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

Parabilis Medicines, Inc. (NASDAQ:PBLS)’s stock price shot up 5.9% during mid-day trading on Tuesday . The company traded as high as $39.59 and last traded at $39.42. 473,163 shares traded hands during trading, a decline of 22% from the average daily volume of 608,946 shares. The stock had previously closed at $37.22.

Analysts Set New Price Targets

Several brokerages have weighed in on PBLS. Evercore initiated coverage on shares of Parabilis Medicines in a report on Monday, July 6th. They set an “outperform” rating on the stock. Zacks Research raised shares of Parabilis Medicines to a “hold” rating in a research note on Tuesday, July 7th. Bank of America started coverage on shares of Parabilis Medicines in a research note on Monday, July 6th. They set 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 issued a “buy” rating and a $40.00 target price for the company. Finally, Lifesci Capital raised Parabilis Medicines to a “strong-buy” rating in a report on Monday, July 6th. One research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat, Parabilis Medicines has a consensus rating of “Buy” and a consensus target price of $41.67.

Parabilis Medicines Price Performance

The business has a 50 day moving average of $30.80.

Parabilis Medicines (NASDAQ:PBLS) last released its quarterly earnings data on Thursday, August 13th. The company reported ($2.32) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.16) by ($2.16). The firm had revenue of $0.15 million for the quarter. Equities analysts forecast that Parabilis Medicines, Inc. will post -1.4 EPS for the current year.

Insiders Place Their Bets

In related news, Director Alan Sebulsky acquired 9,065 shares of the company’s stock in a transaction on Monday, June 15th. The stock was acquired at an average price of $26.49 per share, with a total value of $240,131.85. Following the acquisition, the director directly owned 30,000 shares of the company’s stock, valued at approximately $794,700. This trade represents a 43.30% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through this link. Also, major shareholder Guy Levy acquired 500,000 shares of the business’s stock in a transaction dated Thursday, June 11th. The shares were purchased at an average price of $20.00 per share, with a total value of $10,000,000.00. Following the transaction, the insider owned 1,027,000 shares of the company’s stock, valued at approximately $20,540,000. This represents a 94.88% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Over the last quarter, insiders acquired 530,000 shares of company stock worth $10,723,528.

Hedge Funds Weigh In On Parabilis Medicines

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

About Parabilis Medicines

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.