Parabilis Medicines (NASDAQ:PBLS) Stock Price Down 7.6% – Here’s Why

Parabilis Medicines, Inc. (NASDAQ:PBLS)’s share price traded down 7.6% on Thursday. The company traded as low as $26.40 and last traded at $26.62. Approximately 145,388 shares changed hands during mid-day trading, a decline of 80% from the average session volume of 724,424 shares. The stock had previously closed at $28.82.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on PBLS shares. Guggenheim initiated coverage on Parabilis Medicines in a report on Monday, July 6th. They issued a “buy” rating and a $40.00 price target for the company. Wall Street Zen upgraded shares of Parabilis Medicines to a “hold” rating in a report on Saturday, June 20th. Leerink Partners assumed coverage on shares of Parabilis Medicines in a research report on Monday, July 6th. They issued an “outperform” rating and a $40.00 price objective for the company. Evercore assumed coverage on shares of Parabilis Medicines in a research note on Monday, July 6th. They issued an “outperform” rating for the company. Finally, Lifesci Capital raised shares of Parabilis Medicines to a “strong-buy” rating in a research report on Monday, July 6th. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $41.67.

Parabilis Medicines Trading Down 8.6%

The firm has a 50-day moving average price of $36.32. The stock has a market cap of $3.26 billion and a price-to-earnings ratio of -12.37.

Parabilis Medicines (NASDAQ:PBLS) last issued its quarterly earnings data on Thursday, August 13th. The company reported ($2.32) EPS for the quarter, missing the consensus estimate of ($0.16) by ($2.16). The business had revenue of $0.15 million during the quarter. Equities research analysts forecast that Parabilis Medicines, Inc. will post -2.05 earnings per share for the current year.

Institutional Trading of Parabilis Medicines

Hedge funds have recently bought and sold shares of the business. ARCH Venture Management LLC acquired a new position in shares of Parabilis Medicines during the 2nd quarter valued at about $175,517,789. venBio Partners LLC acquired a new stake in Parabilis Medicines during the second quarter worth about $144,149,497. Alphabet Inc. acquired a new stake in Parabilis Medicines during the second quarter worth about $134,647,000. Regeneron Pharmaceuticals Inc. purchased a new position in Parabilis Medicines during the second quarter worth about $114,042,000. Finally, Jupiter Topco LLC purchased a new position in Parabilis Medicines during the second quarter worth about $62,710,000.

About Parabilis Medicines