PolyPid Ltd. (NASDAQ:PYPD) Sees Significant Growth in Short Interest

PolyPid Ltd. (NASDAQ:PYPD) was the recipient of a significant growth in short interest in October. As of October 15th, there was short interest totaling 225,458 shares, a growth of 78.6% from the September 30th total of 126,220 shares. Based on an average daily trading volume, of 104,979 shares, the short-interest ratio is presently 2.1 days. Currently, 1.6% of the company’s stock are sold short.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on PYPD shares. Wall Street Zen raised shares of PolyPid from a “hold” rating to a “buy” rating in a research report on Saturday. HC Wainwright restated a “buy” rating and issued a $13.00 target price on shares of PolyPid in a report on Tuesday, July 21st. Weiss Ratings reiterated a “sell (d-)” rating on shares of PolyPid in a research note on Friday, September 18th. Oppenheimer began coverage on PolyPid in a research note on Tuesday, October 27th. They set an “outperform” rating and a $10.00 price target for the company. Finally, Craig Hallum set a $12.00 price objective on PolyPid in a report on Wednesday, July 22nd. Four investment analysts have rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $11.00.

PolyPid Stock Down 3.6%

PolyPid stock traded down $0.20 during mid-day trading on Friday, reaching $5.39. 100,725 shares of the company’s stock were exchanged, compared to its average volume of 118,422. The business’s fifty day simple moving average is $5.19 and its 200 day simple moving average is $4.73. PolyPid has a one year low of $3.50 and a one year high of $5.84. The firm has a market capitalization of $102.84 million, a PE ratio of -3.64 and a beta of 1.38.

PolyPid (NASDAQ:PYPD) last issued its quarterly earnings results on Wednesday, August 12th. The company reported ($0.35) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.38) by $0.03. On average, sell-side analysts forecast that PolyPid will post -0.44 earnings per share for the current year.

Hedge Funds Weigh In On PolyPid

Several institutional investors have recently bought and sold shares of the company. HighTower Advisors LLC bought a new position in PolyPid during the second quarter valued at $56,000. Renaissance Technologies LLC bought a new stake in shares of PolyPid in the first quarter valued at $81,000. AXQ Capital LP bought a new stake in shares of PolyPid in the second quarter valued at $87,000. B. Riley Wealth Advisors Inc. raised its stake in shares of PolyPid by 32.7% in the third quarter. B. Riley Wealth Advisors Inc. now owns 20,085 shares of the company’s stock valued at $106,000 after buying an additional 4,955 shares during the period. Finally, Connective Capital Management LLC purchased a new position in shares of PolyPid during the 2nd quarter valued at $343,000. Hedge funds and other institutional investors own 26.47% of the company’s stock.

PolyPid Company Profile

PolyPid Ltd. (NASDAQ: PYPD) is a clinical-stage biopharmaceutical company focused on developing locally administered therapies designed to provide controlled and sustained drug release at treatment sites. The company’s technology is intended to maintain therapeutic drug concentrations over extended periods while limiting systemic exposure.

PolyPid’s lead product candidate is D-PLEX100, an investigational formulation based on doxycycline and the company’s proprietary PLEX polymeric matrix.