Parabilis Medicines (NASDAQ:PBLS) Stock Price Down 7.7% – Here’s What Happened

Parabilis Medicines, Inc. (NASDAQ:PBLS) shares were down 7.7% on Friday. The company traded as low as $24.69 and last traded at $24.85. 104,770 shares traded hands during mid-day trading, a decline of 87% from the average daily volume of 784,275 shares. The stock had previously closed at $26.92.

Wall Street Analyst Weigh In

PBLS has been the topic of several recent research reports. Guggenheim started coverage on shares of Parabilis Medicines in a report on Monday, July 6th. They set a “buy” rating and a $40.00 target price on the stock. Zacks Research upgraded shares of Parabilis Medicines to a “hold” rating in a research report on Tuesday, July 7th. HC Wainwright began coverage on Parabilis Medicines in a research note on Thursday. They set a “buy” rating and a $40.00 target price for the company. Lifesci Capital upgraded Parabilis Medicines to a “strong-buy” rating in a research report on Monday, July 6th. Finally, Bank of America initiated coverage on shares of Parabilis Medicines in a report on Monday, July 6th. They set a “buy” rating and a $45.00 price target on the stock. One investment analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $41.25.

Parabilis Medicines Stock Down 9.3%

The company’s 50 day simple moving average is $34.43. The stock has a market cap of $3.02 billion and a PE ratio of -11.46.

Parabilis Medicines (NASDAQ:PBLS) last announced its quarterly earnings results on Thursday, August 13th. The company reported ($2.32) earnings per share for the quarter, missing the consensus estimate of ($0.16) by ($2.16). The firm had revenue of $0.15 million during the quarter. As a group, equities research analysts anticipate that Parabilis Medicines, Inc. will post -3.09 earnings per share for the current year.

Institutional Trading of Parabilis Medicines

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Sterling Capital Management LLC bought a new position in shares of Parabilis Medicines in the third quarter worth about $35,000. Persistent Asset Partners Ltd bought a new position in Parabilis Medicines during the second quarter valued at $113,000. Alyeska Investment Group L.P. purchased a new stake in shares of Parabilis Medicines during the 2nd quarter valued at about $274,000. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new stake in Parabilis Medicines during the second quarter valued at approximately $526,000. Finally, WINTON GROUP Ltd bought a new stake in shares of Parabilis Medicines in the 2nd quarter valued at approximately $955,000.

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.