Parabilis Medicines (NASDAQ:PBLS) Trading Up 6% – Here’s Why

Parabilis Medicines, Inc. (NASDAQ:PBLS) shot up 6% during mid-day trading on Wednesday . The company traded as high as $37.87 and last traded at $37.85. Approximately 164,916 shares were traded during mid-day trading, a decline of 70% from the average daily volume of 551,517 shares. The stock had previously closed at $35.72.

Wall Street Analyst Weigh In

PBLS has been the topic of several recent analyst reports. Weiss Ratings assumed coverage on shares of Parabilis Medicines in a research report on Friday, September 4th. They set a “sell (d)” rating on the stock. Evercore assumed coverage on shares of Parabilis Medicines in a report on Monday, July 6th. They issued an “outperform” rating for the company. Guggenheim initiated coverage on Parabilis Medicines in a research note on Monday, July 6th. They issued a “buy” rating and a $40.00 price target for the company. Zacks Research raised Parabilis Medicines to a “hold” rating in a report on Tuesday, July 7th. Finally, Wall Street Zen upgraded Parabilis Medicines to a “hold” rating in a research report on Saturday, June 20th. One research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $41.67.

Parabilis Medicines Stock Performance

The stock’s 50 day simple moving average is $35.37.

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

Institutional Investors Weigh In On Parabilis Medicines

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. WINTON GROUP Ltd purchased a new position in shares of Parabilis Medicines in the 2nd quarter worth approximately $955,000. Squarepoint Ops LLC purchased a new stake in Parabilis Medicines during the 2nd quarter valued at $1,327,000. Frazier Life Sciences Management L.P. purchased a new stake in Parabilis Medicines during the 2nd quarter valued at $52,572,000. ICONIQ Capital LLC purchased a new stake in Parabilis Medicines during the 2nd quarter valued at $9,580,000. Finally, Alyeska Investment Group L.P. bought a new stake in Parabilis Medicines in the second quarter worth $274,000.

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.