Zacks Investment Research Lowers Principia Biopharma (NASDAQ:PRNB) to Hold

Zacks Investment Research downgraded shares of Principia Biopharma (NASDAQ:PRNB) from a buy rating to a hold rating in a research note released on Saturday, Zacks.com reports.

According to Zacks, “Principia Biopharma Inc. is a clinical stage biopharmaceutical company. It offers reversible covalent small molecule drugs for the treatment of cancers. The company’s product pipeline consists of PRN1008, PRN1371 and PRN2246 which are in clinical stage. Principia Biopharma Inc. is based in San Francisco, United States. “

A number of other brokerages have also recently issued reports on PRNB. Stifel Nicolaus reiterated a buy rating and issued a $51.00 price objective (up from $45.00) on shares of Principia Biopharma in a report on Thursday, October 10th. ValuEngine cut shares of Principia Biopharma from a hold rating to a sell rating in a report on Friday, October 11th. Finally, HC Wainwright set a $57.00 price target on shares of Principia Biopharma and gave the company a buy rating in a report on Monday, October 21st. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and three have issued a buy rating to the company. The stock presently has an average rating of Hold and an average price target of $46.25.

Shares of NASDAQ PRNB traded down $0.29 during trading on Friday, hitting $31.61. The company had a trading volume of 147,100 shares, compared to its average volume of 143,279. The company has a market cap of $838.86 million, a P/E ratio of 55.46 and a beta of 1.12. Principia Biopharma has a 52 week low of $22.03 and a 52 week high of $42.34. The business’s 50-day moving average is $31.04 and its 200 day moving average is $33.78.

Principia Biopharma (NASDAQ:PRNB) last issued its quarterly earnings data on Tuesday, November 5th. The company reported ($0.93) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.85) by ($0.08). Principia Biopharma had a negative return on equity of 11.71% and a net margin of 11.88%. As a group, equities research analysts expect that Principia Biopharma will post -1.95 earnings per share for the current fiscal year.

In other Principia Biopharma news, insider David Goldstein sold 10,000 shares of the company’s stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $31.61, for a total transaction of $316,100.00. Also, Director Simeon George purchased 357,142 shares of the firm’s stock in a transaction on Friday, October 18th. The shares were purchased at an average price of $31.12 per share, with a total value of $11,114,259.04. Insiders have acquired 436,242 shares of company stock valued at $13,870,979 over the last 90 days. Corporate insiders own 28.98% of the company’s stock.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in PRNB. SG Americas Securities LLC bought a new stake in shares of Principia Biopharma in the second quarter valued at about $211,000. TD Asset Management Inc. lifted its stake in shares of Principia Biopharma by 2.6% in the second quarter. TD Asset Management Inc. now owns 27,918 shares of the company’s stock valued at $927,000 after buying an additional 700 shares during the period. Swiss National Bank bought a new stake in shares of Principia Biopharma in the second quarter valued at about $518,000. Meeder Asset Management Inc. bought a new stake in shares of Principia Biopharma in the second quarter valued at about $121,000. Finally, Wells Fargo & Company MN lifted its stake in shares of Principia Biopharma by 129.5% in the second quarter. Wells Fargo & Company MN now owns 25,251 shares of the company’s stock valued at $838,000 after buying an additional 14,248 shares during the period. Institutional investors and hedge funds own 83.76% of the company’s stock.

About Principia Biopharma

Principia Biopharma Inc, a late-stage biopharmaceutical company, focuses on developing novel therapies for immunology and oncology. The company is developing PRN1008, an inhibitor that is in Phase III clinical trial for the treatment of pemphigus, a chronic skin disease, as well as in Phase II clinical trial to treat immune thrombocytopenic purpura.

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