Zacks Investment Research Upgrades ProNAi Therapeutics Inc. (DNAI) to “Buy”
ProNAi Therapeutics Inc. (NASDAQ:DNAI) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Tuesday. The firm currently has a $2.00 target price on the stock. Zacks Investment Research’s price target would suggest a potential upside of 8.11% from the stock’s previous close.
According to Zacks, “ProNAi Therapeutics, Inc. is an oncology company. The Company develops therapies on its deoxyribonucleic acid interference technology platform to treat cancer and hematological diseases. Its product candidate consists of PNT2258 which treat cancers that overexpress BCL2, an oncogene known to be dysregulated in many types of cancer. ProNAi Therapeutics, Inc. is headquartered in Vancouver, Canada. “
Shares of ProNAi Therapeutics (NASDAQ:DNAI) opened at 1.85 on Tuesday. The stock’s market cap is $56.10 million. ProNAi Therapeutics has a 52-week low of $1.77 and a 52-week high of $20.85. The firm’s 50-day moving average is $1.85 and its 200 day moving average is $3.36.
ProNAi Therapeutics (NASDAQ:DNAI) last posted its quarterly earnings data on Friday, August 12th. The company reported ($0.43) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.38) by $0.05. Analysts forecast that ProNAi Therapeutics will post ($1.32) earnings per share for the current fiscal year.
Hedge funds and other institutional investors have recently bought and sold shares of the stock. Deerfield Management Co. raised its position in ProNAi Therapeutics by 67.6% in the first quarter. Deerfield Management Co. now owns 3,001,302 shares of the company’s stock valued at $20,229,000 after buying an additional 1,210,047 shares during the last quarter. Vivo Capital LLC acquired a new position in ProNAi Therapeutics during the first quarter valued at approximately $16,434,000. Pictet Asset Management Ltd. raised its position in ProNAi Therapeutics by 957.9% in the second quarter. Pictet Asset Management Ltd. now owns 684,433 shares of the company’s stock valued at $4,298,000 after buying an additional 619,733 shares during the last quarter. PNC Financial Services Group Inc. raised its position in ProNAi Therapeutics by 4.6% in the second quarter. PNC Financial Services Group Inc. now owns 601,092 shares of the company’s stock valued at $1,197,000 after buying an additional 26,226 shares during the last quarter. Finally, Sabby Management LLC acquired a new position in ProNAi Therapeutics during the second quarter valued at approximately $1,174,000. 35.25% of the stock is owned by institutional investors and hedge funds.
About ProNAi Therapeutics
ProNAi Therapeutics, Inc is a clinical-stage oncology company. The Company is engaged in business of researching, developing and commercializing therapies for the treatment of patients with cancer and hematological diseases based on its deoxyribonucleic acid interference (DNAi) technology platform. Its lead product candidate includes PNT2258, which targets cancers that overexpress B-cell lymphoma 2 (BCL2), an oncogene known to be dysregulated in various types of cancer.
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