Pieris Pharmaceuticals, Inc. (NASDAQ:PIRS)’s share price dropped 5.3% during mid-day trading on Tuesday . The company traded as low as $5.15 and last traded at $5.19. Approximately 582,925 shares changed hands during mid-day trading, a decline of 3% from the average daily volume of 599,502 shares. The stock had previously closed at $5.48.

PIRS has been the subject of a number of research analyst reports. Rodman & Renshaw initiated coverage on Pieris Pharmaceuticals in a research note on Tuesday, May 30th. They issued a “buy” rating and a $9.00 target price for the company. HC Wainwright set a $9.00 target price on Pieris Pharmaceuticals and gave the stock a “buy” rating in a research note on Friday, August 11th. BidaskClub lowered Pieris Pharmaceuticals from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, July 26th. Finally, TheStreet lowered Pieris Pharmaceuticals from a “c-” rating to a “d-” rating in a research note on Monday, June 12th. Five analysts have rated the stock with a buy rating, The company presently has an average rating of “Buy” and a consensus target price of $8.25.

The stock has a 50-day moving average price of $5.23 and a 200 day moving average price of $3.93. The stock’s market capitalization is $229.96 million.

In other news, Director James A. Geraghty purchased 10,000 shares of the business’s stock in a transaction that occurred on Thursday, August 17th. The stock was purchased at an average cost of $4.82 per share, with a total value of $48,200.00. Following the completion of the acquisition, the director now directly owns 10,000 shares of the company’s stock, valued at approximately $48,200. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Allan Reine purchased 65,000 shares of the business’s stock in a transaction that occurred on Thursday, August 17th. The shares were purchased at an average cost of $4.82 per share, with a total value of $313,300.00. Following the completion of the acquisition, the insider now directly owns 45,000 shares of the company’s stock, valued at $216,900. The disclosure for this purchase can be found here. Corporate insiders own 4.05% of the company’s stock.

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Voya Investment Management LLC purchased a new position in Pieris Pharmaceuticals during the second quarter worth about $100,000. State of Wisconsin Investment Board purchased a new position in Pieris Pharmaceuticals during the second quarter worth about $132,000. The Manufacturers Life Insurance Company raised its holdings in Pieris Pharmaceuticals by 1,106.3% during the second quarter. The Manufacturers Life Insurance Company now owns 31,785 shares of the biotechnology company’s stock worth $161,000 after purchasing an additional 29,150 shares in the last quarter. Acadian Asset Management LLC purchased a new position in Pieris Pharmaceuticals during the second quarter worth about $162,000. Finally, Rhumbline Advisers purchased a new position in Pieris Pharmaceuticals during the second quarter worth about $184,000. 50.55% of the stock is owned by hedge funds and other institutional investors.

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About Pieris Pharmaceuticals

Pieris Pharmaceuticals, Inc is a clinical-stage biopharmaceutical company. The Company’s pipeline includes immuno-oncology multi-specifics tailored for the tumor micro-environment, an inhaled Anticalin to treat uncontrolled asthma and a half-life-optimized Anticalin to treat anemia. Its Anticalins proteins are a class of low molecular-weight therapeutic proteins derived from lipocalins, which are naturally occurring low-molecular weight human proteins typically found in blood plasma and other bodily fluids.

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