Parabilis Medicines (NASDAQ:PBLS) Stock Price Down 6.3% – Here’s Why

Parabilis Medicines, Inc. (NASDAQ:PBLS)’s stock price dropped 6.3% during mid-day trading on Monday . The company traded as low as $38.99 and last traded at $39.10. Approximately 143,629 shares were traded during trading, a decline of 79% from the average daily volume of 686,670 shares. The stock had previously closed at $41.73.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on PBLS shares. Guggenheim assumed coverage on Parabilis Medicines in a research note on Monday, July 6th. They issued a “buy” rating and a $40.00 target price on the stock. Leerink Partners initiated coverage on shares of Parabilis Medicines in a research note on Monday, July 6th. They issued an “outperform” rating and a $40.00 price target on the stock. Weiss Ratings raised shares of Parabilis Medicines from a “sell (d)” rating to a “sell (d+)” rating in a research report on Friday. Evercore began coverage on shares of Parabilis Medicines in a research note on Monday, July 6th. They issued an “outperform” rating on the stock. Finally, Wall Street Zen upgraded shares of Parabilis Medicines to a “hold” rating in a report on Saturday, June 20th. One research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $41.67.

Parabilis Medicines Price Performance

The firm has a 50 day simple moving average of $35.93.

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

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. Alphabet Inc. bought a new stake in Parabilis Medicines during the second quarter valued at about $134,647,000. ICONIQ Capital LLC purchased a new stake in shares of Parabilis Medicines during the second quarter worth about $9,580,000. ARCH Venture Management LLC bought a new stake in Parabilis Medicines during the 2nd quarter valued at approximately $175,517,789. Squarepoint Ops LLC bought a new stake in Parabilis Medicines during the 2nd quarter valued at approximately $1,327,000. Finally, General Catalyst Group Management LLC purchased a new position in Parabilis Medicines in the 2nd quarter worth approximately $43,818,000.

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.