Palvella Therapeutics, Inc. (NASDAQ: PVLA) experienced a significant increase in trading volume on Monday, with 148,483 shares changing hands. This figure represents a notable rise of 31% compared to the previous session’s volume of 113,210 shares. The stock closed at $81.79, up from its previous close of $79.84.
Analyst Upgrades Fuel Investor Interest
The surge in trading activity comes on the heels of several positive reports from financial analysts. On October 9, 2023, Canaccord Genuity Group raised its price target for Palvella Therapeutics from $66.00 to $90.00, maintaining a “buy” rating. Similarly, Truist Financial increased its price objective from $56.00 to $80.00, also assigning a “buy” rating on October 2, 2023. Another firm, Cantor Fitzgerald, reaffirmed an “overweight” rating with a price target of $120.00 on October 7, 2023.
In contrast, Weiss Ratings issued a “sell (d-)” rating on October 8, 2023, while Chardan Capital raised their price target from $60.00 to $73.00, giving a “buy” rating on September 26, 2023. The consensus among analysts is largely positive, with one issuing a Strong Buy rating, eleven assigning a Buy rating, and one giving a Sell rating. According to data from MarketBeat.com, Palvella Therapeutics currently holds an average rating of “Moderate Buy” with a consensus target price of $75.50.
Recent Financial Performance and Institutional Investments
Palvella Therapeutics reported its quarterly earnings on August 14, 2023, disclosing earnings per share of ($0.86). This figure fell short of the consensus estimate of ($0.78) by ($0.08). Analysts predict that the company will report an EPS of ($3.69) for the current fiscal year.
Institutional investors have also been active in the market, adjusting their stakes in Palvella Therapeutics. Federated Hermes Inc. recently acquired a new stake valued at approximately $21,255,000 in the third quarter of 2023. Other firms, including Aspiriant LLC and Frazier Life Sciences Management L.P., have also increased their holdings. Frazier Life Sciences now owns 722,400 shares, valued at $16,283,000, after acquiring an additional 32,388 shares.
Overall, institutional investors and hedge funds now control 40.11% of Palvella Therapeutics’ stock, reflecting growing confidence in the company’s future.
Palvella Therapeutics is based in Wayne, Pennsylvania and is focused on developing innovative therapies for patients suffering from rare genetic skin diseases. The company’s recent trading activity and analyst ratings suggest a positive outlook as it continues to advance its clinical programs.
