KalVista Pharmaceuticals (NASDAQ:KALV) Shares Gap Up After Strong Earnings

KalVista Pharmaceuticals, Inc. (NASDAQ:KALV) gapped up prior to trading on Tuesday after the company announced better than expected quarterly earnings. The stock had previously closed at $10.89, but opened at $11.39. KalVista Pharmaceuticals shares last traded at $10.9070, with a volume of 486,627 shares changing hands.

The specialty pharmaceutical company reported ($0.92) EPS for the quarter, topping the consensus estimate of ($0.96) by $0.04. The firm had revenue of $13.69 million during the quarter, compared to the consensus estimate of $6.03 million.

Analyst Ratings Changes

Several equities research analysts recently commented on the stock. Citizens Jmp reduced their price target on shares of KalVista Pharmaceuticals from $29.00 to $28.00 and set a “market outperform” rating for the company in a research report on Tuesday. Needham & Company LLC reissued a “buy” rating and issued a $28.00 price target on shares of KalVista Pharmaceuticals in a report on Friday, September 12th. JMP Securities raised their price target on shares of KalVista Pharmaceuticals from $27.00 to $28.00 and gave the stock a “market outperform” rating in a research note on Friday, September 12th. Weiss Ratings reiterated a “sell (d-)” rating on shares of KalVista Pharmaceuticals in a research report on Wednesday, October 8th. Finally, Citigroup restated a “market outperform” rating on shares of KalVista Pharmaceuticals in a report on Tuesday. Ten research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $26.63.

Insider Activity at KalVista Pharmaceuticals

In related news, CEO Benjamin L. Palleiko sold 7,294 shares of the business’s stock in a transaction that occurred on Monday, September 8th. The stock was sold at an average price of $15.84, for a total value of $115,536.96. Following the completion of the sale, the chief executive officer directly owned 395,189 shares in the company, valued at approximately $6,259,793.76. The trade was a 1.81% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Paul K. Audhya sold 2,336 shares of the stock in a transaction on Monday, August 25th. The stock was sold at an average price of $13.42, for a total value of $31,349.12. Following the sale, the insider directly owned 122,505 shares in the company, valued at approximately $1,644,017.10. This trade represents a 1.87% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 26,856 shares of company stock valued at $374,910 over the last 90 days. Company insiders own 4.30% of the company’s stock.

Hedge Funds Weigh In On KalVista Pharmaceuticals

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. raised its holdings in KalVista Pharmaceuticals by 3.7% in the 3rd quarter. Vanguard Group Inc. now owns 2,501,119 shares of the specialty pharmaceutical company’s stock valued at $30,464,000 after buying an additional 88,720 shares during the last quarter. Woodline Partners LP lifted its stake in shares of KalVista Pharmaceuticals by 25.5% in the 1st quarter. Woodline Partners LP now owns 1,617,469 shares of the specialty pharmaceutical company’s stock valued at $18,666,000 after purchasing an additional 329,068 shares during the period. Emerald Advisers LLC boosted its position in shares of KalVista Pharmaceuticals by 30.2% during the 3rd quarter. Emerald Advisers LLC now owns 1,351,254 shares of the specialty pharmaceutical company’s stock valued at $16,458,000 after purchasing an additional 313,205 shares in the last quarter. Ameriprise Financial Inc. boosted its position in shares of KalVista Pharmaceuticals by 2,258.6% during the 2nd quarter. Ameriprise Financial Inc. now owns 945,125 shares of the specialty pharmaceutical company’s stock valued at $10,685,000 after purchasing an additional 905,053 shares in the last quarter. Finally, Geode Capital Management LLC grew its stake in KalVista Pharmaceuticals by 2.8% during the second quarter. Geode Capital Management LLC now owns 941,212 shares of the specialty pharmaceutical company’s stock worth $10,642,000 after purchasing an additional 25,971 shares during the period.

KalVista Pharmaceuticals Price Performance

The stock has a fifty day simple moving average of $12.33 and a two-hundred day simple moving average of $12.82. The firm has a market capitalization of $563.18 million, a P/E ratio of -2.79 and a beta of -0.04.

KalVista Pharmaceuticals Company Profile

KalVista Pharmaceuticals, Inc, a clinical stage pharmaceutical company, engages in the discovery, development, and commercialization of drug therapies inhibitors for diseases with unmet needs. The company’s product candidate is Sebetralstat, a small molecule plasma kallikrein inhibitor targeting the disease of hereditary angioedema (HAE).