Pieris Pharmaceuticals, Inc. (PIRS) Sees Large Volume Increase on Earnings Beat
Pieris Pharmaceuticals, Inc. (NASDAQ:PIRS) saw an uptick in trading volume on Thursday following a better than expected earnings announcement. 1,014,430 shares traded hands during trading, an increase of 195% from the previous session’s volume of 343,499 shares.The stock last traded at $5.25 and had previously closed at $5.25.
The biotechnology company reported ($0.16) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.21) by $0.05. The firm had revenue of $3.93 million for the quarter, compared to analysts’ expectations of $1.52 million. Pieris Pharmaceuticals had a negative net margin of 321.83% and a negative return on equity of 180.85%. The business’s revenue for the quarter was up 400.3% on a year-over-year basis.
Several brokerages recently weighed in on PIRS. HC Wainwright reaffirmed a “buy” rating and issued a $9.00 target price on shares of Pieris Pharmaceuticals in a report on Friday. BidaskClub cut shares of Pieris Pharmaceuticals from a “strong-buy” rating to a “buy” rating in a report on Wednesday, July 26th. Four analysts have rated the stock with a buy rating, Pieris Pharmaceuticals currently has a consensus rating of “Buy” and a consensus price target of $9.00.
In related news, insider Allan Reine acquired 65,000 shares of the business’s stock in a transaction on Thursday, August 17th. The shares were bought at an average price of $4.82 per share, with a total value of $313,300.00. Following the completion of the acquisition, the insider now owns 45,000 shares in the company, valued at $216,900. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director James A. Geraghty acquired 10,000 shares of the business’s stock in a transaction on Thursday, August 17th. The shares were bought at an average cost of $4.82 per share, for a total transaction of $48,200.00. Following the acquisition, the director now owns 10,000 shares of the company’s stock, valued at approximately $48,200. The disclosure for this purchase can be found here. 4.05% of the stock is currently owned by company insiders.
A number of hedge funds have recently added to or reduced their stakes in the business. Wells Fargo & Company MN acquired a new stake in Pieris Pharmaceuticals during the third quarter worth approximately $105,000. JPMorgan Chase & Co. purchased a new position in shares of Pieris Pharmaceuticals during the third quarter worth approximately $600,000. New York State Common Retirement Fund grew its position in shares of Pieris Pharmaceuticals by 107.5% during the third quarter. New York State Common Retirement Fund now owns 33,000 shares of the biotechnology company’s stock worth $190,000 after acquiring an additional 17,100 shares during the last quarter. First Quadrant L P CA purchased a new position in shares of Pieris Pharmaceuticals during the third quarter worth approximately $473,000. Finally, California State Teachers Retirement System purchased a new position in shares of Pieris Pharmaceuticals during the second quarter worth approximately $308,000. 50.87% of the stock is currently owned by institutional investors.
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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