Principia Biopharma (NASDAQ:PRNB) Earns Buy Rating from Stifel Nicolaus
Stifel Nicolaus restated their buy rating on shares of Principia Biopharma (NASDAQ:PRNB) in a research report report published on Sunday morning, AnalystRatings.com reports. Stifel Nicolaus currently has a $45.00 price objective on the stock.
“We are reiterating our Buy rating and $45 target price after PRNB reported its 2Q19 financial and business update. We remain bullish ahead of what we view as a catalyst-rich 4Q19, with readouts expected for PRN1008 in both pemphigus vulgaris (PV) and immune thrombocytopenia purpura (ITP). We continue to think PRNB’s nuanced medicinal chemistry platform is under appreciated by the Street and, in our view, PRNB has developed a BTK inhibitor, PRN1008, with an improved safety profile allowing for use in autoimmune conditions which is something that has hindered previous BTKi’s. We believe PRN1008’s data generated to date, already suggest an improved safety profile and we think further proof-of-concept data in its two beachhead indications (PV and ITP) in 4Q19 should drive shares meaingfully higher.”,” the firm’s analyst wrote.
PRNB has been the subject of several other reports. Zacks Investment Research downgraded Principia Biopharma from a hold rating to a sell rating in a report on Wednesday, July 10th. HC Wainwright reaffirmed a buy rating and set a $55.00 price target on shares of Principia Biopharma in a report on Tuesday, July 30th. One analyst has rated the stock with a sell rating and six have issued a buy rating to the stock. The stock currently has a consensus rating of Buy and a consensus price target of $46.00.
Principia Biopharma (NASDAQ:PRNB) last announced its earnings results on Thursday, August 8th. The company reported $0.28 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.65) by $0.93. The business had revenue of $30.00 million for the quarter, compared to analyst estimates of $6.16 million. Principia Biopharma had a net margin of 11.88% and a return on equity of 5.83%. Equities analysts forecast that Principia Biopharma will post -2.66 earnings per share for the current year.
In related news, major shareholder Orbimed Advisors Llc sold 1,000,000 shares of the stock in a transaction on Tuesday, May 21st. The stock was sold at an average price of $30.25, for a total transaction of $30,250,000.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 28.98% of the stock is owned by company insiders.
Several hedge funds and other institutional investors have recently modified their holdings of the stock. Jacobs Levy Equity Management Inc. lifted its holdings in shares of Principia Biopharma by 141.1% during the second quarter. Jacobs Levy Equity Management Inc. now owns 79,202 shares of the company’s stock worth $2,629,000 after purchasing an additional 46,357 shares during the period. Tower Research Capital LLC TRC lifted its holdings in shares of Principia Biopharma by 1,786.7% during the second quarter. Tower Research Capital LLC TRC now owns 2,132 shares of the company’s stock worth $71,000 after purchasing an additional 2,019 shares during the period. BlackRock Inc. lifted its holdings in shares of Principia Biopharma by 119.9% during the second quarter. BlackRock Inc. now owns 982,215 shares of the company’s stock worth $32,600,000 after purchasing an additional 535,495 shares during the period. AXA lifted its holdings in shares of Principia Biopharma by 2.2% during the second quarter. AXA now owns 153,330 shares of the company’s stock worth $5,089,000 after purchasing an additional 3,330 shares during the period. Finally, Northern Trust Corp lifted its holdings in shares of Principia Biopharma by 8.8% during the second quarter. Northern Trust Corp now owns 88,634 shares of the company’s stock worth $2,942,000 after purchasing an additional 7,169 shares during the period. 82.35% of the stock is owned by hedge funds and other institutional investors.
About Principia Biopharma
Principia Biopharma Inc, a late-stage biopharmaceutical company, focuses on developing novel therapies for immunology and oncology. The company is developing PRN1008, an inhibitor that is in Phase III clinical trial for the treatment of pemphigus, a chronic skin disease, as well as in Phase II clinical trial to treat immune thrombocytopenic purpura.
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