Principia Biopharma (PRNB) Stock Rating Upgraded by Zacks Investment Research
Principia Biopharma (NASDAQ:PRNB) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Saturday. The brokerage presently has a $42.00 price target on the stock. Zacks Investment Research‘s target price would suggest a potential upside of 24.37% from the stock’s current price.
According to Zacks, “Principia Biopharma Inc. is a clinical stage biopharmaceutical company. It offers reversible covalent small molecule drugs for the treatment of cancers. The company’s product pipeline consists of PRN1008, PRN1371 and PRN2246 which are in clinical stage. Principia Biopharma Inc. is based in San Francisco, United States. “
Shares of Principia Biopharma stock opened at $33.77 on Friday. The company has a market capitalization of $805.92 million and a P/E ratio of 59.25. Principia Biopharma has a fifty-two week low of $22.00 and a fifty-two week high of $38.34.
Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. TD Asset Management Inc. boosted its position in shares of Principia Biopharma by 1.2% during the fourth quarter. TD Asset Management Inc. now owns 27,918 shares of the company’s stock worth $765,000 after buying an additional 325 shares during the period. Strs Ohio purchased a new position in shares of Principia Biopharma during the fourth quarter worth $41,000. Citigroup Inc. purchased a new position in shares of Principia Biopharma during the fourth quarter worth $45,000. American International Group Inc. purchased a new position in shares of Principia Biopharma during the fourth quarter worth $103,000. Finally, Massachusetts Financial Services Co. MA boosted its position in shares of Principia Biopharma by 2.1% during the fourth quarter. Massachusetts Financial Services Co. MA now owns 230,406 shares of the company’s stock worth $6,311,000 after buying an additional 4,844 shares during the period. Institutional investors and hedge funds own 81.91% of the company’s stock.
Principia Biopharma Company Profile
Principia Biopharma Inc, a clinical-stage biopharmaceutical company, focuses on developing novel oral therapies for immunology and oncology in the United States. It is developing PRN1008, an inhibitor that is in Phase II clinical trial for the treatment of pemphigus, a chronic skin disease, as well as in Phase II clinical trial for the treatment of immune thrombocytopenic purpura; PRN2246, an inhibitor that is in Phase I clinical trial for the treatment of multiple sclerosis and other central nervous system diseases; PRN1371, a drug candidate, which is in Phase I clinical trial for the treatment of solid tumors; and oral small molecule inhibitors of the immunoproteasome.
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