Principia Biopharma (PRNB) Cut to Sell at Zacks Investment Research

Zacks Investment Research lowered shares of Principia Biopharma (NASDAQ:PRNB) from a hold rating to a sell rating in a research report sent to investors on Wednesday, Zacks.com reports.

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. “

Several other equities research analysts also recently commented on PRNB. Leerink Swann set a $42.00 price objective on Principia Biopharma and gave the company a buy rating in a report on Thursday, March 21st. Stifel Nicolaus initiated coverage on Principia Biopharma in a report on Tuesday, April 16th. They set a buy rating and a $45.00 price objective for the company. One equities research analyst has rated the stock with a sell rating and five have issued a buy rating to the company. The company presently has a consensus rating of Buy and a consensus target price of $43.00.

Shares of PRNB stock opened at $31.92 on Wednesday. Principia Biopharma has a fifty-two week low of $22.00 and a fifty-two week high of $38.34.

Principia Biopharma (NASDAQ:PRNB) last released its quarterly earnings data on Tuesday, May 7th. The company reported ($0.57) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.62) by $0.05. The firm had revenue of $5.16 million for the quarter, compared to the consensus estimate of $8.00 million. On average, research analysts predict that Principia Biopharma will post -2.62 EPS for the current fiscal year.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in PRNB. FMR LLC increased its position in shares of Principia Biopharma by 213.4% during the 1st quarter. FMR LLC now owns 3,579,788 shares of the company’s stock valued at $121,713,000 after purchasing an additional 2,437,717 shares during the last quarter. ExodusPoint Capital Management LP bought a new position in shares of Principia Biopharma during the 1st quarter valued at about $550,000. Marshall Wace LLP increased its position in shares of Principia Biopharma by 329.0% during the 1st quarter. Marshall Wace LLP now owns 57,934 shares of the company’s stock valued at $1,969,000 after purchasing an additional 44,428 shares during the last quarter. Geode Capital Management LLC increased its position in shares of Principia Biopharma by 4.9% during the 1st quarter. Geode Capital Management LLC now owns 117,006 shares of the company’s stock valued at $3,978,000 after purchasing an additional 5,424 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. increased its position in shares of Principia Biopharma by 2.4% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 44,530 shares of the company’s stock valued at $1,515,000 after purchasing an additional 1,051 shares during the last quarter. Hedge funds and other institutional investors own 82.07% of the company’s stock.

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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