Principia Biopharma (NASDAQ:PRNB) Downgraded to “Sell” at Zacks Investment Research

Zacks Investment Research cut shares of Principia Biopharma (NASDAQ:PRNB) from a hold rating to a sell rating in a research note released 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 research firms also recently weighed in on PRNB. Stifel Nicolaus upgraded QUALCOMM from a hold rating to a buy rating and increased their price target for the stock from $57.00 to $100.00 in a research note on Tuesday, April 16th. HC Wainwright cut their price target on Innovate Biopharmaceuticals from $35.00 to $10.00 and set a buy rating for the company in a research note on Monday, July 1st. Finally, Leerink Swann set a $42.00 price target on Principia Biopharma and gave the stock a buy rating in a research note on Thursday, March 21st. One research analyst has rated the stock with a sell rating and six have given a buy rating to the company. The stock presently has a consensus rating of Buy and a consensus price target of $46.00.

PRNB stock opened at $39.21 on Wednesday. Principia Biopharma has a fifty-two week low of $22.00 and a fifty-two week high of $41.33. The business’s fifty day moving average price is $33.86.

Principia Biopharma (NASDAQ:PRNB) last posted its quarterly earnings results on Tuesday, May 7th. The company reported ($0.57) earnings per share for the quarter, topping the 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 forecast that Principia Biopharma will post -2.66 earnings per share for the current fiscal year.

In other 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 28.98% of the stock is currently owned by corporate insiders.

Institutional investors and hedge funds have recently modified their holdings of the stock. FMR LLC lifted its position in shares of Principia Biopharma by 213.4% in the first quarter. FMR LLC now owns 3,579,788 shares of the company’s stock valued at $121,713,000 after acquiring an additional 2,437,717 shares in the last quarter. Marshall Wace North America L.P. lifted its position in shares of Principia Biopharma by 14.7% in the first quarter. Marshall Wace North America L.P. now owns 17,717 shares of the company’s stock valued at $603,000 after acquiring an additional 2,266 shares in the last quarter. Marshall Wace LLP lifted its position in shares of Principia Biopharma by 329.0% in the first quarter. Marshall Wace LLP now owns 57,934 shares of the company’s stock valued at $1,969,000 after acquiring an additional 44,428 shares in the last quarter. Spark Investment Management LLC lifted its position in shares of Principia Biopharma by 392.5% in the first quarter. Spark Investment Management LLC now owns 39,400 shares of the company’s stock valued at $1,339,000 after acquiring an additional 31,400 shares in the last quarter. Finally, Rhumbline Advisers purchased a new position in shares of Principia Biopharma in the first quarter valued at about $228,000. 82.20% of the stock is currently owned by institutional investors and hedge funds.

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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