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 report sent to investors on Wednesday morning, 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. “

A number of other research firms have also recently commented on PRNB. Leerink Swann set a $42.00 target price on Principia Biopharma and gave the company a buy rating in a research note on Thursday, March 21st. HC Wainwright cut their target price on Innovate Biopharmaceuticals from $35.00 to $10.00 and set a buy rating on the stock in a research note on Monday, July 1st. Finally, Stifel Nicolaus raised QUALCOMM from a hold rating to a buy rating and upped their target price for the company from $57.00 to $100.00 in a research note on Tuesday, April 16th. One research analyst has rated the stock with a sell rating and six have assigned a buy rating to the company. The stock has an average rating of Buy and a consensus target price of $46.00.

PRNB opened at $39.21 on Wednesday. The company’s 50 day simple moving average is $33.86. Principia Biopharma has a one year low of $22.00 and a one year high of $41.33.

Principia Biopharma (NASDAQ:PRNB) last released its earnings results on Tuesday, May 7th. The company reported ($0.57) EPS for the quarter, beating analysts’ consensus estimates of ($0.62) by $0.05. The business had revenue of $5.16 million for the quarter, compared to the consensus estimate of $8.00 million. On average, sell-side analysts forecast that Principia Biopharma will post -2.66 EPS for the current year.

In related news, major shareholder Orbimed Advisors Llc sold 1,000,000 shares of the stock in a transaction that occurred on Tuesday, May 21st. The stock was sold at an average price of $30.25, for a total value of $30,250,000.00. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. 28.98% of the stock is owned by corporate insiders.

Large investors have recently made changes to their positions in the stock. Marshall Wace LLP grew its stake in Principia Biopharma by 329.0% in the first quarter. Marshall Wace LLP now owns 57,934 shares of the company’s stock worth $1,969,000 after purchasing an additional 44,428 shares in the last quarter. BlackRock Inc. grew its stake in Principia Biopharma by 196.1% in the fourth quarter. BlackRock Inc. now owns 442,666 shares of the company’s stock worth $12,125,000 after purchasing an additional 293,166 shares in the last quarter. Northern Trust Corp grew its stake in Principia Biopharma by 681.1% in the fourth quarter. Northern Trust Corp now owns 80,864 shares of the company’s stock worth $2,215,000 after purchasing an additional 70,511 shares in the last quarter. FMR LLC grew its stake in Principia Biopharma by 213.4% in the first quarter. FMR LLC now owns 3,579,788 shares of the company’s stock worth $121,713,000 after purchasing an additional 2,437,717 shares in the last quarter. Finally, Deutsche Bank AG bought a new position in Principia Biopharma in the fourth quarter worth approximately $204,000. 82.20% of the stock is currently owned by institutional investors.

Principia Biopharma Company Profile

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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