Principia Biopharma Inc (NASDAQ:PRNB) Short Interest Update

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Principia Biopharma Inc (NASDAQ:PRNB) was the target of a significant drop in short interest during the month of August. As of August 31st, there was short interest totalling 2,000,000 shares, a drop of 25.9% from the August 15th total of 2,700,000 shares. Based on an average daily trading volume, of 1,400,000 shares, the short-interest ratio is currently 1.4 days.

PRNB has been the topic of several research reports. HC Wainwright lowered shares of Principia Biopharma from a “buy” rating to a “neutral” rating and lowered their price objective for the stock from $108.00 to $100.00 in a research report on Monday, August 17th. SVB Leerink lowered shares of Principia Biopharma from an “outperform” rating to a “market perform” rating and lowered their price objective for the stock from $112.00 to $100.00 in a research report on Tuesday, August 18th. BidaskClub raised shares of Principia Biopharma from a “buy” rating to a “strong-buy” rating in a research report on Tuesday. Evercore ISI assumed coverage on shares of Principia Biopharma in a research report on Tuesday, July 28th. They issued an “outperform” rating on the stock. Finally, Zacks Investment Research lowered shares of Principia Biopharma from a “buy” rating to a “hold” rating in a research report on Thursday, August 13th. Six research analysts have rated the stock with a hold rating, three have issued a buy rating and one has given a strong buy rating to the company. The company currently has an average rating of “Buy” and an average target price of $97.14.

In related news, insider Dolca Thomas sold 15,000 shares of the business’s stock in a transaction dated Wednesday, July 15th. The shares were sold at an average price of $80.07, for a total transaction of $1,201,050.00. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Alan Colowick sold 7,500 shares of the business’s stock in a transaction dated Wednesday, July 1st. The stock was sold at an average price of $60.00, for a total transaction of $450,000.00. Following the transaction, the director now owns 7,500 shares in the company, valued at $450,000. The disclosure for this sale can be found here. Insiders have sold 66,000 shares of company stock valued at $5,355,885 in the last three months. 16.01% of the stock is owned by insiders.

Institutional investors have recently made changes to their positions in the company. Swiss National Bank boosted its stake in shares of Principia Biopharma by 23.1% in the 2nd quarter. Swiss National Bank now owns 54,800 shares of the company’s stock valued at $3,276,000 after purchasing an additional 10,300 shares in the last quarter. BNP Paribas Arbitrage SA boosted its stake in shares of Principia Biopharma by 852.9% in the 1st quarter. BNP Paribas Arbitrage SA now owns 20,374 shares of the company’s stock valued at $1,210,000 after purchasing an additional 18,236 shares in the last quarter. Geode Capital Management LLC boosted its stake in shares of Principia Biopharma by 10.7% in the 1st quarter. Geode Capital Management LLC now owns 299,787 shares of the company’s stock valued at $17,801,000 after purchasing an additional 29,001 shares in the last quarter. Goldman Sachs Group Inc. boosted its stake in shares of Principia Biopharma by 200.5% in the 2nd quarter. Goldman Sachs Group Inc. now owns 373,720 shares of the company’s stock valued at $22,345,000 after purchasing an additional 249,365 shares in the last quarter. Finally, Russell Investments Group Ltd. boosted its stake in shares of Principia Biopharma by 58.0% in the 2nd quarter. Russell Investments Group Ltd. now owns 22,050 shares of the company’s stock valued at $1,316,000 after purchasing an additional 8,092 shares in the last quarter. 95.54% of the stock is owned by institutional investors.

PRNB stock traded up $0.01 during midday trading on Wednesday, reaching $99.97. The company had a trading volume of 32,809 shares, compared to its average volume of 719,399. Principia Biopharma has a 1 year low of $25.35 and a 1 year high of $101.89. The company has a market capitalization of $3.32 billion, a P/E ratio of -41.48 and a beta of 0.86. The firm has a 50-day moving average price of $94.68 and a 200-day moving average price of $70.00.

Principia Biopharma (NASDAQ:PRNB) last released its quarterly earnings results on Thursday, August 6th. The company reported $0.31 EPS for the quarter, topping the Zacks’ consensus estimate of ($1.03) by $1.34. The company had revenue of $50.00 million during the quarter, compared to analysts’ expectations of $50.00 million. As a group, analysts anticipate that Principia Biopharma will post -2.79 EPS for the current fiscal year.

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.

Further Reading: Understanding Market Liquidity

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