Canaccord Genuity Group Reaffirms “Buy” Rating for Palvella Therapeutics (NASDAQ:PVLA)

Palvella Therapeutics (NASDAQ:PVLA)‘s stock had its “buy” rating reissued by equities research analysts at Canaccord Genuity Group in a research note issued to investors on Wednesday,Benzinga reports. They presently have a $39.00 price target on the stock. Canaccord Genuity Group’s target price indicates a potential upside of 106.90% from the stock’s previous close.

PVLA has been the subject of a number of other reports. TD Cowen began coverage on shares of Palvella Therapeutics in a research report on Wednesday, February 5th. They set a “buy” rating and a $44.00 price target for the company. HC Wainwright reissued a “buy” rating and set a $38.00 target price on shares of Palvella Therapeutics in a report on Tuesday, February 11th. Finally, Cantor Fitzgerald began coverage on shares of Palvella Therapeutics in a report on Wednesday, December 18th. They issued an “overweight” rating on the stock.

Palvella Therapeutics Stock Performance

NASDAQ:PVLA opened at $18.85 on Wednesday. Palvella Therapeutics has a twelve month low of $6.20 and a twelve month high of $22.32. The stock has a market cap of $211.52 million, a P/E ratio of -1.56 and a beta of 0.68. The stock’s 50 day moving average is $14.62.

Insider Activity

In related news, Director George M. Jenkins purchased 4,000 shares of the business’s stock in a transaction that occurred on Wednesday, December 18th. The stock was bought at an average price of $12.93 per share, with a total value of $51,720.00. Following the acquisition, the director now owns 180,671 shares in the company, valued at $2,336,076.03. The trade was a 2.26 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 6.39% of the company’s stock.

Hedge Funds Weigh In On Palvella Therapeutics

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Suvretta Capital Management LLC acquired a new position in shares of Palvella Therapeutics during the 4th quarter worth about $8,574,000. BVF Inc. IL purchased a new stake in Palvella Therapeutics during the 4th quarter worth approximately $8,359,000. Samsara BioCapital LLC purchased a new stake in Palvella Therapeutics during the 4th quarter worth approximately $8,154,000. Frazier Life Sciences Management L.P. acquired a new position in shares of Palvella Therapeutics during the fourth quarter valued at approximately $7,847,000. Finally, Adams Street Partners LLC purchased a new position in shares of Palvella Therapeutics in the fourth quarter valued at approximately $4,916,000. 40.11% of the stock is owned by hedge funds and other institutional investors.

Palvella Therapeutics Company Profile

Palvella Therapeutics Inc is a clinical-stage biopharmaceutical company focused on developing and commercializing novel therapies to treat patients suffering from serious, rare genetic skin diseases. Palvella Therapeutics Inc, formerly known as Pieris Pharmaceuticals Inc, is based in WAYNE, Pa.