Bank of America Initiates Coverage on Principia Biopharma (PRNB)

Bank of America assumed coverage on shares of Principia Biopharma (NASDAQ:PRNB) in a report issued on Tuesday, MarketBeat reports. The brokerage issued a buy rating on the stock.

Shares of PRNB opened at $25.09 on Tuesday. Principia Biopharma has a 12-month low of $23.95 and a 12-month high of $36.00.

In other news, major shareholder Leaf Ventures Ii L.P. New purchased 270,000 shares of the business’s stock in a transaction dated Tuesday, September 18th. The shares were acquired at an average price of $17.00 per share, with a total value of $4,590,000.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Srinivas Akkaraju purchased 175,000 shares of the business’s stock in a transaction dated Tuesday, September 18th. The shares were purchased at an average cost of $17.00 per share, for a total transaction of $2,975,000.00. The disclosure for this purchase can be found here.

Principia Biopharma Company Profile

Principia Biopharma Inc, a clinical-stage biopharmaceutical company, focuses on developing novel oral therapies for immunology and oncology in the United States. It is developing PRN1008, an inhibitor that is in Phase II clinical trial for the treatment of pemphigus, a chronic skin disease, as well as in Phase II clinical trial for the treatment of immune thrombocytopenic purpura; PRN2246, an inhibitor that is in Phase I clinical trial for the treatment of multiple sclerosis and other central nervous system diseases; PRN1371, a drug candidate, which is in Phase I clinical trial for the treatment of solid tumors; and oral small molecule inhibitors of the immunoproteasome.

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