Palvella Therapeutics (NASDAQ:PVLA) Shares Gap Down Following Weak Earnings

Palvella Therapeutics, Inc. (NASDAQ:PVLA)’s stock price gapped down before the market opened on Tuesday after the company announced weaker than expected quarterly earnings. The stock had previously closed at $80.29, but opened at $76.11. Palvella Therapeutics shares last traded at $77.12, with a volume of 32,241 shares traded.

The company reported ($1.03) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.85) by ($0.18).

Analyst Ratings Changes

PVLA has been the subject of several recent analyst reports. TD Cowen increased their price objective on shares of Palvella Therapeutics from $65.00 to $97.00 and gave the company a “buy” rating in a report on Thursday, November 6th. Raymond James Financial set a $54.00 price target on Palvella Therapeutics and gave the company an “outperform” rating in a research note on Tuesday, August 5th. HC Wainwright boosted their price objective on Palvella Therapeutics from $95.00 to $190.00 and gave the stock a “buy” rating in a research note on Thursday, November 6th. Canaccord Genuity Group upped their price objective on Palvella Therapeutics from $66.00 to $90.00 and gave the company a “buy” rating in a report on Thursday, October 9th. Finally, Oppenheimer started coverage on Palvella Therapeutics in a report on Tuesday, September 9th. They set an “outperform” rating and a $85.00 target price on the stock. One investment analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $99.67.

Institutional Investors Weigh In On Palvella Therapeutics

Several hedge funds have recently modified their holdings of PVLA. Archer Investment Corp purchased a new position in Palvella Therapeutics in the 3rd quarter worth about $28,000. Police & Firemen s Retirement System of New Jersey acquired a new position in shares of Palvella Therapeutics in the second quarter worth about $37,000. JPMorgan Chase & Co. boosted its holdings in shares of Palvella Therapeutics by 108,066.7% in the second quarter. JPMorgan Chase & Co. now owns 3,245 shares of the company’s stock worth $73,000 after buying an additional 3,242 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new position in shares of Palvella Therapeutics in the second quarter worth approximately $85,000. Finally, BNP Paribas Financial Markets acquired a new stake in shares of Palvella Therapeutics during the second quarter valued at approximately $104,000. 40.11% of the stock is owned by hedge funds and other institutional investors.

Palvella Therapeutics Trading Down 5.8%

The company’s 50-day moving average is $66.65 and its 200 day moving average is $43.36. The firm has a market cap of $836.36 million, a PE ratio of -19.95 and a beta of -0.05.

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.