Zacks Investment Research downgraded shares of Principia Biopharma (NASDAQ:PRNB) from a hold rating to a sell rating in a research note issued to investors on Wednesday, 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. “

PRNB has been the topic of several other reports. HC Wainwright lowered their target price on Innovate Biopharmaceuticals from $35.00 to $10.00 and set a buy rating on the stock in a research report on Monday, July 1st. Leerink Swann set a $42.00 target price on Principia Biopharma and gave the company a buy rating in a research report on Thursday, March 21st. Finally, Stifel Nicolaus upgraded QUALCOMM from a hold rating to a buy rating and raised their target price for the company from $57.00 to $100.00 in a research report on Tuesday, April 16th. One analyst has rated the stock with a sell rating and six have assigned a buy rating to the company. The company presently has a consensus rating of Buy and a consensus target price of $46.00.

PRNB traded down $0.75 during trading hours on Wednesday, hitting $38.85. The company’s stock had a trading volume of 76,400 shares, compared to its average volume of 114,848. Principia Biopharma has a fifty-two week low of $22.00 and a fifty-two week high of $41.33. The stock has a market capitalization of $939.64 million and a price-to-earnings ratio of 68.16. The business’s 50-day moving average is $33.69.

Principia Biopharma (NASDAQ:PRNB) last posted its earnings results on Tuesday, May 7th. The company reported ($0.57) EPS for the quarter, beating the consensus estimate of ($0.62) by $0.05. The business had revenue of $5.16 million during the quarter, compared to analyst estimates of $8.00 million. As a group, equities research analysts forecast that Principia Biopharma will post -2.64 earnings per share for the current year.

In other news, major shareholder Orbimed Advisors Llc sold 1,000,000 shares of Principia Biopharma stock in a transaction on Tuesday, May 21st. The stock was sold at an average price of $30.25, for a total transaction of $30,250,000.00. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 28.98% of the stock is currently owned by company insiders.

Several hedge funds have recently modified their holdings of PRNB. FMR LLC increased its position in shares of Principia Biopharma by 213.4% during the 1st quarter. FMR LLC now owns 3,579,788 shares of the company’s stock valued at $121,713,000 after purchasing an additional 2,437,717 shares during the period. BlackRock Inc. increased its position in shares of Principia Biopharma by 196.1% during the 4th quarter. BlackRock Inc. now owns 442,666 shares of the company’s stock valued at $12,125,000 after purchasing an additional 293,166 shares during the period. Geode Capital Management LLC bought a new stake in shares of Principia Biopharma during the 4th quarter worth $3,056,000. Northern Trust Corp boosted its stake in shares of Principia Biopharma by 681.1% during the 4th quarter. Northern Trust Corp now owns 80,864 shares of the company’s stock worth $2,215,000 after acquiring an additional 70,511 shares in the last quarter. Finally, Marshall Wace LLP boosted its stake in shares of Principia Biopharma by 329.0% during the 1st quarter. Marshall Wace LLP now owns 57,934 shares of the company’s stock worth $1,969,000 after acquiring an additional 44,428 shares in the last quarter. Institutional investors own 82.20% of the company’s stock.

About Principia Biopharma

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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