Principia Biopharma (NASDAQ:PRNB) Trading Up 5%

Principia Biopharma Inc (NASDAQ:PRNB) shares were up 5% during trading on Friday . The stock traded as high as $35.49 and last traded at $34.67. Approximately 109,063 shares changed hands during mid-day trading, an increase of 8% from the average daily volume of 100,813 shares. The stock had previously closed at $33.02.

Several research analysts have commented on PRNB shares. Zacks Investment Research cut shares of Principia Biopharma from a “hold” rating to a “sell” rating in a report on Friday, June 7th. Stifel Nicolaus started coverage on shares of Principia Biopharma in a report on Tuesday, April 16th. They issued a “buy” rating and a $45.00 target price for the company. Finally, Leerink Swann set a $42.00 target price on shares of Principia Biopharma and gave the stock a “buy” rating in a report on Thursday, March 21st. One investment analyst has rated the stock with a hold rating and five have issued a buy rating to the company. The company currently has an average rating of “Buy” and a consensus price target of $43.00.

The firm has a market capitalization of $788.19 million and a P/E ratio of 60.82.

Principia Biopharma (NASDAQ:PRNB) last announced its earnings results on Tuesday, May 7th. The company reported ($0.57) EPS for the quarter, topping the consensus estimate of ($0.62) by $0.05. The firm had revenue of $5.16 million during the quarter, compared to analyst estimates of $8.00 million. As a group, sell-side analysts predict that Principia Biopharma Inc will post -2.62 earnings per share for the current fiscal year.

In other Principia Biopharma news, major shareholder Orbimed Advisors Llc sold 1,000,000 shares of the firm’s stock in a transaction dated Tuesday, May 21st. The shares were sold at an average price of $30.25, for a total value of $30,250,000.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 28.98% of the company’s stock.

Several hedge funds have recently bought and sold shares of PRNB. BNP Paribas Arbitrage SA acquired a new stake in shares of Principia Biopharma during the first quarter worth approximately $40,000. Strs Ohio acquired a new stake in shares of Principia Biopharma during the fourth quarter worth approximately $41,000. Citigroup Inc. acquired a new stake in shares of Principia Biopharma during the fourth quarter worth approximately $45,000. American International Group Inc. acquired a new stake in shares of Principia Biopharma during the fourth quarter worth approximately $103,000. Finally, New York State Common Retirement Fund acquired a new stake in shares of Principia Biopharma during the first quarter worth approximately $116,000. Institutional investors and hedge funds own 82.20% of the company’s stock.

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About Principia Biopharma (NASDAQ:PRNB)

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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