Pardes Biosciences (NASDAQ:PRDS – Get Rating) had its price objective dropped by investment analysts at SVB Leerink from $12.00 to $9.00 in a research report issued on Friday, Benzinga reports. The firm currently has an "outperform" rating on the stock. SVB Leerink's target price indicates a potential upside of 426.32% from the company's previous close.

Separately, JMP Securities began coverage on Pardes Biosciences in a research note on Tuesday, December 13th. They set a "market outperform" rating and a $9.00 price target for the company.

Pardes Biosciences Price Performance

Pardes Biosciences stock opened at $1.71 on Friday. Pardes Biosciences has a one year low of $0.75 and a one year high of $13.01. The business has a fifty day moving average of $1.45 and a two-hundred day moving average of $2.06.

Institutional Trading of Pardes Biosciences

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Bank of New York Mellon Corp purchased a new stake in Pardes Biosciences in the 1st quarter valued at about $75,000. American International Group Inc. acquired a new position in Pardes Biosciences during the 2nd quarter worth approximately $41,000. Virtu Financial LLC acquired a new position in Pardes Biosciences during the 3rd quarter worth approximately $25,000. Dynamic Technology Lab Private Ltd acquired a new position in Pardes Biosciences during the 1st quarter worth approximately $105,000. Finally, JPMorgan Chase & Co. acquired a new position in Pardes Biosciences during the 2nd quarter worth approximately $47,000.

About Pardes Biosciences

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Pardes Biosciences, Inc, a clinical stage biopharmaceutical company, focuses on discovering, developing, and commercializing novel therapeutics to improve the lives of patients suffering from life-threatening disease. Its lead candidate is the PBI-0451 that is in clinical development stage to treat and prevent severe acute respiratory syndrome coronavirus 2 infections and associated diseases.

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