JMP Securities initiated coverage on shares of Pardes Biosciences (NASDAQ:PRDS – Get Rating) in a research report sent to investors on Tuesday, The Fly reports. The firm issued a market outperform rating and a $9.00 price objective on the stock.
Separately, SVB Leerink cut their price target on shares of Pardes Biosciences from $18.00 to $12.00 and set an outperform rating for the company in a research note on Tuesday, August 16th.
Get Pardes Biosciences alerts:Pardes Biosciences Trading Up 3.5 %
NASDAQ PRDS opened at $1.19 on Tuesday. The firm has a 50-day simple moving average of $1.23 and a 200 day simple moving average of $2.62. Pardes Biosciences has a twelve month low of $0.75 and a twelve month high of $17.76.
Pardes Biosciences (NASDAQ:PRDS – Get Rating) last announced its quarterly earnings results on Monday, November 7th. The company reported ($0.40) EPS for the quarter, topping analysts' consensus estimates of ($0.49) by $0.09. As a group, sell-side analysts expect that Pardes Biosciences will post -1.77 earnings per share for the current fiscal year.Institutional Inflows and Outflows
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in PRDS. RA Capital Management L.P. increased its holdings in shares of Pardes Biosciences by 97.5% during the first quarter. RA Capital Management L.P. now owns 6,175,038 shares of the company's stock worth $44,584,000 after buying an additional 3,048,000 shares in the last quarter. VK Services LLC acquired a new stake in shares of Pardes Biosciences during the second quarter worth approximately $18,886,000. Goldman Sachs Group Inc. increased its holdings in shares of Pardes Biosciences by 102.4% during the second quarter. Goldman Sachs Group Inc. now owns 4,275,914 shares of the company's stock worth $13,127,000 after buying an additional 2,163,503 shares in the last quarter. Lynx1 Capital Management LP increased its holdings in shares of Pardes Biosciences by 4.4% during the third quarter. Lynx1 Capital Management LP now owns 2,275,732 shares of the company's stock worth $4,210,000 after buying an additional 95,172 shares in the last quarter. Finally, Frazier Life Sciences Management L.P. acquired a new stake in shares of Pardes Biosciences during the first quarter worth approximately $15,025,000. Institutional investors own 75.06% of the company's stock.
Pardes Biosciences Company Profile
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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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