Principia Biopharma (PRNB) Upgraded by Zacks Investment Research to “Buy”

Zacks Investment Research upgraded shares of Principia Biopharma (NASDAQ:PRNB) from a hold rating to a buy rating in a research report report published on Wednesday. The brokerage currently has $31.00 price objective on the stock.

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. “

A number of other analysts also recently issued reports on the stock. Robert W. Baird began coverage on shares of Principia Biopharma in a report on Tuesday, October 9th. They set an outperform rating for the company. Wells Fargo & Co assumed coverage on shares of Principia Biopharma in a research report on Tuesday, October 9th. They issued an outperform rating for the company. Bank of America assumed coverage on shares of Principia Biopharma in a research report on Tuesday, October 9th. They set a buy rating for the company. Finally, Leerink Swann started coverage on shares of Principia Biopharma in a research report on Tuesday, October 9th. They set an outperform rating and a $34.00 target price for the company. Five research analysts have rated the stock with a buy rating, The company presently has an average rating of Buy and a consensus target price of $32.50.

Shares of Principia Biopharma stock traded up $0.97 during trading hours on Wednesday, reaching $30.40. The company’s stock had a trading volume of 17,413 shares, compared to its average volume of 77,136. Principia Biopharma has a one year low of $22.00 and a one year high of $36.00.

In related news, Director Srinivas Akkaraju acquired 175,000 shares of Principia Biopharma stock in a transaction on Tuesday, September 18th. The shares were acquired at an average cost of $17.00 per share, with a total value of $2,975,000.00. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, major shareholder Leaf Ventures Ii L.P. New acquired 270,000 shares of Principia Biopharma stock in a transaction on Tuesday, September 18th. The shares were bought at an average cost of $17.00 per share, for a total transaction of $4,590,000.00. The disclosure for this purchase can be found here.

A number of institutional investors have recently modified their holdings of PRNB. Marshall Wace North America L.P. purchased a new stake in shares of Principia Biopharma in the 3rd quarter worth about $403,000. Vanguard Group Inc. purchased a new stake in shares of Principia Biopharma in the 3rd quarter worth about $2,745,000. Point72 Asset Management L.P. purchased a new stake in shares of Principia Biopharma in the 3rd quarter worth about $292,000. Sofinnova Ventures Inc purchased a new stake in shares of Principia Biopharma in the 3rd quarter worth about $59,556,000. Finally, Baker BROS. Advisors LP purchased a new stake in shares of Principia Biopharma in the 3rd quarter worth about $52,240,000. 66.33% of the stock is currently owned by institutional investors and hedge funds.

Principia Biopharma Company Profile

Principia Biopharma Inc, a clinical-stage biopharmaceutical company, focuses on developing novel oral therapies for immunology and oncology in the United States. It is developing PRN1008, an inhibitor that is in Phase II clinical trial for the treatment of pemphigus, a chronic skin disease, as well as in Phase II clinical trial for the treatment of immune thrombocytopenic purpura; PRN2246, an inhibitor that is in Phase I clinical trial for the treatment of multiple sclerosis and other central nervous system diseases; PRN1371, a drug candidate, which is in Phase I clinical trial for the treatment of solid tumors; and oral small molecule inhibitors of the immunoproteasome.

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