Zacks: Principia Biopharma Inc (PRNB) Receives Average Rating of “Strong Buy” from Brokerages

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Principia Biopharma Inc (NASDAQ:PRNB) has been assigned a consensus broker rating score of 1.00 (Strong Buy) from the four analysts that cover the company, Zacks Investment Research reports. Four research analysts have rated the stock with a strong buy rating.

Brokerages have set a 1 year consensus price target of $42.50 for the company and are forecasting that the company will post ($0.55) earnings per share for the current quarter, according to Zacks. Zacks has also assigned Principia Biopharma an industry rank of 52 out of 255 based on the ratings given to its competitors.

A number of brokerages recently issued reports on PRNB. Zacks Investment Research cut shares of Principia Biopharma from a “buy” rating to a “hold” rating in a report on Tuesday, March 26th. Leerink Swann set a $42.00 price objective on shares of Principia Biopharma and gave the stock a “buy” rating in a report on Thursday, March 21st.

Shares of NASDAQ:PRNB opened at $27.81 on Friday. Principia Biopharma has a 1 year low of $22.00 and a 1 year high of $38.34.

Principia Biopharma (NASDAQ:PRNB) last issued its quarterly earnings data on Tuesday, March 19th. The company reported $0.37 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.31) by $0.68. The business had revenue of $26.14 million during the quarter, compared to the consensus estimate of $13.70 million. Analysts forecast that Principia Biopharma will post -2.51 EPS for the current fiscal year.

A number of large investors have recently modified their holdings of the stock. TD Asset Management Inc. boosted its holdings in Principia Biopharma by 1.2% in the fourth quarter. TD Asset Management Inc. now owns 27,918 shares of the company’s stock worth $765,000 after purchasing an additional 325 shares in the last quarter. Strs Ohio bought a new stake in Principia Biopharma in the fourth quarter worth $41,000. Citigroup Inc. acquired a new position in Principia Biopharma during the 4th quarter worth $45,000. American International Group Inc. acquired a new position in Principia Biopharma during the 4th quarter worth $103,000. Finally, Massachusetts Financial Services Co. MA lifted its position in Principia Biopharma by 2.1% during the 4th quarter. Massachusetts Financial Services Co. MA now owns 230,406 shares of the company’s stock worth $6,311,000 after acquiring an additional 4,844 shares during the last quarter. Hedge funds and other institutional investors own 81.91% of the company’s stock.

About Principia Biopharma

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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