KalVista Pharmaceuticals, Inc. (NASDAQ: KALV) experienced a notable increase in its stock price, rising by 5.1% during mid-day trading on Tuesday. The shares reached a high of $16.00 before closing at $15.94, reflecting a significant recovery from a prior closing price of $15.17. The trading volume was 390,593 shares, a sharp decline of 59% from the average session volume of 962,275 shares.
Analyst Ratings and Market Reactions
Recent reports from analysts have influenced market perceptions of KalVista Pharmaceuticals. On November 11, 2023, Citizens Jmp adjusted their target price for KalVista from $29.00 to $28.00 while maintaining a “market outperform” rating. Similarly, Needham & Company reaffirmed a “buy” rating and set a price objective of $28.00 in a report dated December 4, 2023. Citigroup also reiterated their “market outperform” rating for the company on the same day.
Furthermore, Wall Street Zen upgraded the stock from a “sell” to a “hold” rating on December 6, 2023. In contrast, Weiss Ratings reaffirmed a “sell (d-)” rating in a report on October 8, 2023. Overall, nine analysts have issued a “buy” rating, while one has recommended a “sell.” According to MarketBeat, KalVista Pharmaceuticals currently holds an average rating of “Moderate Buy” with a price target averaging $27.29.
Quarterly Earnings and Insider Trading
KalVista Pharmaceuticals recently released its quarterly earnings data on November 10, 2023. The company reported an earnings per share (EPS) of ($0.92), surpassing analysts’ expectations of ($0.96) by $0.04. The quarterly revenue stood at $13.69 million, significantly above analysts’ estimates of $6.03 million. Projections suggest that KalVista is expected to post an EPS of ($3.56) for the current year.
In related developments, CEO Benjamin L. Palleiko sold 10,940 shares of stock on November 24, 2023, at an average price of $13.45, totaling $147,143. Following this transaction, Palleiko retains 416,189 shares valued at approximately $5,597,742.05, marking a 2.56% decrease in his holdings. Another insider, Paul K. Audhya, sold 5,296 shares on the same date, also at an average price of $13.45, resulting in a total sale value of $71,231.20. After this sale, Audhya holds 131,831 shares valued at approximately $1,773,126.95. Over the past 90 days, insiders have offloaded a total of 31,329 shares worth $437,371.
Institutional Investments
Institutional trading has also seen significant activity. During the third quarter, Tudor Investment Corp ET AL acquired a new position in KalVista Pharmaceuticals worth around $24,360,000. Sherbrooke Park Advisers LLC also entered the market with a new position valued at $191,000. Notably, Qube Research & Technologies Ltd increased its holdings by 234.6%, now owning 325,435 shares valued at $3,964,000 following the purchase of an additional 228,187 shares. Meanwhile, Parkman Healthcare Partners LLC raised its stake by 155.5%, now holding 1,735,003 shares valued at $21,132,000 after acquiring 1,055,940 shares. Brevan Howard Capital Management LP also increased its position in the company by 319.1%, now owning 55,878 shares worth $681,000.
KalVista Pharmaceuticals is a clinical-stage biotechnology firm focusing on developing small-molecule protease inhibitors for orphan and specialty disease indications. The company’s scientific platform emphasizes the selective inhibition of plasma kallikrein, a serine protease linked to disorders characterized by vascular leak, edema, and inflammation. KalVista’s primary programs include an oral plasma kallikrein inhibitor for treating acute hereditary angioedema attacks and an intravitreal kallikrein inhibitor currently under evaluation for diabetic macular edema.
