KalVista Pharmaceuticals (NASDAQ:KALV) Stock Price Down 3% – Here’s Why

KalVista Pharmaceuticals, Inc. (NASDAQ:KALV)’s stock price traded down 3% during trading on Wednesday . The company traded as low as $12.00 and last traded at $12.01. 89,287 shares changed hands during mid-day trading, a decline of 76% from the average session volume of 379,709 shares. The stock had previously closed at $12.37.

Analysts Set New Price Targets

A number of equities analysts have commented on the stock. Citizens Jmp upgraded shares of KalVista Pharmaceuticals to a “strong-buy” rating in a research report on Friday, January 31st. TD Cowen assumed coverage on shares of KalVista Pharmaceuticals in a research report on Tuesday, January 7th. They issued a “buy” rating and a $30.00 price target on the stock. Needham & Company LLC restated a “buy” rating and issued a $28.00 price target on shares of KalVista Pharmaceuticals in a research report on Thursday, March 13th. Bank of America initiated coverage on shares of KalVista Pharmaceuticals in a research report on Wednesday, December 18th. They issued a “buy” rating and a $22.00 price target on the stock. Finally, HC Wainwright reiterated a “buy” rating and set a $20.00 target price on shares of KalVista Pharmaceuticals in a research report on Friday, March 14th. Six equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Buy” and an average target price of $23.80.

KalVista Pharmaceuticals Stock Down 2.3 %

The stock’s 50-day moving average price is $9.89 and its 200-day moving average price is $10.25. The company has a market capitalization of $600.62 million, a price-to-earnings ratio of -3.32 and a beta of 0.76.

Insider Activity at KalVista Pharmaceuticals

In related news, CEO Benjamin L. Palleiko sold 5,104 shares of the stock in a transaction that occurred on Tuesday, February 18th. The shares were sold at an average price of $9.82, for a total value of $50,121.28. Following the transaction, the chief executive officer now directly owns 278,855 shares in the company, valued at $2,738,356.10. This represents a 1.80 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Paul K. Audhya sold 3,125 shares of the stock in a transaction that occurred on Tuesday, February 18th. The shares were sold at an average price of $9.82, for a total transaction of $30,687.50. Following the completion of the transaction, the insider now owns 100,334 shares in the company, valued at $985,279.88. This represents a 3.02 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have acquired 236,055 shares of company stock worth $2,162,146 and have sold 17,292 shares worth $184,625. 10.50% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On KalVista Pharmaceuticals

Several large investors have recently bought and sold shares of KALV. Quest Partners LLC bought a new stake in KalVista Pharmaceuticals in the third quarter valued at approximately $175,000. Connor Clark & Lunn Investment Management Ltd. increased its stake in KalVista Pharmaceuticals by 114.4% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 22,949 shares of the specialty pharmaceutical company’s stock valued at $266,000 after purchasing an additional 12,245 shares in the last quarter. Intech Investment Management LLC bought a new stake in KalVista Pharmaceuticals in the third quarter valued at approximately $126,000. Citigroup Inc. increased its stake in KalVista Pharmaceuticals by 6.8% in the third quarter. Citigroup Inc. now owns 305,504 shares of the specialty pharmaceutical company’s stock valued at $3,538,000 after purchasing an additional 19,440 shares in the last quarter. Finally, FMR LLC increased its stake in KalVista Pharmaceuticals by 22.9% in the third quarter. FMR LLC now owns 66,423 shares of the specialty pharmaceutical company’s stock valued at $769,000 after purchasing an additional 12,397 shares in the last quarter.

About KalVista Pharmaceuticals

KalVista Pharmaceuticals, Inc, a clinical stage pharmaceutical company, engages in the discovery, development, and commercialization of drug therapies inhibitors for diseases with unmet needs. The company’s product candidate is Sebetralstat, a small molecule plasma kallikrein inhibitor targeting the disease of hereditary angioedema (HAE).