Pardes Biosciences (NASDAQ:PRDS) Price Target Cut to $5.00 by Analysts at JMP Securities

Pardes Biosciences (NASDAQ:PRDS – Get Rating) had its price target decreased by research analysts at JMP Securities from $9.00 to $5.00 in a report issued on Wednesday, Benzinga reports. The firm currently has a “market outperform” rating on the stock. JMP Securities’ target price indicates a potential upside of 273.13% from the company’s current price.

Separately, SVB Leerink lowered their price objective on shares of Pardes Biosciences from $12.00 to $9.00 and set an “outperform” rating for the company in a research report on Friday, January 27th.

Pardes Biosciences Stock Performance

NASDAQ:PRDS opened at $1.34 on Wednesday. The stock has a market capitalization of $82.72 million, a P/E ratio of -0.80 and a beta of 0.36. The company has a 50 day moving average price of $1.70 and a 200 day moving average price of $1.70. Pardes Biosciences has a fifty-two week low of $0.75 and a fifty-two week high of $8.75.

Hedge Funds Weigh In On Pardes Biosciences

Several hedge funds and other institutional investors have recently added to or reduced their stakes in PRDS. VK Services LLC purchased a new position in Pardes Biosciences in the 2nd quarter valued at approximately $18,886,000. BML Capital Management LLC purchased a new position in Pardes Biosciences in the 4th quarter valued at approximately $8,227,000. Goldman Sachs Group Inc. boosted its position in Pardes Biosciences by 102.4% in the 2nd quarter. Goldman Sachs Group Inc. now owns 4,275,914 shares of the company’s stock valued at $13,127,000 after buying an additional 2,163,503 shares during the period. Soleus Capital Management L.P. purchased a new position in Pardes Biosciences in the 4th quarter valued at approximately $2,112,000. Finally, Vanguard Group Inc. purchased a new position in Pardes Biosciences in the 1st quarter valued at approximately $7,118,000.

About Pardes Biosciences

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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.