Palisade Bio (NASDAQ:PALI) Earns Buy Rating from HC Wainwright

Palisade Bio (NASDAQ:PALI)‘s stock had its “buy” rating reaffirmed by analysts at HC Wainwright in a research note issued to investors on Wednesday, Benzinga reports. They presently have a $7.00 price target on the stock. HC Wainwright’s target price points to a potential upside of 314.20% from the stock’s current price.

PALI has been the subject of a number of other reports. Weiss Ratings lowered Palisade Bio from a “sell (d-)” rating to a “sell (e+)” rating in a report on Tuesday, July 14th. Wall Street Zen raised Palisade Bio from a “sell” rating to a “hold” rating in a research note on Saturday, July 25th. LADENBURG THALM/SH SH raised Palisade Bio to a “strong-buy” rating in a report on Thursday, June 25th. Finally, Oppenheimer started coverage on shares of Palisade Bio in a research note on Thursday, July 23rd. They set an “outperform” rating and a $8.00 price objective on the stock. Two investment analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock has an average rating of “Buy” and a consensus target price of $9.83.

Palisade Bio Price Performance

Palisade Bio stock opened at $1.69 on Wednesday. Palisade Bio has a 52-week low of $0.62 and a 52-week high of $2.85. The firm has a market capitalization of $294.52 million, a price-to-earnings ratio of -3.52 and a beta of 1.53. The firm has a 50-day moving average price of $2.00 and a two-hundred day moving average price of $1.97.

Palisade Bio (NASDAQ:PALI) last announced its quarterly earnings results on Monday, August 10th. The company reported ($0.05) EPS for the quarter, meeting the consensus estimate of ($0.05). The firm had revenue of $0.50 million during the quarter, compared to analyst estimates of $0.50 million. Research analysts expect that Palisade Bio will post -0.23 earnings per share for the current year.

Insider Activity at Palisade Bio

In other Palisade Bio news, insider Mitchell Jones sold 51,880 shares of the company’s stock in a transaction that occurred on Tuesday, July 7th. The stock was sold at an average price of $2.05, for a total value of $106,354.00. Following the completion of the sale, the insider directly owned 94,009 shares in the company, valued at $192,718.45. This represents a 35.56% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO John Finley sold 146,798 shares of the stock in a transaction on Tuesday, July 7th. The shares were sold at an average price of $2.07, for a total value of $303,871.86. Following the transaction, the chief executive officer directly owned 217,555 shares of the company’s stock, valued at approximately $450,338.85. The trade was a 40.29% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have purchased 125,000 shares of company stock worth $250,100 over the last quarter. 0.07% of the stock is currently owned by company insiders.

Institutional Trading of Palisade Bio

Several institutional investors have recently modified their holdings of the company. Legal & General Group Plc bought a new stake in Palisade Bio in the second quarter worth about $30,000. CTC Alternative Strategies Ltd. acquired a new stake in Palisade Bio in the 1st quarter valued at about $31,000. GSA Capital Partners LLP bought a new position in shares of Palisade Bio during the 2nd quarter valued at about $54,000. Two Sigma Securities LLC bought a new position in shares of Palisade Bio during the 2nd quarter valued at about $57,000. Finally, Susquehanna International Group LLP acquired a new position in shares of Palisade Bio in the 2nd quarter worth approximately $65,000. Institutional investors and hedge funds own 11.79% of the company’s stock.

About Palisade Bio

Palisade Bio, Inc is a clinical-stage biopharmaceutical company focused on developing therapies for gastrointestinal diseases and conditions associated with intestinal inflammation, impaired gut-barrier function and complications following surgery.

The company’s lead product candidate is LB1148, an orally administered, non-absorbed pan-serine protease inhibitor. Palisade Bio is evaluating LB1148 for its potential to limit the harmful effects of digestive enzymes, reduce inflammation and support intestinal healing during the postoperative period.