Needham & Company LLC Reiterates “Buy” Rating for KalVista Pharmaceuticals (NASDAQ:KALV)

KalVista Pharmaceuticals (NASDAQ:KALV)‘s stock had its “buy” rating reissued by Needham & Company LLC in a note issued to investors on Wednesday,Benzinga reports. They presently have a $28.00 price target on the specialty pharmaceutical company’s stock. Needham & Company LLC’s target price suggests a potential upside of 126.90% from the company’s current price.

KALV has been the subject of a number of other research reports. Citizens Jmp upgraded KalVista Pharmaceuticals to a “strong-buy” rating in a research report on Friday, January 31st. Bank of America started coverage on shares of KalVista Pharmaceuticals in a report on Wednesday, December 18th. They set a “buy” rating and a $22.00 price target for the company. HC Wainwright reissued a “buy” rating and set a $20.00 price objective on shares of KalVista Pharmaceuticals in a research note on Friday, March 14th. JMP Securities initiated coverage on shares of KalVista Pharmaceuticals in a research note on Friday, January 31st. They issued an “outperform” rating and a $19.00 target price for the company. Finally, Cantor Fitzgerald reissued an “overweight” rating on shares of KalVista Pharmaceuticals in a research note on Monday, December 9th. Seven research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, KalVista Pharmaceuticals has an average rating of “Buy” and an average target price of $24.83.

KalVista Pharmaceuticals Stock Performance

KalVista Pharmaceuticals stock opened at $12.34 on Wednesday. The stock has a fifty day moving average of $10.49 and a two-hundred day moving average of $10.26. The company has a market capitalization of $613.50 million, a price-to-earnings ratio of -3.39 and a beta of 0.76. KalVista Pharmaceuticals has a fifty-two week low of $7.30 and a fifty-two week high of $15.50.

Insider Buying and Selling

In other news, CEO Benjamin L. Palleiko sold 5,104 shares of the firm’s stock in a transaction dated Tuesday, February 18th. The stock was 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 trade represents a 1.80 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, major shareholder Venrock Healthcare Capital Par acquired 43,707 shares of KalVista Pharmaceuticals stock in a transaction dated Thursday, January 30th. The stock was purchased at an average cost of $8.76 per share, for a total transaction of $382,873.32. Following the completion of the purchase, the insider now directly owns 4,986,480 shares in the company, valued at approximately $43,681,564.80. This represents a 0.88 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last quarter, insiders purchased 236,055 shares of company stock valued at $2,162,146 and sold 17,292 shares valued at $184,625. 10.50% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the business. Suvretta Capital Management LLC grew its stake in KalVista Pharmaceuticals by 16.6% during the fourth quarter. Suvretta Capital Management LLC now owns 4,913,012 shares of the specialty pharmaceutical company’s stock worth $41,613,000 after buying an additional 701,007 shares during the period. Tang Capital Management LLC lifted its holdings in shares of KalVista Pharmaceuticals by 13.2% during the 4th quarter. Tang Capital Management LLC now owns 4,893,847 shares of the specialty pharmaceutical company’s stock valued at $41,451,000 after acquiring an additional 572,300 shares in the last quarter. Frazier Life Sciences Management L.P. boosted its position in KalVista Pharmaceuticals by 32.5% during the 4th quarter. Frazier Life Sciences Management L.P. now owns 4,887,867 shares of the specialty pharmaceutical company’s stock worth $41,400,000 after purchasing an additional 1,200,000 shares during the period. Vestal Point Capital LP increased its holdings in KalVista Pharmaceuticals by 19.3% in the 4th quarter. Vestal Point Capital LP now owns 4,770,000 shares of the specialty pharmaceutical company’s stock valued at $40,402,000 after purchasing an additional 770,000 shares in the last quarter. Finally, Vanguard Group Inc. raised its position in KalVista Pharmaceuticals by 4.9% in the fourth quarter. Vanguard Group Inc. now owns 2,255,243 shares of the specialty pharmaceutical company’s stock valued at $19,102,000 after purchasing an additional 104,716 shares during the period.

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).