Palisade Bio (NASDAQ:PALI) Stock Price Down 2.8% – Here’s What Happened

Palisade Bio, Inc. (NASDAQ:PALI)’s stock price dropped 2.8% on Wednesday . The stock traded as low as $1.00 and last traded at $1.06. Approximately 261,647 shares changed hands during trading, a decline of 74% from the average daily volume of 1,010,637 shares. The stock had previously closed at $1.09.

Analyst Upgrades and Downgrades

Separately, Brookline Capital Management reissued a “buy” rating and set a $16.00 target price on shares of Palisade Bio in a research report on Tuesday, May 13th.

Palisade Bio Trading Down 2.8%

The firm’s fifty day moving average price is $0.78 and its 200 day moving average price is $0.88. The firm has a market capitalization of $5.09 million, a PE ratio of -0.16 and a beta of 1.36.

Palisade Bio (NASDAQ:PALI) last posted its earnings results on Monday, May 12th. The company reported ($0.47) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.84) by $0.37. On average, analysts predict that Palisade Bio, Inc. will post -12.43 earnings per share for the current year.

Hedge Funds Weigh In On Palisade Bio

A hedge fund recently raised its stake in Palisade Bio stock. Armistice Capital LLC lifted its position in Palisade Bio, Inc. (NASDAQ:PALI) by 37.4% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 144,764 shares of the company’s stock after purchasing an additional 39,397 shares during the quarter. Armistice Capital LLC owned about 3.29% of Palisade Bio worth $99,000 at the end of the most recent reporting period. 11.79% of the stock is owned by hedge funds and other institutional investors.

Palisade Bio Company Profile

Palisade Bio, Inc, a clinical-stage biopharmaceutical company, focuses on focuses on developing therapeutics that protect the integrity of the intestinal barrier in the United States. The company's lead therapeutic candidate is PALI-2108, a prodrug PDE4 inhibitor, currently under pre-clinical development as a therapeutic for patients living with inflammatory bowel diseases, including ulcerative colitis and Crohn's disease (CD), as well as develops PALI-1908, an oral, selective PDE4 inhibitor prodrug that is locally bioactivated in the terminal ileum of CD patients, currently in the research stage.