KalVista Pharmaceuticals (NASDAQ:KALV) Shares Down 4.4% on Disappointing Earnings

KalVista Pharmaceuticals, Inc. (NASDAQ:KALV)’s stock price was down 4.4% on Friday following a weaker than expected earnings announcement. The company traded as low as $13.65 and last traded at $14.16. Approximately 267,428 shares traded hands during trading, a decline of 67% from the average daily volume of 801,309 shares. The stock had previously closed at $14.81.

The specialty pharmaceutical company reported ($1.12) earnings per share for the quarter, missing the consensus estimate of ($0.91) by ($0.21). The business had revenue of $1.43 million during the quarter, compared to analysts’ expectations of $1.97 million.

Wall Street Analyst Weigh In

KALV has been the topic of a number of research analyst reports. Leerink Partners raised their price target on KalVista Pharmaceuticals from $18.00 to $20.00 and gave the company an “outperform” rating in a report on Monday, July 7th. JMP Securities raised their price target on KalVista Pharmaceuticals from $27.00 to $28.00 and gave the company a “market outperform” rating in a report on Friday. Needham & Company LLC reissued a “buy” rating and set a $28.00 price target on shares of KalVista Pharmaceuticals in a report on Friday. Finally, HC Wainwright raised their price target on KalVista Pharmaceuticals from $20.00 to $27.00 and gave the company a “buy” rating in a report on Tuesday, July 8th. One analyst has rated the stock with a Strong Buy rating and eight have issued a Buy rating to the company. According to data from MarketBeat, the company has an average rating of “Buy” and an average price target of $26.43.

Insider Transactions at KalVista Pharmaceuticals

In related news, CEO Benjamin L. Palleiko sold 32,979 shares of KalVista Pharmaceuticals stock in a transaction dated Wednesday, July 9th. The stock was sold at an average price of $15.69, for a total value of $517,440.51. Following the transaction, the chief executive officer owned 369,595 shares of the company’s stock, valued at approximately $5,798,945.55. This trade represents a 8.19% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Paul K. Audhya sold 2,942 shares of KalVista Pharmaceuticals stock in a transaction dated Friday, August 22nd. The stock was sold at an average price of $13.22, for a total value of $38,893.24. Following the completion of the transaction, the insider directly owned 119,841 shares in the company, valued at $1,584,298.02. This represents a 2.40% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 59,835 shares of company stock worth $892,350 in the last three months. 4.30% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On KalVista Pharmaceuticals

A number of institutional investors have recently bought and sold shares of KALV. Osaic Holdings Inc. acquired a new stake in KalVista Pharmaceuticals during the 2nd quarter worth about $248,000. Tower Research Capital LLC TRC lifted its holdings in KalVista Pharmaceuticals by 816.8% in the 2nd quarter. Tower Research Capital LLC TRC now owns 8,059 shares of the specialty pharmaceutical company’s stock worth $91,000 after purchasing an additional 7,180 shares during the last quarter. Rafferty Asset Management LLC lifted its holdings in KalVista Pharmaceuticals by 78.5% in the 2nd quarter. Rafferty Asset Management LLC now owns 46,901 shares of the specialty pharmaceutical company’s stock worth $530,000 after purchasing an additional 20,632 shares during the last quarter. BNP Paribas Financial Markets increased its position in KalVista Pharmaceuticals by 47.0% in the 2nd quarter. BNP Paribas Financial Markets now owns 4,041 shares of the specialty pharmaceutical company’s stock worth $46,000 after buying an additional 1,292 shares during the period. Finally, Brevan Howard Capital Management LP bought a new position in KalVista Pharmaceuticals in the 2nd quarter worth approximately $151,000.

KalVista Pharmaceuticals Stock Performance

The company has a market capitalization of $705.26 million, a P/E ratio of -3.56 and a beta of -0.10. The company has a 50-day simple moving average of $14.14 and a 200 day simple moving average of $12.79.

KalVista Pharmaceuticals Company Profile

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).