KalVista Pharmaceuticals (NASDAQ:KALV) Shares Gap Up on Better-Than-Expected Earnings

Shares of KalVista Pharmaceuticals, Inc. (NASDAQ:KALV) gapped up before the market opened on Tuesday following a stronger than expected earnings report. The stock had previously closed at $10.89, but opened at $11.39. KalVista Pharmaceuticals shares last traded at $10.9070, with a volume of 486,627 shares traded.

The specialty pharmaceutical company reported ($0.92) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.96) by $0.04. The firm had revenue of $13.69 million during the quarter, compared to analysts’ expectations of $6.03 million.

Analyst Ratings Changes

Several brokerages have commented on KALV. JMP Securities lifted their price objective on shares of KalVista Pharmaceuticals from $27.00 to $28.00 and gave the company a “market outperform” rating in a research note on Friday, September 12th. Citigroup restated a “market outperform” rating on shares of KalVista Pharmaceuticals in a research report on Tuesday. Needham & Company LLC reaffirmed a “buy” rating and set a $28.00 price target on shares of KalVista Pharmaceuticals in a research report on Friday, September 12th. Weiss Ratings reiterated a “sell (d-)” rating on shares of KalVista Pharmaceuticals in a research note on Wednesday, October 8th. Finally, Citizens Jmp lowered their target price on KalVista Pharmaceuticals from $29.00 to $28.00 and set a “market outperform” rating on the stock in a research note on Tuesday. Ten analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $26.63.

Insider Buying and Selling

In other news, CEO Benjamin L. Palleiko sold 10,940 shares of the company’s stock in a transaction that occurred on Friday, August 22nd. The stock was sold at an average price of $13.22, for a total transaction of $144,626.80. Following the completion of the transaction, the chief executive officer directly owned 386,858 shares of the company’s stock, valued at $5,114,262.76. This represents a 2.75% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, insider Paul K. Audhya sold 2,942 shares of the stock in a transaction that occurred on Friday, August 22nd. The shares were sold at an average price of $13.22, for a total value of $38,893.24. Following the transaction, the insider owned 119,841 shares in the company, valued at $1,584,298.02. This trade represents a 2.40% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 26,856 shares of company stock worth $374,910 in the last quarter. 4.30% of the stock is currently owned by company insiders.

Institutional Trading of KalVista Pharmaceuticals

Several institutional investors have recently modified their holdings of KALV. Earned Wealth Advisors LLC acquired a new position in shares of KalVista Pharmaceuticals during the 1st quarter worth about $44,000. BNP Paribas Financial Markets boosted its holdings 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 last quarter. CWM LLC increased its stake in KalVista Pharmaceuticals by 12,636.1% during the 1st quarter. CWM LLC now owns 4,585 shares of the specialty pharmaceutical company’s stock worth $53,000 after buying an additional 4,549 shares in the last quarter. Wolverine Asset Management LLC purchased a new stake in KalVista Pharmaceuticals during the 3rd quarter worth approximately $57,000. Finally, KLP Kapitalforvaltning AS acquired a new position in shares of KalVista Pharmaceuticals during the third quarter valued at approximately $63,000.

KalVista Pharmaceuticals Stock Up 5.3%

The firm has a 50-day moving average price of $12.27 and a two-hundred day moving average price of $12.81. The firm has a market cap of $579.50 million, a PE ratio of -2.91 and a beta of -0.04.

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).