Zacks Investment Research upgraded shares of Principia Biopharma (NASDAQ:PRNB) from a hold rating to a buy rating in a research report sent to investors on Wednesday morning. The firm currently has $31.00 price objective on the stock.

According to Zacks, “Principia Biopharma Inc. is a clinical stage biopharmaceutical company. It offers reversible covalent small molecule drugs for the treatment of cancers. The company’s product pipeline consists of PRN1008, PRN1371 and PRN2246 which are in clinical stage. Principia Biopharma Inc. is based in San Francisco, United States. “

Other equities research analysts have also issued research reports about the stock. Robert W. Baird initiated coverage on shares of Principia Biopharma in a research report on Tuesday, October 9th. They set an outperform rating for the company. Leerink Swann initiated coverage on shares of Principia Biopharma in a research report on Tuesday, October 9th. They set an outperform rating and a $34.00 price target for the company. Wells Fargo & Co initiated coverage on shares of Principia Biopharma in a research report on Tuesday, October 9th. They set an outperform rating for the company. Finally, Bank of America initiated coverage on shares of Principia Biopharma in a research report on Tuesday, October 9th. They set a buy rating for the company. Five research analysts have rated the stock with a buy rating, Principia Biopharma presently has a consensus rating of Buy and an average price target of $32.50.

PRNB traded up $0.97 during midday trading on Wednesday, hitting $30.40. 17,413 shares of the company traded hands, compared to its average volume of 77,136. Principia Biopharma has a 52 week low of $22.00 and a 52 week high of $36.00.

In other news, Director Srinivas Akkaraju bought 175,000 shares of Principia Biopharma stock in a transaction that occurred on Tuesday, September 18th. The stock was bought at an average cost of $17.00 per share, with a total value of $2,975,000.00. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, major shareholder Leaf Ventures Ii L.P. New bought 270,000 shares of Principia Biopharma stock in a transaction that occurred on Tuesday, September 18th. The stock was purchased at an average cost of $17.00 per share, with a total value of $4,590,000.00. The disclosure for this purchase can be found here.

A number of institutional investors have recently added to or reduced their stakes in the stock. Marshall Wace North America L.P. purchased a new stake in Principia Biopharma in the 3rd quarter worth approximately $403,000. Vanguard Group Inc. purchased a new stake in Principia Biopharma in the 3rd quarter worth approximately $2,745,000. Point72 Asset Management L.P. purchased a new stake in Principia Biopharma in the 3rd quarter worth approximately $292,000. Sofinnova Ventures Inc purchased a new stake in Principia Biopharma in the 3rd quarter worth approximately $59,556,000. Finally, Baker BROS. Advisors LP purchased a new stake in Principia Biopharma in the 3rd quarter worth approximately $52,240,000. 66.33% of the stock is owned by institutional investors.

About Principia Biopharma

Principia Biopharma Inc, a clinical-stage biopharmaceutical company, focuses on developing novel oral therapies for immunology and oncology in the United States. It is developing PRN1008, an inhibitor that is in Phase II clinical trial for the treatment of pemphigus, a chronic skin disease, as well as in Phase II clinical trial for the treatment of immune thrombocytopenic purpura; PRN2246, an inhibitor that is in Phase I clinical trial for the treatment of multiple sclerosis and other central nervous system diseases; PRN1371, a drug candidate, which is in Phase I clinical trial for the treatment of solid tumors; and oral small molecule inhibitors of the immunoproteasome.

Read More: How to use beta for portfolio diversification

Get a free copy of the Zacks research report on Principia Biopharma (PRNB)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Receive News & Ratings for Principia Biopharma Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Principia Biopharma and related companies with MarketBeat.com's FREE daily email newsletter.