Kiniksa Pharmaceuticals (NASDAQ:KNSA) Shares Gap Up to $24.49

Kiniksa Pharmaceuticals, Ltd. (NASDAQ:KNSA) shares gapped up prior to trading on Friday . The stock had previously closed at $24.49, but opened at $26.09. Kiniksa Pharmaceuticals shares last traded at $24.96, with a volume of 17,934 shares changing hands.

Analysts Set New Price Targets

Several analysts have recently commented on the stock. Jefferies Financial Group began coverage on shares of Kiniksa Pharmaceuticals in a research note on Friday. They issued a “buy” rating and a $40.00 target price for the company. Wedbush increased their target price on Kiniksa Pharmaceuticals from $30.00 to $34.00 and gave the stock an “outperform” rating in a research note on Tuesday, July 23rd. Five analysts have rated the stock with a buy rating, According to MarketBeat, Kiniksa Pharmaceuticals has an average rating of “Buy” and an average target price of $33.60.

Kiniksa Pharmaceuticals Stock Performance

The firm’s 50-day moving average is $24.60 and its 200 day moving average is $21.04. The firm has a market capitalization of $1.83 billion, a PE ratio of 222.66 and a beta of 0.33.

Kiniksa Pharmaceuticals (NASDAQ:KNSA) last released its quarterly earnings data on Tuesday, July 23rd. The company reported ($0.06) EPS for the quarter, topping the consensus estimate of ($0.09) by $0.03. Kiniksa Pharmaceuticals had a negative net margin of 3.10% and a negative return on equity of 7.79%. The business had revenue of $108.30 million for the quarter, compared to analyst estimates of $90.60 million. During the same period in the previous year, the firm earned ($0.02) EPS. The business’s revenue for the quarter was up 51.5% compared to the same quarter last year. As a group, equities analysts anticipate that Kiniksa Pharmaceuticals, Ltd. will post -0.31 earnings per share for the current year.

Insider Buying and Selling

In other Kiniksa Pharmaceuticals news, CEO Sanj K. Patel sold 136,124 shares of the company’s stock in a transaction dated Tuesday, July 23rd. The shares were sold at an average price of $25.65, for a total value of $3,491,580.60. Following the transaction, the chief executive officer now directly owns 63,012 shares in the company, valued at approximately $1,616,257.80. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other Kiniksa Pharmaceuticals news, CEO Sanj K. Patel sold 136,124 shares of the company’s stock in a transaction dated Tuesday, July 23rd. The shares were sold at an average price of $25.65, for a total value of $3,491,580.60. Following the transaction, the chief executive officer now directly owns 63,012 shares in the company, valued at approximately $1,616,257.80. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CFO Mark Ragosa sold 24,248 shares of the company’s stock in a transaction dated Tuesday, July 23rd. The shares were sold at an average price of $24.79, for a total transaction of $601,107.92. Following the completion of the transaction, the chief financial officer now owns 19,253 shares in the company, valued at $477,281.87. The disclosure for this sale can be found here. Insiders have sold 260,564 shares of company stock worth $6,727,929 in the last three months. Corporate insiders own 54.57% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Hhlr Advisors LTD. acquired a new position in shares of Kiniksa Pharmaceuticals during the 1st quarter valued at about $61,868,000. Altitude Crest Partners Inc. acquired a new stake in Kiniksa Pharmaceuticals during the 4th quarter worth approximately $7,999,000. Millennium Management LLC increased its position in shares of Kiniksa Pharmaceuticals by 159.8% in the second quarter. Millennium Management LLC now owns 621,948 shares of the company’s stock worth $11,612,000 after acquiring an additional 382,539 shares in the last quarter. Peregrine Capital Management LLC purchased a new position in shares of Kiniksa Pharmaceuticals in the 1st quarter valued at $4,657,000. Finally, Rubric Capital Management LP lifted its holdings in shares of Kiniksa Pharmaceuticals by 10.2% during the 2nd quarter. Rubric Capital Management LP now owns 2,419,103 shares of the company’s stock valued at $45,165,000 after acquiring an additional 223,094 shares in the last quarter. 53.95% of the stock is currently owned by hedge funds and other institutional investors.

About Kiniksa Pharmaceuticals

Kiniksa Pharmaceuticals, Ltd., a biopharmaceutical company, focuses on discovering, acquiring, developing, and commercializing therapeutic medicines for patients suffering from debilitating diseases with significant unmet medical needs worldwide. Its product candidates include ARCALYST, an interleukin-1alpha and interleukin-1beta, for the treatment of recurrent pericarditis, which is an inflammatory cardiovascular disease; Mavrilimumab, a monoclonal antibody inhibitor that completed Phase II clinical trials for the treatment of giant cell arteritis; Vixarelimab, a monoclonal antibody, that is in Phase 2b clinical trial for the treatment of prurigo nodularis, a chronic inflammatory skin condition; and KPL-404, a monoclonal antibody inhibitor of the CD40- CD154 interaction, a T-cell co-stimulatory signal critical for B-cell maturation, immunoglobulin class switching, and type 1 immune response.