Shares of Krystal Biotech, Inc. (NASDAQ:KRYS) soared to a new 52-week high during trading on Saturday, following an upgrade from TD Cowen. The firm raised its price target for the stock from $202.00 to $306.00, maintaining a buy rating. The stock peaked at $267.48 before closing at $261.41, with a trading volume of 349,859 shares, an increase from its previous close of $248.91.
Other analysts have also weighed in on Krystal Biotech. Guggenheim set a price target of $224.00 on October 17, while Chardan Capital increased its target from $216.00 to $220.00 on November 4. Additionally, HC Wainwright reissued a buy rating, raising its target price to $310.00, up from $240.00. Overall, one research analyst has rated the stock as a Strong Buy, nine as Buy, and one as Hold. According to MarketBeat, the consensus rating for Krystal Biotech is “Buy,” with a target price of $260.50.
Institutional Investments and Market Performance
Several hedge funds have adjusted their holdings in Krystal Biotech recently. Edgestream Partners L.P. acquired a new position valued at approximately $2,705,000 during the second quarter. The State of New Jersey Common Pension Fund D increased its holdings by 45.2%, owning 15,033 shares valued at $2,066,000 after purchasing an additional 4,682 shares. Meanwhile, Voya Investment Management LLC raised its stake by 46.7%, now owning 93,908 shares worth $16,578,000.
Institutional investors currently control 86.29% of the company’s stock. As of now, Krystal Biotech’s 50-day moving average stands at $227.55, while its 200-day moving average is $182.91. The company’s market capitalization is approximately $7.58 billion, with a price-to-earnings ratio of 39.19 and a beta of 0.46.
Strong Earnings Boost Investor Confidence
On November 3, Krystal Biotech reported quarterly earnings that exceeded expectations. The company posted earnings per share (EPS) of $2.66, surpassing the consensus estimate of $1.12 by $1.54. The firm achieved a revenue of $97.80 million, exceeding analysts’ expectations of $93.72 million. Analysts predict an EPS of 6.14 for the current year, reflecting strong growth prospects.
Founded and headquartered in Pittsburgh, Pennsylvania, Krystal Biotech is a clinical-stage biotechnology company focusing on gene therapies for rare dermatological diseases. Utilizing proprietary viral vector delivery technology, the company aims to administer corrective genes directly to the skin. Its lead candidate, KB103, is intended to deliver a functional COL7A1 gene to patients suffering from dystrophic epidermolysis bullosa (DEB), a severe blistering condition.
The recent performance of Krystal Biotech shares highlights the market’s optimism regarding the company’s innovative approach to treating genetic skin disorders. As institutional investors continue to show interest, the potential for growth in both stock value and medical advancements remains significant.
