Pardes Biosciences Inc. [PRDS] is -92.61% lower this YTD. Is it still time to buy?

Pardes Biosciences Inc. [NASDAQ: PRDS] traded at a high on 12/21/22, posting a 6.14 gain after which it closed the day’ session at $1.21. The company report on November 7, 2022 that Pardes Biosciences Reports Third Quarter 2022 Financial Results and Provides Business Update.

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The results of the trading session contributed to over 3086770 shares changing hands. Over the past one week, the price volatility of Pardes Biosciences Inc. stands at 19.72% while the volatility over the past one month is 16.27%.

The market cap for PRDS stock reached $71.12 million, with 58.38 million shares outstanding and 52.15 million shares in the current float. Compared to the average trading volume of 224.63K shares, PRDS reached a trading volume of 3086770 in the most recent trading day, which is why market watchdogs consider the stock to be active.

What do top market gurus say about Pardes Biosciences Inc. [PRDS]?

Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for PRDS shares is $10.33 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on PRDS stock is a recommendation set at 1.30. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.

SVB Leerink have made an estimate for Pardes Biosciences Inc. shares, keeping their opinion on the stock as Outperform, with their previous recommendation back on March 15, 2022. While these analysts kept the previous recommendation, Jefferies raised their target price to Buy. The new note on the price target was released on January 18, 2022, representing the official price target for Pardes Biosciences Inc. stock.

The Average True Range (ATR) for Pardes Biosciences Inc. is set at 0.17 The Price to Book ratio for the last quarter was 0.35, with the Price to Cash per share for the same quarter was set at 3.56.

How has PRDS stock performed recently?

Pardes Biosciences Inc. [PRDS] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -6.92. With this latest performance, PRDS shares gained by 19.80% in over the last four-week period, additionally sinking by -71.99% over the last 6 months – not to mention a drop of -87.90% in the past year of trading.

Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for PRDS stock in for the last two-week period is set at 52.51, with the RSI for the last a single of trading hit 55.33, and the three-weeks RSI is set at 48.89 for Pardes Biosciences Inc. [PRDS]. The present Moving Average for the last 50 days of trading for this stock 1.19, while it was recorded at 1.16 for the last single week of trading, and 3.79 for the last 200 days.

Pardes Biosciences Inc. [PRDS]: Deeper insight into the fundamentals

Return on Equity for this stock declined to -28.93, with Return on Assets sitting at -27.98.

Pardes Biosciences Inc.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 17.80 and a Current Ratio set at 17.80.

Insider trade positions for Pardes Biosciences Inc. [PRDS]

There are presently around $57 million, or 76.70% of PRDS stock, in the hands of institutional investors. The top three institutional holders of PRDS stocks are: FORESITE CAPITAL MANAGEMENT V, LLC with ownership of 9,400,515, which is approximately 0% of the company’s market cap and around 0.40% of the total institutional ownership; RA CAPITAL MANAGEMENT, L.P., holding 6,175,038 shares of the stock with an approximate value of $7.47 million in PRDS stocks shares; and VK SERVICES, LLC, currently with $7.44 million in PRDS stock with ownership of nearly 0% of the company’s market capitalization.

Positions in Pardes Biosciences Inc. stocks held by institutional investors increased at the end of November and at the time of the November reporting period, where 34 institutional holders increased their position in Pardes Biosciences Inc. [NASDAQ:PRDS] by around 2,913,582 shares. Additionally, 28 investors decreased positions by around 5,031,792 shares, while 18 investors held positions by with 39,208,393 shares. The mentioned changes placed institutional holdings at 47,153,767 shares, according to the latest SEC report filing. PRDS stock had 11 new institutional investments in for a total of 414,373 shares, while 13 institutional investors sold positions of 3,695,986 shares during the same period.

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