OnKure Therapeutics, Inc. (NASDAQ:OKUR) Short Interest Up 211.1% in June

Key Points

• Short interest in OnKure Therapeutics surged 211.1% in June, reaching 878,668 shares as of June 30 from 282,400 shares on June 15. That amounts to 2.2% of the float, with a days-to-cover ratio of 1.2 based on average daily volume.
• OKUR shares fell on the day of the report, trading down to $4.11 amid lighter-than-average volume. The stock remains well below its 52-week high of $5.38 and above its 52-week low of $1.91.
• The company remains unprofitable and faces muted analyst expectations, after reporting a quarterly EPS loss of $1.11, wider than the expected loss of $0.74. Analysts currently rate the stock a consensus Hold with an average price target of $27.00.

OnKure Therapeutics, Inc. (NASDAQ:OKUR - Get Free Report) was the target of a large growth in short interest in the month of June. As of June 30th, there was short interest totaling 878,668 shares, a growth of 211.1% from the June 15th total of 282,400 shares. Currently, 2.2% of the shares of the company are sold short. Based on an average daily volume of 755,793 shares, the days-to-cover ratio is currently 1.2 days.

OnKure Therapeutics Price Performance

OKUR stock traded down $0.17 on Monday, reaching $4.11. The company's stock had a trading volume of 114,814 shares, compared to its average volume of 281,050. OnKure Therapeutics has a 52 week low of $1.91 and a 52 week high of $5.38. The company has a market capitalization of $166.02 million, a P/E ratio of -0.95 and a beta of 0.27. The firm has a fifty day moving average of $4.16 and a two-hundred day moving average of $3.68.

OnKure Therapeutics (NASDAQ:OKUR - Get Free Report) last announced its earnings results on Tuesday, May 5th. The company reported ($1.11) earnings per share for the quarter, missing the consensus estimate of ($0.74) by ($0.37). As a group, equities analysts expect that OnKure Therapeutics will post -3.19 EPS for the current fiscal year.

Institutional Trading of OnKure Therapeutics

Hedge funds and other institutional investors have recently made changes to their positions in the stock. ADAR1 Capital Management LLC boosted its holdings in shares of OnKure Therapeutics by 140.1% in the first quarter. ADAR1 Capital Management LLC now owns 2,434,941 shares of the company's stock valued at $10,081,000 after acquiring an additional 1,420,783 shares in the last quarter. Vivo Capital LLC bought a new stake in OnKure Therapeutics during the first quarter worth approximately $7,981,000. Shay Capital LLC raised its holdings in OnKure Therapeutics by 17.4% during the third quarter. Shay Capital LLC now owns 917,934 shares of the company's stock worth $2,524,000 after purchasing an additional 135,888 shares in the last quarter. Prosight Management LP lifted its position in OnKure Therapeutics by 204.9% in the fourth quarter. Prosight Management LP now owns 816,909 shares of the company's stock worth $2,369,000 after purchasing an additional 548,950 shares during the period. Finally, Rosalind Advisors Inc. acquired a new stake in OnKure Therapeutics in the fourth quarter worth approximately $2,118,000. 90.98% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of research analysts recently issued reports on OKUR shares. HC Wainwright reduced their price objective on OnKure Therapeutics from $34.00 to $27.00 and set a "buy" rating for the company in a research report on Monday, March 16th. Weiss Ratings upgraded OnKure Therapeutics from a "sell (e+)" rating to a "sell (d-)" rating in a research note on Friday, May 29th. Wall Street Zen raised shares of OnKure Therapeutics from a "sell" rating to a "hold" rating in a report on Saturday, June 6th. Finally, JonesTrading lowered shares of OnKure Therapeutics from a "strong-buy" rating to a "hold" rating in a research report on Thursday, May 7th. One analyst has rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, OnKure Therapeutics presently has a consensus rating of "Hold" and an average target price of $27.00.

OnKure Therapeutics Company Profile

OnKure Therapeutics, Inc NASDAQ: OKUR is a clinical-stage biopharmaceutical company focused on the development of novel therapies for oncology and autoimmune diseases. Headquartered in Westlake Village, California, OnKure is advancing small molecule drug candidates designed to modulate key signaling pathways implicated in cancer cell growth and immune system function.

The company's lead oncology asset, OKI-179, is an orally available histone deacetylase (HDAC) inhibitor being evaluated in Phase I and Phase II clinical studies for a range of solid tumors.

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