City Therapeutics, Inc. (NASDAQ:CTY) Sees Large Increase in Short Interest

Key Points

• Short interest rose substantially: As of October 30, 822,840 shares were sold short, equal to about 1.6% of shares outstanding and 2.3 days of average trading volume.
• Analyst sentiment is moderately positive: City Therapeutics has a consensus “Moderate Buy” rating and an average price target of $37.33, with individual targets ranging from $32 to $46.
• Insiders made sizable purchases: Director Robert Nelsen and major shareholder Arch Venture Partners each acquired 170,000 shares at $18 per share. The stock closed at $18.10 on Friday, down $0.88.

City Therapeutics, Inc. (NASDAQ:CTY - Get Free Report) was the target of a large increase in short interest in October. As of October 30th, there was short interest totaling 822,840 shares. Approximately 1.6% of the shares of the company are short sold. Based on an average trading volume of 361,905 shares, the short-interest ratio is presently 2.3 days.

Analyst Ratings Changes

A number of research analysts have issued reports on the company. Jefferies Financial Group assumed coverage on City Therapeutics in a research report on Tuesday, November 10th. They set a "buy" rating and a $32.00 price target for the company. Zacks Research assumed coverage on shares of City Therapeutics in a research note on Wednesday. They set a "hold" rating on the stock. Stifel Nicolaus began coverage on shares of City Therapeutics in a report on Tuesday, November 10th. They issued a "buy" rating and a $34.00 price objective for the company. Wall Street Zen raised shares of City Therapeutics to a "hold" rating in a report on Saturday, October 24th. Finally, Oppenheimer began coverage on shares of City Therapeutics in a research report on Tuesday, November 10th. They issued an "outperform" rating and a $46.00 target price for the company. Three analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $37.33.

Insider Buying and Selling at City Therapeutics

In other news, Director Robert Nelsen acquired 170,000 shares of City Therapeutics stock in a transaction that occurred on Monday, October 19th. The shares were purchased at an average cost of $18.00 per share, for a total transaction of $3,060,000.00. Following the completion of the purchase, the director directly owned 13,692,507 shares of the company's stock, valued at $246,465,126. This trade represents a 1.26% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, major shareholder Arch Venture Partners Xii, Llc acquired 170,000 shares of the firm's stock in a transaction on Monday, October 19th. The stock was acquired at an average cost of $18.00 per share, with a total value of $3,060,000.00. Following the acquisition, the insider owned 13,692,507 shares of the company's stock, valued at $246,465,126. This trade represents a 1.26% increase in their ownership of the stock. The SEC filing for this purchase provides additional information.

City Therapeutics Stock Performance

Shares of City Therapeutics stock traded down $0.88 during trading on Friday, hitting $18.10. The stock had a trading volume of 482,372 shares, compared to its average volume of 338,021. City Therapeutics has a fifty-two week low of $15.81 and a fifty-two week high of $23.88.

About City Therapeutics

City Therapeutics is a biotechnology company developing medicines based on RNA interference (RNAi), a biological process that can reduce the production of specific disease-related proteins. Its research focuses on designing RNAi therapies for potential use across a range of diseases. Launched in 2024, the company is developing technology intended to advance the design and delivery of RNAi medicines. Its work is research and development focused; the company's activities center on building a therapeutic pipeline rather than marketing established products.

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