OnKure Therapeutics (NASDAQ:OKUR) Stock Falls 4.8% - Here's What Happened

Key Points

• OnKure Therapeutics shares fell 4.8% to $2.76 in mid-day trading, with volume reaching about 442,229 shares—209% above the average daily volume.
• Analyst sentiment is mixed: two analysts rate the stock Buy, one Hold, and one Sell. The average rating is Hold, with a consensus price target of $17.50.
• Institutional investors own approximately 90.98% of the company, while OnKure remains a clinical-stage biopharmaceutical firm developing cancer therapies, including its lead candidate OKN4395.

OnKure Therapeutics, Inc. (NASDAQ:OKUR - Get Free Report)'s share price dropped 4.8% during mid-day trading on Monday. The stock traded as low as $2.60 and last traded at $2.76. Approximately 442,229 shares changed hands during mid-day trading, an increase of 209% from the average daily volume of 142,954 shares. The stock had previously closed at $2.90.

Wall Street Analyst Weigh In

OKUR has been the topic of several research analyst reports. HC Wainwright lowered their target price on OnKure Therapeutics to $21.00 and set a "buy" rating on the stock in a research note on Monday, July 20th. Oppenheimer reissued an "outperform" rating and issued a $14.00 price target on shares of OnKure Therapeutics in a research report on Friday, August 14th. Wall Street Zen upgraded shares of OnKure Therapeutics from a "sell" rating to a "hold" rating in a report on Saturday, June 6th. Finally, Weiss Ratings upgraded shares of OnKure Therapeutics from a "sell (e+)" rating to a "sell (d-)" rating in a report on Monday, September 21st. Two investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of "Hold" and an average price target of $17.50.

OnKure Therapeutics Stock Down 4.8%

The stock's 50 day moving average price is $3.67 and its two-hundred day moving average price is $4.04. The firm has a market capitalization of $111.50 million, a price-to-earnings ratio of -0.79 and a beta of 0.23.

OnKure Therapeutics (NASDAQ:OKUR - Get Free Report) last released its quarterly earnings data on Tuesday, August 4th. The company reported ($0.31) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.54) by $0.23. On average, equities analysts expect that OnKure Therapeutics, Inc. will post -1.71 EPS for the current fiscal year.

Institutional Investors Weigh In On OnKure Therapeutics

Several large investors have recently made changes to their positions in the company. Vivo Capital LLC acquired a new position in OnKure Therapeutics in the first quarter worth approximately $7,981,000. Renaissance Technologies LLC raised its position in OnKure Therapeutics by 52.5% during the first quarter. Renaissance Technologies LLC now owns 377,250 shares of the company's stock valued at $1,562,000 after acquiring an additional 129,900 shares in the last quarter. Seven Fleet Capital Management LP acquired a new stake in OnKure Therapeutics in the second quarter valued at approximately $1,099,000. ADAR1 Capital Management LLC grew its position in OnKure Therapeutics by 140.1% in the first quarter. ADAR1 Capital Management LLC now owns 2,434,941 shares of the company's stock worth $10,081,000 after acquiring an additional 1,420,783 shares in the last quarter. Finally, Affinity Asset Advisors LLC bought a new stake in OnKure Therapeutics in the first quarter worth approximately $998,000. Institutional investors own 90.98% of the company's stock.

OnKure Therapeutics Company Profile

OnKure Therapeutics, Inc is a clinical-stage biopharmaceutical company focused on developing precision medicines for cancer. The company is working to discover and advance small-molecule therapies designed to target biological pathways involved in tumor growth and the suppression of antitumor immune responses.

Its lead investigational product candidate, OKN4395, is an orally administered small-molecule antagonist of the EP4 receptor, which is associated with tumor-promoting inflammation and immune suppression.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.