OnKure Therapeutics (NASDAQ:OKUR) Stock Price Up 7.1% - Here's What Happened

Key Points

• OnKure Therapeutics shares rose 7.1% to $2.25 in mid-day trading, with volume up 14% from its average. Despite the gain, the stock remains below its 50-day and 200-day moving averages.
• Analyst sentiment is mixed: the stock has an average rating of “Hold” and an average price target of $17.50, with ratings ranging from Buy to Sell.
• Institutional investors own approximately 90.98% of the company, while OnKure continues developing OKN4395, an experimental cancer therapy designed to restore anti-tumor immune activity.

OnKure Therapeutics, Inc. (NASDAQ:OKUR - Get Free Report) was up 7.1% during mid-day trading on Monday. The stock traded as high as $2.26 and last traded at $2.25. 501,451 shares changed hands during mid-day trading, an increase of 14% from the average daily volume of 441,327 shares. The stock had previously closed at $2.10.

Analysts Set New Price Targets

OKUR has been the subject of several analyst reports. Oppenheimer reaffirmed an "outperform" rating and issued a $14.00 price objective on shares of OnKure Therapeutics in a report on Friday, August 14th. Weiss Ratings lowered shares of OnKure Therapeutics from a "sell (d-)" rating to a "sell (e+)" rating in a research note on Friday, October 9th. Finally, HC Wainwright lowered their target price on shares of OnKure Therapeutics to $21.00 and set a "buy" rating on the stock in a report on Monday, July 20th. Two investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $17.50.

OnKure Therapeutics Trading Up 7.1%

The business has a fifty day moving average of $3.17 and a 200-day moving average of $3.87. The firm has a market cap of $90.90 million, a PE ratio of -0.64 and a beta of 0.12.

OnKure Therapeutics (NASDAQ:OKUR - Get Free Report) last issued its earnings results on Tuesday, August 4th. The company reported ($0.31) EPS for the quarter, topping the consensus estimate of ($0.54) by $0.23. On average, equities analysts forecast that OnKure Therapeutics, Inc. will post -1.71 EPS for the current year.

Institutional Investors Weigh In On OnKure Therapeutics

Institutional investors and hedge funds have recently modified their holdings of the company. NewEdge Advisors LLC purchased a new stake in shares of OnKure Therapeutics in the first quarter worth $184,000. Bank of New York Mellon Corp bought a new stake in OnKure Therapeutics during the second quarter valued at $329,000. Renaissance Technologies LLC grew 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 worth $1,562,000 after buying an additional 129,900 shares in the last quarter. Affinity Asset Advisors LLC purchased a new position in OnKure Therapeutics during the first quarter worth about $998,000. Finally, DV Trading LLC bought a new position in OnKure Therapeutics in the 1st quarter worth about $998,000. 90.98% of the stock is owned by hedge funds and other institutional investors.

OnKure Therapeutics Company Profile

OnKure Therapeutics, Inc is a clinical-stage biopharmaceutical company focused on developing precision medicines for the treatment of cancer. The company's research is centered on small-molecule therapies intended to target biological pathways that contribute to tumor growth and immune suppression.

OnKure's lead investigational product is OKN4395, an orally administered EP2 receptor antagonist designed to help restore anti-tumor immune activity within the tumor microenvironment. The company has been evaluating OKN4395 in combination with pembrolizumab, an immune checkpoint inhibitor, for patients with advanced solid tumors.

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