Short Interest in Lantern Pharma Inc. (NASDAQ:LTRN) Rises By 109.5%

Key Points

• Short interest in Lantern Pharma Inc. increased by 109.5%, reaching a total of 549,000 shares as of July 15, with 6.7% of the stock currently short sold.
• Insiders, including major shareholder Leslie W. Kreis, have sold 315,700 shares worth approximately $1,000,580 over the past ninety days, indicating a significant reduction in their holdings.
• Institutional investors now hold 28.62% of Lantern Pharma's stock, with notable increases in holdings from firms such as Perigon Wealth Management LLC.

Lantern Pharma Inc. (NASDAQ:LTRN - Get Free Report) was the recipient of a large growth in short interest in July. As of July 15th, there was short interest totaling 549,000 shares, agrowthof109.5% from the June 30th total of 262,100 shares. Based on an average daily volume of 203,800 shares, the short-interest ratio is currently 2.7 days. Approximately6.7% of the shares of the stock are short sold. Approximately6.7% of the shares of the stock are short sold. Based on an average daily volume of 203,800 shares, the short-interest ratio is currently 2.7 days.

Insiders Place Their Bets

In related news, major shareholder Aaron G.L. Fletcher sold 40,000 shares of the firm's stock in a transaction on Friday, June 13th. The stock was sold at an average price of $3.09, for a total transaction of $123,600.00. Following the completion of the sale, the insider directly owned 49,957 shares of the company's stock, valued at $154,367.13. This trade represents a 44.47% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, major shareholder Leslie W. Kreis sold 40,000 shares of Lantern Pharma stock in a transaction on Friday, June 13th. The shares were sold at an average price of $3.09, for a total value of $123,600.00. Following the completion of the sale, the insider directly owned 49,957 shares of the company's stock, valued at $154,367.13. This trade represents a 44.47% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 315,700 shares of company stock valued at $1,000,580 over the last ninety days. Insiders own 7.31% of the company's stock.

Institutional Investors Weigh In On Lantern Pharma

A number of institutional investors have recently made changes to their positions in LTRN. Renaissance Technologies LLC lifted its holdings in Lantern Pharma by 3.9% during the fourth quarter. Renaissance Technologies LLC now owns 87,300 shares of the company's stock worth $278,000 after acquiring an additional 3,300 shares in the last quarter. Voss Capital LP acquired a new stake in shares of Lantern Pharma in the fourth quarter valued at about $160,000. Perigon Wealth Management LLC increased its position in shares of Lantern Pharma by 169.8% in the first quarter. Perigon Wealth Management LLC now owns 39,387 shares of the company's stock valued at $139,000 after acquiring an additional 24,787 shares during the last quarter. Finally, Westside Investment Management Inc. increased its position in shares of Lantern Pharma by 17.1% in the second quarter. Westside Investment Management Inc. now owns 35,900 shares of the company's stock valued at $113,000 after acquiring an additional 5,250 shares during the last quarter. 28.62% of the stock is owned by institutional investors and hedge funds.

Lantern Pharma Stock Performance

Shares of NASDAQ LTRN remained flat at $4.99 during midday trading on Friday. The stock had a trading volume of 127,249 shares, compared to its average volume of 414,344. The stock has a fifty day simple moving average of $3.70 and a 200-day simple moving average of $3.80. The stock has a market cap of $53.79 million, a price-to-earnings ratio of -2.71 and a beta of 1.60. Lantern Pharma has a one year low of $2.55 and a one year high of $6.12.

Lantern Pharma (NASDAQ:LTRN - Get Free Report) last announced its quarterly earnings data on Thursday, May 15th. The company reported ($0.42) EPS for the quarter, topping analysts' consensus estimates of ($0.49) by $0.07. During the same period last year, the firm earned ($0.51) EPS. On average, sell-side analysts forecast that Lantern Pharma will post -1.9 earnings per share for the current fiscal year.

Lantern Pharma Company Profile

Lantern Pharma Inc, a clinical stage biotechnology company, focuses on artificial intelligence, machine learning, and genomic data to streamline the drug development process. Its product pipeline comprises LP-300, which is in phase 2 clinical trial in combination therapy for never-smokers with non-small cell lung cancer adenocarcinoma; LP-184, which is in phase 1 clinical trial for the treatment of solid tumor, such as pancreatic, breast, bladder, and lung cancers, and glioblastoma and other central nervous system cancers; and LP-284, which is in phase 1 clinical trial for the treatment of non-Hodgkin's lymphomas, including mantle cell lymphoma and double hit lymphoma.