Short Interest in OnKure Therapeutics, Inc. (NASDAQ:OKUR) Drops By 57.6%

Key Points

• Short interest plunged 57.6% in April, falling to 69,494 shares as of April 15 (about 0.5% of the stock) with a days-to-cover ratio of just 0.3 days.
• Institutional ownership is very high (90.98%), and several hedge funds—including ADAR1 Capital, Prosight Management, Shay Capital and Renaissance Technologies—added to or established positions recently.
• Shares traded near $4.80 (down ~2%), and analysts have an average rating of Hold with a consensus price target of $27.00, after the company reported a quarterly loss of $0.99 per share that beat expectations.

OnKure Therapeutics, Inc. (NASDAQ:OKUR - Get Free Report) was the target of a significant decline in short interest during the month of April. As of April 15th, there was short interest totaling 69,494 shares, a decline of 57.6% from the March 31st total of 163,904 shares. Based on an average daily volume of 198,708 shares, the days-to-cover ratio is presently 0.3 days. Approximately 0.5% of the company's stock are short sold.

OnKure Therapeutics Stock Down 2.0%

OnKure Therapeutics stock traded down $0.10 during midday trading on Friday, hitting $4.80. 72,818 shares of the stock were exchanged, compared to its average volume of 541,606. The stock has a market capitalization of $65.64 million, a price-to-earnings ratio of -1.09 and a beta of 0.15. OnKure Therapeutics has a 52-week low of $1.70 and a 52-week high of $5.09. The business's 50-day moving average price is $3.79 and its 200-day moving average price is $3.23.

OnKure Therapeutics (NASDAQ:OKUR - Get Free Report) last released its earnings results on Thursday, March 12th. The company reported ($0.99) earnings per share for the quarter, beating analysts' consensus estimates of ($1.15) by $0.16. On average, sell-side analysts predict that OnKure Therapeutics will post -2.74 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. ADAR1 Capital Management LLC purchased a new position in OnKure Therapeutics in the fourth quarter valued at about $2,941,000. Shay Capital LLC boosted its stake in OnKure Therapeutics by 17.4% in the third quarter. Shay Capital LLC now owns 917,934 shares of the company's stock valued at $2,524,000 after acquiring an additional 135,888 shares during the last quarter. Prosight Management LP boosted its stake in OnKure Therapeutics by 204.9% in the fourth quarter. Prosight Management LP now owns 816,909 shares of the company's stock valued at $2,369,000 after acquiring an additional 548,950 shares during the last quarter. Rosalind Advisors Inc. purchased a new position in OnKure Therapeutics in the fourth quarter valued at about $2,118,000. Finally, Renaissance Technologies LLC boosted its stake in OnKure Therapeutics by 40.7% in the fourth quarter. Renaissance Technologies LLC now owns 247,350 shares of the company's stock valued at $717,000 after acquiring an additional 71,600 shares during the last quarter. 90.98% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

OKUR has been the topic of several analyst reports. HC Wainwright cut their price target on shares of OnKure Therapeutics from $34.00 to $27.00 and set a "buy" rating on the stock in a report on Monday, March 16th. Weiss Ratings upgraded shares of OnKure Therapeutics from a "sell (e+)" rating to a "sell (d-)" rating in a report on Friday. Finally, Wall Street Zen upgraded shares of OnKure Therapeutics from a "sell" rating to a "hold" rating in a report on Saturday, March 14th. Two analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, OnKure Therapeutics currently has an average rating of "Hold" and a consensus price target 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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