Short Interest in OnKure Therapeutics, Inc. (NASDAQ:OKUR) Increases By 1,958.6%

Key Points

• Short interest jumped 1,958.6% in March to 163,904 shares (about 1.2% of shares outstanding), though the days-to-cover remains low at 0.2 days based on average volume.
• Institutional ownership is very high at 90.98%, with several funds (including Acorn, Prosight and Shay Capital) recently adding or initiating sizable positions.
• Shares traded at $4.30 (market cap ~$58.8M); the company reported Q results of ($0.99) EPS beating estimates, while analyst coverage is mixed (2 Buy, 1 Hold, 1 Sell) with a consensus price target of $27.00.

OnKure Therapeutics, Inc. (NASDAQ:OKUR - Get Free Report) was the recipient of a significant increase in short interest during the month of March. As of March 31st, there was short interest totaling 163,904 shares, an increase of 1,958.6% from the March 15th total of 7,962 shares. Based on an average trading volume of 786,389 shares, the days-to-cover ratio is presently 0.2 days. Currently, 1.2% of the company's shares are sold short.

OnKure Therapeutics Trading Up 0.5%

Shares of OnKure Therapeutics stock traded up $0.02 during trading hours on Friday, reaching $4.30. 127,446 shares of the company's stock were exchanged, compared to its average volume of 259,187. OnKure Therapeutics has a 52-week low of $1.70 and a 52-week high of $4.75. The firm has a market capitalization of $58.78 million, a price-to-earnings ratio of -0.98 and a beta of 0.15. The company has a fifty day moving average of $3.29 and a 200-day moving average of $3.07.

OnKure Therapeutics (NASDAQ:OKUR - Get Free Report) last issued its earnings results on Thursday, March 12th. The company reported ($0.99) earnings per share for the quarter, topping the consensus estimate of ($1.15) by $0.16. On average, equities research analysts anticipate that OnKure Therapeutics will post -4.05 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the company. Acorn Capital Advisors LLC raised its position in shares of OnKure Therapeutics by 97.2% in the 2nd quarter. Acorn Capital Advisors LLC now owns 2,839,674 shares of the company's stock worth $6,787,000 after buying an additional 1,400,000 shares during the period. ADAR1 Capital Management LLC purchased a new position in shares of OnKure Therapeutics in the 4th quarter worth $2,941,000. Prosight Management LP raised its position in shares of OnKure Therapeutics by 204.9% in the 4th quarter. Prosight Management LP now owns 816,909 shares of the company's stock worth $2,369,000 after buying an additional 548,950 shares during the period. Rosalind Advisors Inc. purchased a new position in shares of OnKure Therapeutics in the 4th quarter worth $2,118,000. Finally, Shay Capital LLC raised its position in shares of OnKure Therapeutics by 417.8% in the 2nd quarter. Shay Capital LLC now owns 782,046 shares of the company's stock worth $1,869,000 after buying an additional 631,008 shares during the period. 90.98% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on the company. Weiss Ratings reissued a "sell (d-)" rating on shares of OnKure Therapeutics in a research note on Monday, December 22nd. Wall Street Zen raised OnKure Therapeutics from a "sell" rating to a "hold" rating in a research note on Saturday, March 14th. Finally, HC Wainwright reduced their price target on OnKure Therapeutics from $34.00 to $27.00 and set a "buy" rating on the stock in a research note on Monday, March 16th. Two equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Hold" and a consensus price target of $27.00.

About OnKure Therapeutics

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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