City Therapeutics (NASDAQ:CTY) Shares Gap Down – Here’s Why

Shares of City Therapeutics, Inc. (NASDAQ:CTY) gapped down prior to trading on Thursday. The stock had previously closed at $19.09, but opened at $16.28. City Therapeutics shares last traded at $15.81, with a volume of 2,570 shares changing hands.

Wall Street Analyst Weigh In

Separately, Wall Street Zen upgraded City Therapeutics to a “hold” rating in a report on Saturday, October 24th.

City Therapeutics Stock Up 3.5%

Insider Buying and Selling at City Therapeutics

In related news, major shareholder Arch Venture Partners Xii, Llc acquired 170,000 shares of the company’s stock in a transaction dated Monday, October 19th. The stock was bought at an average cost of $18.00 per share, with a total value of $3,060,000.00. Following the acquisition, the insider owned 13,692,507 shares of the company’s stock, valued at approximately $246,465,126. The trade was a 1.26% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Robert Nelsen acquired 170,000 shares of the company’s stock in a transaction dated Monday, October 19th. The shares were bought at an average cost of $18.00 per share, with a total value of $3,060,000.00. Following the completion of the acquisition, the director directly owned 13,692,507 shares in the company, valued at $246,465,126. The trade was a 1.26% increase in their position. The disclosure for this purchase is available in the SEC filing.

City Therapeutics Company Profile