Zacks Research Initiates Coverage on City Therapeutics (NASDAQ:CTY)

Zacks Research assumed coverage on shares of City Therapeutics (NASDAQ:CTY) in a note issued to investors on Wednesday, Zacks reports. The firm set a “hold” rating on the stock.

Other research analysts have also recently issued reports about the stock. Stifel Nicolaus started coverage on shares of City Therapeutics in a report on Tuesday. They set a “buy” rating and a $34.00 target price on the stock. Wall Street Zen upgraded shares of City Therapeutics to a “hold” rating in a research report on Saturday, October 24th. Oppenheimer started coverage on City Therapeutics in a research note on Tuesday. They issued an “outperform” rating and a $46.00 price target for the company. Finally, Jefferies Financial Group initiated coverage on City Therapeutics in a research report on Tuesday. They set a “buy” rating and a $32.00 price target on the stock. Three equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to MarketBeat.com, City Therapeutics has a consensus rating of “Moderate Buy” and an average price target of $37.33.

City Therapeutics Stock Performance

Shares of City Therapeutics stock opened at $18.98 on Wednesday. City Therapeutics has a twelve month low of $15.81 and a twelve month high of $23.88.

Insider Buying and Selling at City Therapeutics

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

City Therapeutics Company Profile

City Therapeutics is a biotechnology company developing medicines based on RNA interference (RNAi), a biological process that can reduce the production of specific disease-related proteins. Its research focuses on designing RNAi therapies for potential use across a range of diseases. Launched in 2024, the company is developing technology intended to advance the design and delivery of RNAi medicines. Its work is research and development focused; the company’s activities center on building a therapeutic pipeline rather than marketing established products.