Lantern Pharma (NASDAQ:LTRN) Trading Down 9.2% – Here’s What Happened

Lantern Pharma Inc. (NASDAQ:LTRN) shares traded down 9.2% during mid-day trading on Tuesday . The company traded as low as $3.51 and last traded at $3.57. Approximately 224,010 shares changed hands during trading, an increase of 47% from the average daily volume of 152,624 shares. The stock had previously closed at $3.93.

Analysts Set New Price Targets

Several research analysts recently commented on LTRN shares. Wall Street Zen raised shares of Lantern Pharma from a “sell” rating to a “hold” rating in a research note on Saturday, May 23rd. Weiss Ratings raised shares of Lantern Pharma from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Monday, June 29th. One equities research analyst has rated the stock with a Sell rating, According to MarketBeat.com, Lantern Pharma currently has an average rating of “Sell”.

Lantern Pharma Stock Up 8.1%

The stock’s 50 day moving average is $3.35 and its two-hundred day moving average is $2.95. The company has a market capitalization of $42.74 million, a PE ratio of -2.31 and a beta of 2.30.

Lantern Pharma (NASDAQ:LTRN) last posted its earnings results on Friday, May 15th. The company reported ($0.30) EPS for the quarter, beating analysts’ consensus estimates of ($0.36) by $0.06.

Insider Buying and Selling

In related news, Director D Jeffrey Keyser bought 48,544 shares of the stock in a transaction on Tuesday, May 12th. The stock was bought at an average price of $2.06 per share, for a total transaction of $100,000.64. Following the completion of the acquisition, the director directly owned 94,303 shares in the company, valued at approximately $194,264.18. This represents a 106.09% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Lee Troy Schalop bought 48,544 shares of the company’s stock in a transaction on Tuesday, May 12th. The shares were bought at an average cost of $2.06 per share, for a total transaction of $100,000.64. Following the transaction, the director directly owned 48,544 shares in the company, valued at approximately $100,000.64. This represents a ∞ increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders own 8.50% of the company’s stock.

Institutional Trading of Lantern Pharma

Hedge funds have recently modified their holdings of the company. Renaissance Technologies LLC boosted its stake in Lantern Pharma by 10.3% in the fourth quarter. Renaissance Technologies LLC now owns 110,400 shares of the company’s stock valued at $335,000 after acquiring an additional 10,300 shares in the last quarter. Geode Capital Management LLC increased its position in shares of Lantern Pharma by 5.1% during the fourth quarter. Geode Capital Management LLC now owns 96,742 shares of the company’s stock worth $293,000 after purchasing an additional 4,661 shares in the last quarter. Vanguard Group Inc. lifted its holdings in shares of Lantern Pharma by 5.6% during the 3rd quarter. Vanguard Group Inc. now owns 384,041 shares of the company’s stock valued at $1,671,000 after purchasing an additional 20,321 shares during the last quarter. CIBC Private Wealth Group LLC purchased a new stake in shares of Lantern Pharma during the 4th quarter valued at $47,000. Finally, Susquehanna International Group LLP acquired a new stake in shares of Lantern Pharma in the 3rd quarter worth $170,000. 28.62% of the stock is owned by hedge funds and other institutional investors.

Lantern Pharma Company Profile

Lantern Pharma, Inc is a clinical-stage oncology company leveraging artificial intelligence (AI) and machine learning to accelerate the discovery and development of targeted cancer therapies. Headquartered in Dallas, Texas, Lantern Pharma’s proprietary RADR® platform integrates large-scale genomic, transcriptomic and chemical data to identify novel drug candidates and predict patient populations most likely to benefit from treatment.

The company’s pipeline focuses on molecules designed to address cancers with high unmet medical need.