Actuate Therapeutics, Inc. (NASDAQ:ACTU) Sees Large Increase in Short Interest
by Mitch Edgeman · The Markets DailyActuate Therapeutics, Inc. (NASDAQ:ACTU – Get Free Report) was the recipient of a significant growth in short interest in the month of August. As of August 31st, there was short interest totaling 1,172,690 shares, a growth of 68.5% from the August 15th total of 695,971 shares. Currently, 11.6% of the company’s shares are short sold. Based on an average daily volume of 612,145 shares, the short-interest ratio is currently 1.9 days.
Actuate Therapeutics Trading Down 0.2%
ACTU opened at $1.00 on Friday. The firm has a market cap of $23.89 million, a price-to-earnings ratio of -1.14 and a beta of 0.95. Actuate Therapeutics has a 12 month low of $0.90 and a 12 month high of $8.49. The stock has a fifty day moving average price of $1.26 and a 200-day moving average price of $1.94.
Actuate Therapeutics (NASDAQ:ACTU – Get Free Report) last posted its earnings results on Friday, August 14th. The company reported ($0.20) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.21) by $0.01. On average, equities research analysts forecast that Actuate Therapeutics will post -0.73 EPS for the current year.
Institutional Inflows and Outflows
A number of institutional investors and hedge funds have recently modified their holdings of the company. Northwestern Mutual Wealth Management Co. acquired a new stake in Actuate Therapeutics in the second quarter valued at approximately $28,000. Susquehanna International Group LLP acquired a new position in shares of Actuate Therapeutics during the second quarter worth $43,000. HighTower Advisors LLC acquired a new position in shares of Actuate Therapeutics during the second quarter worth $56,000. ABS Investment Management LLC purchased a new stake in shares of Actuate Therapeutics during the 2nd quarter valued at $111,975. Finally, ABS Direct Equity Fund LLC lifted its holdings in shares of Actuate Therapeutics by 46.4% during the 2nd quarter. ABS Direct Equity Fund LLC now owns 73,186 shares of the company’s stock valued at $112,000 after purchasing an additional 23,186 shares during the last quarter.
Wall Street Analysts Forecast Growth
ACTU has been the topic of several research reports. HC Wainwright restated a “buy” rating on shares of Actuate Therapeutics in a report on Tuesday, August 18th. Wall Street Zen cut Actuate Therapeutics from a “hold” rating to a “sell” rating in a report on Saturday, May 23rd. Weiss Ratings reissued a “sell (e+)” rating on shares of Actuate Therapeutics in a research report on Wednesday, June 24th. Finally, Rodman & Renshaw began coverage on Actuate Therapeutics in a research note on Thursday, July 30th. They set a “buy” rating and a $6.00 price target on the stock. Two equities research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $10.50.
Get Our Latest Analysis on ACTU
Actuate Therapeutics Company Profile
Actuate Therapeutics, Inc is a clinical-stage biopharmaceutical company focused on developing therapies for cancer and other serious diseases. The company’s research is centered on glycogen synthase kinase-3 beta (GSK-3β), a signaling protein involved in tumor growth, inflammation and immune regulation.
Actuate’s lead investigational product is elraglusib, also known as 9-ING-41, a small-molecule inhibitor of GSK-3β. The therapy has been evaluated in clinical studies involving patients with hematologic malignancies and solid tumors, including pancreatic cancer, as the company investigates its potential to improve outcomes when used alone or in combination with other treatments.
The company is advancing elraglusib through clinical development and continues to study its potential applications in oncology and inflammatory or immune-related conditions.