Leap Therapeutics, Inc. (NASDAQ:LPTX) Sees Significant Drop in Short Interest

Leap Therapeutics, Inc. (NASDAQ:LPTX) was the target of a large decrease in short interest in October. As of October 15th, there was short interest totalling 723,500 shares, a decrease of 19.5% from the September 30th total of 899,100 shares. Based on an average daily volume of 149,100 shares, the days-to-cover ratio is presently 4.9 days. Currently, 2.4% of the company’s stock are short sold.

Wall Street Analyst Weigh In

Separately, HC Wainwright reissued a “buy” rating and issued a $5.50 price objective on shares of Leap Therapeutics in a report on Tuesday, August 13th. Five research analysts have rated the stock with a buy rating, According to MarketBeat, the stock presently has an average rating of “Buy” and an average target price of $10.40.

Leap Therapeutics Stock Up 9.4 %

NASDAQ LPTX traded up $0.31 during trading on Friday, hitting $3.60. 1,511,297 shares of the stock traded hands, compared to its average volume of 226,372. The firm has a 50-day simple moving average of $2.73 and a 200-day simple moving average of $2.53. The company has a market capitalization of $92.16 million, a P/E ratio of -1.80 and a beta of 0.27. Leap Therapeutics has a 12-month low of $1.31 and a 12-month high of $5.00.

Leap Therapeutics (NASDAQ:LPTX) last announced its quarterly earnings results on Monday, August 12th. The company reported ($0.52) earnings per share for the quarter, missing the consensus estimate of ($0.42) by ($0.10). As a group, research analysts predict that Leap Therapeutics will post -1.84 EPS for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Key Client Fiduciary Advisors LLC lifted its holdings in Leap Therapeutics by 13.0% in the 3rd quarter. Key Client Fiduciary Advisors LLC now owns 321,923 shares of the company’s stock valued at $827,000 after purchasing an additional 37,067 shares in the last quarter. Marshall Wace LLP boosted its stake in shares of Leap Therapeutics by 268.2% during the 2nd quarter. Marshall Wace LLP now owns 79,758 shares of the company’s stock worth $156,000 after acquiring an additional 58,094 shares in the last quarter. Acadian Asset Management LLC grew its stake in Leap Therapeutics by 349.3% during the 1st quarter. Acadian Asset Management LLC now owns 282,413 shares of the company’s stock valued at $750,000 after acquiring an additional 219,563 shares in the last quarter. Simplify Asset Management Inc. raised its position in shares of Leap Therapeutics by 67.9% in the second quarter. Simplify Asset Management Inc. now owns 631,269 shares of the company’s stock valued at $1,237,000 after purchasing an additional 255,293 shares during the period. Finally, Vanguard Group Inc. raised its holdings in shares of Leap Therapeutics by 111.7% in the 1st quarter. Vanguard Group Inc. now owns 867,708 shares of the company’s stock worth $2,308,000 after buying an additional 457,904 shares in the last quarter. Institutional investors and hedge funds own 30.46% of the company’s stock.

About Leap Therapeutics

Leap Therapeutics, Inc, a biopharmaceutical company, acquires and develops antibody therapies for the treatment of cancer. Its lead product candidates include DKN-01, a monoclonal antibody that inhibits Dickkopf-related protein 1, which is in multiple ongoing clinical trials for treating esophagogastric and gynecologic cancers; and FL-301, a monoclonal antibody that targets cells that express Claudin18.2 on their cell surface and is in phase II clinical trial, as well as two preclinical antibody programs, FL-302 and FL-501.