Short Interest in PolarityTE, Inc. (NASDAQ:PTE) Increases By 625.5%

PolarityTE, Inc. (NASDAQ:PTEGet Rating) saw a large growth in short interest during the month of April. As of April 15th, there was short interest totalling 6,370,000 shares, a growth of 625.5% from the March 31st total of 878,000 shares. Approximately 8.5% of the company’s stock are short sold. Based on an average daily volume of 5,690,000 shares, the short-interest ratio is currently 1.1 days.

Shares of PTE stock traded up $0.00 during mid-day trading on Wednesday, reaching $0.19. The company’s stock had a trading volume of 58,066 shares, compared to its average volume of 5,219,616. The company has a market cap of $17.01 million, a P/E ratio of -0.47 and a beta of 1.01. The firm’s 50-day moving average is $0.31 and its two-hundred day moving average is $0.46. PolarityTE has a 1-year low of $0.18 and a 1-year high of $1.38.

PolarityTE (NASDAQ:PTEGet Rating) last issued its earnings results on Wednesday, March 30th. The company reported ($0.11) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.10) by ($0.01). PolarityTE had a negative net margin of 321.00% and a negative return on equity of 116.16%. The business had revenue of $1.04 million during the quarter, compared to the consensus estimate of $0.94 million. During the same period last year, the business posted ($0.21) EPS. On average, analysts forecast that PolarityTE will post -0.31 EPS for the current fiscal year.

Hedge funds and other institutional investors have recently bought and sold shares of the company. BlackRock Inc. lifted its position in PolarityTE by 3.5% during the third quarter. BlackRock Inc. now owns 878,875 shares of the company’s stock worth $568,000 after purchasing an additional 29,354 shares during the period. Point72 Asset Management L.P. lifted its position in PolarityTE by 16.3% during the third quarter. Point72 Asset Management L.P. now owns 2,500,000 shares of the company’s stock worth $1,618,000 after purchasing an additional 350,000 shares during the period. GSA Capital Partners LLP acquired a new position in PolarityTE during the third quarter worth about $92,000. First Republic Investment Management Inc. raised its stake in PolarityTE by 79.1% during the third quarter. First Republic Investment Management Inc. now owns 56,600 shares of the company’s stock worth $37,000 after acquiring an additional 25,000 shares in the last quarter. Finally, Levin Capital Strategies L.P. acquired a new position in PolarityTE during the fourth quarter worth about $88,000. Institutional investors own 13.19% of the company’s stock.

A number of analysts have recently weighed in on the stock. Cantor Fitzgerald lowered shares of PolarityTE from an “overweight” rating to a “neutral” rating in a research note on Wednesday, March 30th. Zacks Investment Research lowered shares of PolarityTE from a “buy” rating to a “hold” rating in a research note on Thursday, January 13th.

About PolarityTE (Get Rating)

PolarityTE, Inc, a clinical stage biotechnology company, develops and commercializes a range of regenerative tissue products and biomaterials for the fields of medicine, biomedical engineering, and material sciences in the United States. The company operates in two segments, Regenerative Medicine Products and Contract Services.

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