Lantern Pharma (NASDAQ:LTRN) Trading Down 4.4% – Here’s Why

Lantern Pharma Inc. (NASDAQ:LTRN) shares dropped 4.4% during mid-day trading on Thursday . The stock traded as low as $3.21 and last traded at $3.23. Approximately 189,433 shares changed hands during trading, an increase of 197% from the average daily volume of 63,683 shares. The stock had previously closed at $3.38.

Analysts Set New Price Targets

Separately, Lake Street Capital initiated coverage on Lantern Pharma in a research note on Wednesday, April 2nd. They set a “buy” rating and a $25.00 price target for the company.

Lantern Pharma Trading Down 4.4%

The business’s fifty day simple moving average is $3.42 and its two-hundred day simple moving average is $3.72. The stock has a market capitalization of $34.84 million, a P/E ratio of -1.81 and a beta of 1.55.

Lantern Pharma (NASDAQ:LTRN) last announced its quarterly earnings data on Thursday, May 15th. The company reported ($0.42) EPS for the quarter, topping analysts’ consensus estimates of ($0.49) by $0.07. During the same period in the prior year, the company posted ($0.51) earnings per share. On average, equities research analysts anticipate that Lantern Pharma Inc. will post -1.9 earnings per share for the current year.

Insider Buying and Selling at Lantern Pharma

In other Lantern Pharma news, major shareholder Leslie W. Kreis sold 21,037 shares of the company’s stock in a transaction that occurred on Tuesday, May 27th. The shares were sold at an average price of $3.05, for a total value of $64,162.85. Following the completion of the sale, the insider now owns 56,467 shares of the company’s stock, valued at approximately $172,224.35. This represents a 27.14% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, major shareholder Aaron G.L. Fletcher sold 15,000 shares of the stock in a transaction dated Wednesday, May 28th. The stock was sold at an average price of $2.87, for a total value of $43,050.00. Following the completion of the sale, the insider now owns 55,753 shares of the company’s stock, valued at $160,011.11. This trade represents a 21.20% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 112,474 shares of company stock worth $336,838. 7.31% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the company. Sanctuary Advisors LLC bought a new position in Lantern Pharma in the fourth quarter valued at $32,000. CM Management LLC grew its position in Lantern Pharma by 8.1% in the fourth quarter. CM Management LLC now owns 200,000 shares of the company’s stock valued at $638,000 after purchasing an additional 15,000 shares in the last quarter. BIOS Capital Management LP bought a new position in Lantern Pharma in the fourth quarter valued at $3,853,000. Renaissance Technologies LLC grew its stake in Lantern Pharma by 3.9% in the fourth quarter. Renaissance Technologies LLC now owns 87,300 shares of the company’s stock valued at $278,000 after purchasing an additional 3,300 shares in the last quarter. Finally, Voss Capital LP bought a new position in Lantern Pharma in the fourth quarter valued at approximately $160,000. 28.62% of the stock is currently owned by institutional investors.

About Lantern Pharma

Lantern Pharma Inc, a clinical stage biotechnology company, focuses on artificial intelligence, machine learning, and genomic data to streamline the drug development process. Its product pipeline comprises LP-300, which is in phase 2 clinical trial in combination therapy for never-smokers with non-small cell lung cancer adenocarcinoma; LP-184, which is in phase 1 clinical trial for the treatment of solid tumor, such as pancreatic, breast, bladder, and lung cancers, and glioblastoma and other central nervous system cancers; and LP-284, which is in phase 1 clinical trial for the treatment of non-Hodgkin's lymphomas, including mantle cell lymphoma and double hit lymphoma.