Lantern Pharma Inc. (NASDAQ:LTRN) Sees Significant Decline in Short Interest

Lantern Pharma Inc. (NASDAQ:LTRN) was the recipient of a large decline in short interest in the month of June. As of June 15th, there was short interest totalling 333,500 shares, a decline of 20.6% from the May 31st total of 419,800 shares. Based on an average daily trading volume, of 163,200 shares, the days-to-cover ratio is currently 2.0 days. Approximately 4.2% of the shares of the company are short sold.

Lantern Pharma Stock Performance

LTRN opened at $4.67 on Friday. The firm’s 50-day simple moving average is $5.64 and its 200-day simple moving average is $5.52. Lantern Pharma has a twelve month low of $2.38 and a twelve month high of $11.99. The firm has a market cap of $50.25 million, a price-to-earnings ratio of -2.87 and a beta of 1.61.

Lantern Pharma (NASDAQ:LTRN) last posted its earnings results on Thursday, May 9th. The company reported ($0.51) earnings per share for the quarter, missing the consensus estimate of ($0.43) by ($0.08). As a group, sell-side analysts anticipate that Lantern Pharma will post -2.23 EPS for the current fiscal year.

Insider Buying and Selling at Lantern Pharma

In other news, major shareholder Aaron G.L. Fletcher sold 10,000 shares of the company’s stock in a transaction dated Thursday, May 23rd. The shares were sold at an average price of $6.25, for a total value of $62,500.00. Following the sale, the insider now owns 59,326 shares of the company’s stock, valued at approximately $370,787.50. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Insiders own 6.92% of the company’s stock.

Institutional Inflows and Outflows

An institutional investor recently raised its position in Lantern Pharma stock. Meridian Wealth Management LLC grew its stake in Lantern Pharma Inc. (NASDAQ:LTRN) by 18.0% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 19,660 shares of the company’s stock after acquiring an additional 3,000 shares during the quarter. Meridian Wealth Management LLC owned 0.18% of Lantern Pharma worth $84,000 at the end of the most recent quarter. 28.62% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Separately, HC Wainwright reaffirmed a “neutral” rating on shares of Lantern Pharma in a report on Thursday, April 25th.

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.