Short Interest in Checkpoint Therapeutics, Inc. (NASDAQ:CKPT) Declines By 28.5%

Checkpoint Therapeutics, Inc. (NASDAQ:CKPT) was the recipient of a significant drop in short interest during the month of March. As of March 15th, there was short interest totalling 5,110,000 shares, a drop of 28.5% from the February 28th total of 7,150,000 shares. Based on an average daily trading volume, of 2,430,000 shares, the days-to-cover ratio is currently 2.1 days. Approximately 14.2% of the company’s stock are short sold.

Insider Activity

In other news, CFO William Garrett Gray sold 74,110 shares of the stock in a transaction dated Thursday, February 6th. The shares were sold at an average price of $3.67, for a total value of $271,983.70. Following the completion of the sale, the chief financial officer now owns 1,458,644 shares in the company, valued at $5,353,223.48. This represents a 4.84 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO James F. Oliviero III sold 9,233 shares of the firm’s stock in a transaction dated Friday, February 7th. The shares were sold at an average price of $3.41, for a total transaction of $31,484.53. Following the transaction, the chief executive officer now directly owns 3,785,350 shares in the company, valued at $12,908,043.50. The trade was a 0.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 93,674 shares of company stock worth $336,011 over the last three months. 2.10% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the business. Virtu Financial LLC purchased a new stake in shares of Checkpoint Therapeutics during the 3rd quarter valued at $30,000. SBI Securities Co. Ltd. purchased a new stake in Checkpoint Therapeutics during the fourth quarter valued at about $32,000. PUREfi Wealth LLC bought a new stake in Checkpoint Therapeutics during the fourth quarter worth about $32,000. Stifel Financial Corp purchased a new position in shares of Checkpoint Therapeutics in the 4th quarter worth about $32,000. Finally, Ameriflex Group Inc. bought a new position in shares of Checkpoint Therapeutics during the 4th quarter valued at about $32,000. Hedge funds and other institutional investors own 22.00% of the company’s stock.

Analysts Set New Price Targets

Several research firms have weighed in on CKPT. Lake Street Capital reissued a “hold” rating and issued a $4.10 price objective (down previously from $7.00) on shares of Checkpoint Therapeutics in a research report on Monday, March 10th. HC Wainwright restated a “neutral” rating and set a $4.10 price target on shares of Checkpoint Therapeutics in a research report on Tuesday, March 11th. Finally, D. Boral Capital reaffirmed a “buy” rating and issued a $4.80 price objective (down previously from $9.00) on shares of Checkpoint Therapeutics in a research report on Monday, March 10th.

Checkpoint Therapeutics Price Performance

Shares of CKPT traded up $0.01 during trading hours on Friday, hitting $4.04. The company’s stock had a trading volume of 522,554 shares, compared to its average volume of 1,124,079. The business has a 50 day simple moving average of $3.32 and a two-hundred day simple moving average of $3.26. Checkpoint Therapeutics has a 52-week low of $1.38 and a 52-week high of $4.50. The company has a market cap of $197.29 million, a price-to-earnings ratio of -2.20 and a beta of 1.41.

Checkpoint Therapeutics (NASDAQ:CKPT) last issued its earnings results on Friday, March 28th. The company reported ($0.69) EPS for the quarter, missing the consensus estimate of ($0.22) by ($0.47). Research analysts predict that Checkpoint Therapeutics will post -0.94 earnings per share for the current year.

About Checkpoint Therapeutics

Checkpoint Therapeutics, Inc, a clinical-stage immunotherapy and targeted oncology company, focuses on the acquisition, development, and commercialization of novel treatments for patients with solid tumor cancers in the United States and internationally. The company's lead antibody product candidate is Cosibelimab, which is in Phase 1 clinical trial to treat patients with selected recurrent or metastatic cancers; and CK-302, a product candidate in preclinical trials for hematological malignancies and solid tumors.