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

Leap Therapeutics, Inc. (NASDAQ:LPTX) was the recipient of a large decrease in short interest in March. As of March 15th, there was short interest totalling 1,540,000 shares, a decrease of 18.5% from the February 28th total of 1,890,000 shares. Approximately 5.4% of the shares of the company are sold short. Based on an average daily trading volume, of 716,500 shares, the days-to-cover ratio is currently 2.1 days.

Institutional Investors Weigh In On Leap Therapeutics

Several institutional investors and hedge funds have recently made changes to their positions in LPTX. HighTower Advisors LLC bought a new stake in shares of Leap Therapeutics in the 3rd quarter valued at $65,000. Geode Capital Management LLC raised its stake in Leap Therapeutics by 18.0% during the 3rd quarter. Geode Capital Management LLC now owns 329,291 shares of the company’s stock worth $847,000 after buying an additional 50,194 shares during the period. Exome Asset Management LLC acquired a new position in shares of Leap Therapeutics during the third quarter worth approximately $264,000. HB Wealth Management LLC raised its holdings in Leap Therapeutics by 103.2% during the fourth quarter. HB Wealth Management LLC now owns 51,500 shares of the company’s stock worth $150,000 after buying an additional 26,150 shares during the last quarter. Finally, Key Client Fiduciary Advisors LLC lifted its stake in shares of Leap Therapeutics by 12.2% in the fourth quarter. Key Client Fiduciary Advisors LLC now owns 361,253 shares of the company’s stock valued at $1,039,000 after buying an additional 39,330 shares in the last quarter. Institutional investors own 30.46% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the company. Baird R W downgraded Leap Therapeutics from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, January 29th. HC Wainwright reissued a “neutral” rating on shares of Leap Therapeutics in a research note on Thursday, March 27th. Finally, Robert W. Baird downgraded Leap Therapeutics from an “outperform” rating to a “neutral” rating and reduced their target price for the company from $9.00 to $1.25 in a report on Wednesday, January 29th.

Leap Therapeutics Stock Performance

Shares of NASDAQ:LPTX traded up $0.05 during midday trading on Wednesday, hitting $0.34. 2,585,243 shares of the stock were exchanged, compared to its average volume of 832,808. The business’s 50-day moving average price is $0.56 and its 200 day moving average price is $2.11. Leap Therapeutics has a 12 month low of $0.28 and a 12 month high of $4.79. The stock has a market capitalization of $13.03 million, a price-to-earnings ratio of -0.18 and a beta of 0.35.

Leap Therapeutics (NASDAQ:LPTX) last released its quarterly earnings results on Wednesday, March 26th. The company reported ($0.37) EPS for the quarter, beating analysts’ consensus estimates of ($0.39) by $0.02. As a group, sell-side analysts expect that Leap Therapeutics will post -1.84 EPS for the current year.

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.