Odonate Therapeutics Inc (NASDAQ:ODT) Sees Large Increase in Short Interest

Odonate Therapeutics Inc (NASDAQ:ODT) was the target of a large increase in short interest during the month of September. As of September 15th, there was short interest totalling 2,060,000 shares, an increase of 32.9% from the August 31st total of 1,550,000 shares. Approximately 6.9% of the shares of the company are short sold. Based on an average daily volume of 377,300 shares, the short-interest ratio is currently 5.5 days.

In related news, Director Aaron I. Davis bought 125,100 shares of the firm’s stock in a transaction that occurred on Friday, September 4th. The shares were acquired at an average cost of $14.89 per share, for a total transaction of $1,862,739.00. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Aaron I. Davis bought 18,800 shares of the firm’s stock in a transaction that occurred on Tuesday, September 8th. The stock was bought at an average price of $14.69 per share, for a total transaction of $276,172.00. The disclosure for this purchase can be found here. In the last three months, insiders purchased 1,522,613 shares of company stock worth $21,527,959. Company insiders own 48.90% of the company’s stock.

A number of institutional investors and hedge funds have recently modified their holdings of ODT. Nuveen Asset Management LLC grew its holdings in Odonate Therapeutics by 30.7% in the 2nd quarter. Nuveen Asset Management LLC now owns 59,067 shares of the company’s stock worth $2,501,000 after acquiring an additional 13,860 shares during the last quarter. Charles Schwab Investment Management Inc. raised its stake in Odonate Therapeutics by 21.8% during the second quarter. Charles Schwab Investment Management Inc. now owns 81,422 shares of the company’s stock valued at $3,448,000 after purchasing an additional 14,592 shares in the last quarter. California State Teachers Retirement System raised its stake in Odonate Therapeutics by 34.9% during the second quarter. California State Teachers Retirement System now owns 19,716 shares of the company’s stock valued at $835,000 after purchasing an additional 5,102 shares in the last quarter. Jacobs Levy Equity Management Inc. raised its stake in Odonate Therapeutics by 113.4% during the second quarter. Jacobs Levy Equity Management Inc. now owns 53,904 shares of the company’s stock valued at $2,282,000 after purchasing an additional 28,646 shares in the last quarter. Finally, Jane Street Group LLC purchased a new stake in Odonate Therapeutics during the second quarter valued at $257,000. Hedge funds and other institutional investors own 95.37% of the company’s stock.

Shares of NASDAQ ODT traded up $1.22 during trading hours on Thursday, hitting $14.65. 624,025 shares of the company’s stock were exchanged, compared to its average volume of 189,469. Odonate Therapeutics has a 1-year low of $12.56 and a 1-year high of $46.50. The stock has a market capitalization of $470.66 million, a price-to-earnings ratio of -3.47 and a beta of 0.58. The company’s 50-day moving average price is $20.69 and its 200-day moving average price is $29.66.

Odonate Therapeutics (NASDAQ:ODT) last posted its quarterly earnings data on Thursday, July 30th. The company reported ($1.09) earnings per share for the quarter, missing the consensus estimate of ($0.98) by ($0.11). On average, research analysts predict that Odonate Therapeutics will post -4.3 earnings per share for the current year.

ODT has been the topic of several research reports. BidaskClub lowered Odonate Therapeutics from a “sell” rating to a “strong sell” rating in a research note on Wednesday, August 26th. Zacks Investment Research cut shares of Odonate Therapeutics from a “buy” rating to a “hold” rating in a research report on Wednesday, July 1st. ValuEngine upgraded shares of Odonate Therapeutics from a “hold” rating to a “buy” rating in a research note on Tuesday, July 28th. Finally, Ci Capital reiterated a “buy” rating and issued a $50.00 target price on shares of Odonate Therapeutics in a research note on Wednesday, September 9th. Two research analysts have rated the stock with a sell rating, one has given a hold rating and two have issued a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus target price of $36.00.

Odonate Therapeutics Company Profile

Odonate Therapeutics, Inc, a pharmaceutical company, develops therapeutics for the treatment of cancer. It is developing tesetaxel, an orally administered chemotherapy agent, which is in Phase III clinical study for patients with locally advanced or metastatic breast cancer. The company was founded in 2013 and is based in San Diego, California.

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