Can-Fite BioPharma (NYSE:CANF) Shares Down 15.6% – Here’s Why

Shares of Can-Fite BioPharma Ltd. (NYSE:CANF) traded down 15.6% during mid-day trading on Thursday . The stock traded as low as $3.50 and last traded at $3.91. 915,501 shares traded hands during trading, a decline of 28% from the average session volume of 1,270,520 shares. The stock had previously closed at $4.63.

Analysts Set New Price Targets

CANF has been the topic of a number of research analyst reports. HC Wainwright restated a “buy” rating and issued a $8.00 target price (up from $5.00) on shares of Can-Fite BioPharma in a research report on Thursday. D. Boral Capital upgraded Can-Fite BioPharma from a “hold” rating to a “buy” rating in a report on Wednesday, May 13th. Finally, Zacks Research upgraded shares of Can-Fite BioPharma to a “hold” rating in a report on Wednesday, May 13th. Two research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $44.00.

Can-Fite BioPharma Stock Performance

The stock has a market capitalization of $2.56 million, a PE ratio of -2.18 and a beta of 1.11. The firm’s 50 day moving average is $3.22 and its two-hundred day moving average is $3.73.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Sabby Management LLC increased its holdings in Can-Fite BioPharma by 80.3% during the 3rd quarter. Sabby Management LLC now owns 1,406,050 shares of the company’s stock worth $871,000 after purchasing an additional 626,306 shares during the period. Jane Street Group LLC purchased a new position in shares of Can-Fite BioPharma in the 4th quarter valued at about $41,000. Finally, Rhumbline Advisers boosted its stake in shares of Can-Fite BioPharma by 42.4% in the 1st quarter. Rhumbline Advisers now owns 38,268 shares of the company’s stock valued at $57,000 after buying an additional 11,388 shares during the period. 21.00% of the stock is currently owned by hedge funds and other institutional investors.

Can-Fite BioPharma Company Profile

Can-Fite BioPharma Ltd. is a clinical-stage biopharmaceutical company headquartered in Petah Tikva, Israel, that focuses on the development of small molecule drugs for the treatment of inflammatory, oncology and liver diseases. Established in 1994, the company leverages its proprietary technology platform centered on modulating the adenosine receptor system to advance novel therapeutic candidates. Can-Fite’s research and development efforts are directed toward addressing significant unmet medical needs in autoimmune and cancer indications.

The company’s lead product candidates include piclidenoson (CF101) and namodenoson (CF102).