Actuate Therapeutics (NASDAQ:ACTU) Shares Down 6.2% – Here’s Why

Actuate Therapeutics, Inc. (NASDAQ:ACTU) fell 6.2% during mid-day trading on Thursday. The company traded as low as $0.6206 and last traded at $0.6790. 324,461 shares traded hands during trading, an increase of 23% from the average session volume of 263,076 shares. The stock had previously closed at $0.7242.

Wall Street Analysts Forecast Growth

ACTU has been the topic of a number of analyst reports. HC Wainwright restated a “buy” rating on shares of Actuate Therapeutics in a report on Tuesday, August 18th. Rodman & Renshaw began coverage on Actuate Therapeutics in a report on Thursday, July 30th. They set a “buy” rating and a $6.00 price objective for the company. Finally, Weiss Ratings reissued a “sell (e+)” rating on shares of Actuate Therapeutics in a research note on Monday, September 21st. Two equities research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $10.50.

Actuate Therapeutics Stock Performance

The company’s 50 day moving average price is $1.08 and its 200-day moving average price is $1.72. The stock has a market cap of $14.65 million, a P/E ratio of -0.70 and a beta of 1.20.

Actuate Therapeutics (NASDAQ:ACTU) last released its quarterly earnings results on Friday, August 14th. The company reported ($0.20) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.21) by $0.01. On average, analysts forecast that Actuate Therapeutics, Inc. will post -0.73 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Actuate Therapeutics

Institutional investors have recently modified their holdings of the business. Northwestern Mutual Wealth Management Co. bought a new position in Actuate Therapeutics in the 2nd quarter valued at $28,000. ABS Direct Equity Fund LLC raised its stake in shares of Actuate Therapeutics by 46.4% during the 2nd quarter. ABS Direct Equity Fund LLC now owns 73,186 shares of the company’s stock worth $112,000 after purchasing an additional 23,186 shares during the period. Susquehanna International Group LLP bought a new stake in shares of Actuate Therapeutics during the 2nd quarter worth $43,000. HighTower Advisors LLC purchased a new position in shares of Actuate Therapeutics in the 2nd quarter worth about $56,000. Finally, ABS Investment Management LLC purchased a new position in shares of Actuate Therapeutics in the 2nd quarter worth about $111,975.

About Actuate Therapeutics

Actuate Therapeutics, Inc is a clinical-stage biopharmaceutical company focused on developing therapies for cancer and other serious diseases. The company’s research centers on glycogen synthase kinase-3 beta (GSK-3β), a signaling protein involved in tumor growth, inflammation and immune regulation.

Actuate’s lead investigational product is elraglusib, also known as 9-ING-41, a selective small-molecule inhibitor of GSK-3β. The company has studied elraglusib in clinical programs involving hematologic malignancies and solid tumors, including acute myeloid leukemia, myelodysplastic syndromes, neuroblastoma and pancreatic cancer.