Dimensional Fund Advisors LP, a prominent investment firm, has reported a significant increase in its holdings of Lantern Pharma Inc. during the second quarter, according to the company’s recent filing with the Securities and Exchange Commission. The firm acquired an additional 6,585 shares, representing a 55.7% increase, bringing their total ownership to 18,413 shares. The value of their holdings is estimated at $86,000.
Other institutional investors have also made notable moves with regards to their stakes in Lantern Pharma. Westside Investment Management Inc. recently acquired a new position in the company during the second quarter, valued at $54,000. Tocqueville Asset Management L.P. added to their stake in the first quarter, investing approximately $167,000. Additionally, CM Management LLC increased their ownership by 23.1% during the second quarter, now holding 80,000 shares valued at $374,000.
Hedge funds and other institutional investors currently own approximately 28.62% of Lantern Pharma’s stock.
Lantern Pharma’s stock opened at $3.54 on Wednesday, with a market capitalization of $38.09 million. The company has a price-to-earnings ratio of -2.17 and a beta of 1.55. Its 50-day simple moving average stands at $3.90, while the 200-day simple moving average is $4.94. Over the past year, the stock has traded between a low of $2.38 and a high of $11.99.
Lantern Pharma Inc. is a clinical stage biotechnology company that leverages artificial intelligence, machine learning, and genomic data to streamline the drug development process. The company’s product pipeline includes LP-300, currently in phase 2 clinical trials for combination therapy in non-small cell lung cancer adenocarcinoma patients who have never smoked. LP-184 is in phase 1 clinical trials for the treatment of solid tumors such as pancreatic, breast, bladder, and lung cancers, as well as glioblastoma and other central nervous system cancers. LP-284 is in phase 1 clinical trials for the treatment of non-Hodgkin’s lymphomas, including mantle cell lymphoma and double-hit lymphoma.