Lantern Pharma (NASDAQ:LTRN) Trading Up 13.3% – Still a Buy?

Lantern Pharma Inc. (NASDAQ:LTRN) shares rose 13.3% during mid-day trading on Friday . The company traded as high as $3.87 and last traded at $3.74. Approximately 71,305 shares traded hands during trading, an increase of 43% from the average daily volume of 50,003 shares. The stock had previously closed at $3.30.

Lantern Pharma Stock Up 13.3 %

The firm’s fifty day simple moving average is $3.37 and its 200-day simple moving average is $3.79. The company has a market cap of $40.34 million, a PE ratio of -2.10 and a beta of 1.56.

Hedge Funds Weigh In On Lantern Pharma

Hedge funds have recently bought and sold shares of the stock. Dimensional Fund Advisors LP boosted its stake in shares of Lantern Pharma by 55.7% during the second quarter. Dimensional Fund Advisors LP now owns 18,413 shares of the company’s stock valued at $86,000 after acquiring an additional 6,585 shares during the last quarter. Westside Investment Management Inc. lifted its holdings in Lantern Pharma by 166.5% in the 3rd quarter. Westside Investment Management Inc. now owns 30,650 shares of the company’s stock valued at $112,000 after purchasing an additional 19,150 shares in the last quarter. Finally, Renaissance Technologies LLC boosted its stake in shares of Lantern Pharma by 24.5% during the 2nd quarter. Renaissance Technologies LLC now owns 81,800 shares of the company’s stock worth $382,000 after purchasing an additional 16,100 shares during the last quarter. Hedge funds and other institutional investors own 28.62% of the company’s stock.

About Lantern Pharma

Lantern Pharma Inc, a clinical stage biotechnology company, focuses on artificial intelligence, machine learning, and genomic data to streamline the drug development process. Its product pipeline comprises LP-300, which is in phase 2 clinical trial in combination therapy for never-smokers with non-small cell lung cancer adenocarcinoma; LP-184, which is in phase 1 clinical trial for the treatment of solid tumor, such as pancreatic, breast, bladder, and lung cancers, and glioblastoma and other central nervous system cancers; and LP-284, which is in phase 1 clinical trial for the treatment of non-Hodgkin's lymphomas, including mantle cell lymphoma and double hit lymphoma.