Acurx Pharmaceuticals, Inc. (NASDAQ:ACXP) Sees Large Drop in Short Interest

Acurx Pharmaceuticals, Inc. (NASDAQ:ACXP) saw a large drop in short interest in January. As of January 31st, there was short interest totalling 313,100 shares, a drop of 52.2% from the January 15th total of 655,000 shares. Based on an average daily volume of 267,500 shares, the days-to-cover ratio is presently 1.2 days. Currently, 1.9% of the shares of the company are sold short.

Acurx Pharmaceuticals Price Performance

Shares of ACXP stock opened at $0.74 on Friday. The stock’s fifty day simple moving average is $0.82 and its 200 day simple moving average is $1.51. The firm has a market cap of $12.64 million, a price-to-earnings ratio of -0.68 and a beta of -1.72. Acurx Pharmaceuticals has a one year low of $0.68 and a one year high of $3.35.

Acurx Pharmaceuticals (NASDAQ:ACXP) last announced its quarterly earnings results on Tuesday, November 12th. The company reported ($0.17) EPS for the quarter, beating the consensus estimate of ($0.23) by $0.06. During the same period last year, the business posted ($0.24) earnings per share. On average, research analysts anticipate that Acurx Pharmaceuticals will post -0.89 earnings per share for the current year.

Analysts Set New Price Targets

Separately, HC Wainwright reaffirmed a “buy” rating and issued a $12.00 price target on shares of Acurx Pharmaceuticals in a research note on Friday, January 10th.

Insider Transactions at Acurx Pharmaceuticals

In other news, CEO David P. Luci acquired 49,261 shares of the firm’s stock in a transaction dated Monday, January 6th. The shares were bought at an average price of $1.01 per share, with a total value of $49,753.61. Following the acquisition, the chief executive officer now owns 1,097,458 shares of the company’s stock, valued at $1,108,432.58. This trade represents a 4.70 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 29.60% of the stock is owned by insiders.

Hedge Funds Weigh In On Acurx Pharmaceuticals

A hedge fund recently raised its stake in Acurx Pharmaceuticals stock. Geode Capital Management LLC raised its holdings in Acurx Pharmaceuticals, Inc. (NASDAQ:ACXP) by 12.7% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 146,500 shares of the company’s stock after purchasing an additional 16,485 shares during the quarter. Geode Capital Management LLC owned approximately 0.90% of Acurx Pharmaceuticals worth $278,000 as of its most recent SEC filing. Hedge funds and other institutional investors own 11.53% of the company’s stock.

About Acurx Pharmaceuticals

Acurx Pharmaceuticals, Inc, a clinical stage biopharmaceutical company, develops antibiotics to treat bacterial infections. The company's lead antibiotic candidate is ibezapolstat, a novel mechanism of action that targets the polymerase IIIC enzyme that is in Phase 2b clinical trial to treat patients with clostridium difficile infections.