Calithera Biosciences (NASDAQ:CALA) Trading Up 10.6% Following Better-Than-Expected Earnings

Shares of Calithera Biosciences Inc (NASDAQ:CALA) were up 10.6% during trading on Wednesday following a better than expected earnings announcement. The stock traded as high as $3.53 and last traded at $3.44, approximately 399,000 shares were traded during mid-day trading. An increase of 34% from the average daily volume of 298,835 shares. The stock had previously closed at $3.11.

The biotechnology company reported ($0.38) EPS for the quarter, beating the consensus estimate of ($0.45) by $0.07.

Several equities research analysts recently commented on the company. Citigroup set a $8.00 price target on Calithera Biosciences and gave the company a “hold” rating in a report on Friday, August 9th. Zacks Investment Research cut Calithera Biosciences from a “hold” rating to a “sell” rating in a report on Monday. Finally, ValuEngine raised Calithera Biosciences from a “hold” rating to a “buy” rating in a report on Monday.

In related news, insider Value Fund L. P. Biotechnology purchased 2,396,485 shares of the business’s stock in a transaction that occurred on Wednesday, October 30th. The stock was purchased at an average price of $3.33 per share, with a total value of $7,980,295.05. Also, major shareholder Bvf Partners L. P/Il acquired 1,598,977 shares of the stock in a transaction that occurred on Tuesday, October 29th. The stock was acquired at an average price of $2.60 per share, with a total value of $4,157,340.20. The disclosure for this purchase can be found here. 17.20% of the stock is currently owned by company insiders.

Institutional investors have recently modified their holdings of the stock. Beddow Capital Management Inc. purchased a new position in Calithera Biosciences in the second quarter worth approximately $44,000. Wedbush Securities Inc. purchased a new position in Calithera Biosciences in the third quarter worth approximately $42,000. Tower Research Capital LLC TRC purchased a new position in Calithera Biosciences in the second quarter worth approximately $56,000. Panagora Asset Management Inc. purchased a new position in Calithera Biosciences in the second quarter worth approximately $60,000. Finally, Connor Clark & Lunn Investment Management Ltd. purchased a new position in Calithera Biosciences in the second quarter worth approximately $63,000. Institutional investors own 63.25% of the company’s stock.

The company has a market capitalization of $169.39 million, a PE ratio of -2.26 and a beta of 1.81. The firm has a 50-day moving average of $2.95 and a two-hundred day moving average of $4.21.

About Calithera Biosciences (NASDAQ:CALA)

Calithera Biosciences, Inc, a clinical-stage bio-pharmaceutical company, focuses on the discovery and development of small molecule drugs directed against tumor metabolism and tumor immunology targets for the treatment of cancer in the United States. Its lead product candidate is CB-839, an inhibitor of glutaminase, which is in Phase II clinical trial to treat solid tumors.

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