Checkpoint Therapeutics (NASDAQ:CKPT) Stock Crosses Below 50-Day Moving Average - Here's Why

Shares of Checkpoint Therapeutics, Inc. (NASDAQ:CKPT - Get Free Report) crossed below its 50-day moving average during trading on Wednesday . The stock has a 50-day moving average of $3.17 and traded as low as $2.43. Checkpoint Therapeutics shares last traded at $2.49, with a volume of 628,629 shares traded.

Analysts Set New Price Targets

Several research firms recently weighed in on CKPT. D. Boral Capital assumed coverage on shares of Checkpoint Therapeutics in a research report on Monday, January 13th. They set a "buy" rating and a $9.00 price target for the company. Lake Street Capital increased their target price on Checkpoint Therapeutics from $4.00 to $7.00 and gave the company a "buy" rating in a report on Monday, December 16th. Finally, HC Wainwright restated a "buy" rating and issued a $20.00 target price on shares of Checkpoint Therapeutics in a research report on Monday, December 16th.

Checkpoint Therapeutics Price Performance

The stock has a market capitalization of $120.62 million, a PE ratio of -1.34 and a beta of 1.41. The company's 50 day moving average price is $3.10 and its two-hundred day moving average price is $3.07.

Insider Activity at Checkpoint Therapeutics

In related news, CFO William Garrett Gray sold 268,432 shares of the company's stock in a transaction dated Wednesday, December 18th. The shares were sold at an average price of $4.01, for a total value of $1,076,412.32. Following the completion of the sale, the chief financial officer now owns 1,032,754 shares of the company's stock, valued at approximately $4,141,343.54. This represents a 20.63 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CEO James F. Oliviero III sold 220,230 shares of the firm's stock in a transaction dated Thursday, December 19th. The stock was sold at an average price of $3.38, for a total transaction of $744,377.40. Following the sale, the chief executive officer now owns 3,194,583 shares of the company's stock, valued at approximately $10,797,690.54. The trade was a 6.45 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 582,336 shares of company stock valued at $2,156,801. 2.10% of the stock is currently owned by insiders.

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Institutional Trading of Checkpoint Therapeutics

Institutional investors have recently made changes to their positions in the company. Ameriflex Group Inc. acquired a new stake in Checkpoint Therapeutics during the fourth quarter worth $32,000. PUREfi Wealth LLC purchased a new position in shares of Checkpoint Therapeutics during the 4th quarter worth $32,000. SBI Securities Co. Ltd. acquired a new stake in shares of Checkpoint Therapeutics during the 4th quarter worth about $32,000. Stifel Financial Corp purchased a new stake in Checkpoint Therapeutics in the 4th quarter valued at about $32,000. Finally, Tower Research Capital LLC TRC raised its holdings in Checkpoint Therapeutics by 157.0% in the 4th quarter. Tower Research Capital LLC TRC now owns 10,616 shares of the company's stock valued at $34,000 after buying an additional 6,486 shares during the period. Hedge funds and other institutional investors own 22.00% of the company's stock.

About Checkpoint Therapeutics

Checkpoint Therapeutics, Inc, a clinical-stage immunotherapy and targeted oncology company, focuses on the acquisition, development, and commercialization of novel treatments for patients with solid tumor cancers in the United States and internationally. The company's lead antibody product candidate is Cosibelimab, which is in Phase 1 clinical trial to treat patients with selected recurrent or metastatic cancers; and CK-302, a product candidate in preclinical trials for hematological malignancies and solid tumors.