After Friday’s major run up in share price, shares of Cyclacel Pharmaceuticals Inc (NASDAQ:CYCC) are trading down big today.
As investors speculated Friday morning whether or not the hedge fund manager, Martin Shkreli, who became one of the most hated men in America recently, would purchase a majority share in the company, the stock was up close to 80%. A recent tweet by Shkreli this weekend stating ‘$AEZS $CYCC worthless’ has put an end to much of this speculation.
For those of you who are not familiar with Shkreli, he was the man responsible for raising the pill price of a drug called Daraprim from $13.50 per tablet to $750 per tablet over night, sparking rage from the American public.The stock is down 23.03% or $0.235 after the negative news, hitting $0.785 per share. About 1.62 million shares traded hands or 241.92% up from the average. CYCC has risen 9.68% since April 27, 2015 and is uptrending. It has outperformed by 10.57% the S&P500.
The institutional sentiment increased to 1 in Q2 2015. Its up 0.42, from 0.58 in 2015Q1. The ratio improved, as 4 funds sold all Cyclacel Pharmaceuticals Inc shares owned while 4 reduced positions. 4 funds bought stakes while 4 increased positions. They now own 3.58 million shares or 36.96% less from 5.69 million shares in 2015Q1.
Sabby Management Llc holds 0.06% of its portfolio in Cyclacel Pharmaceuticals Inc for 2.10 million shares. Bank Of America Corp De owns 5,856 shares or 0% of their US portfolio. Moreover, Bank Of New York Mellon Corp has 0% invested in the company for 17,294 shares. The California-based California Public Employees Retirement System has invested 0% in the stock. Deutsche Bank Ag, a Germany-based fund reported 50,165 shares.
Cyclacel Pharmaceuticals, Inc. develops therapies that harness the power of the immune system to treat cancer and other serious illnesses. The company has a market cap of $27.25 million. The Firm develops proprietary techniques of antibody engineering to develop antibody products for the applications in immunology, oncology, and infectious diseases. It currently has negative earnings.