Short Interest in Dicerna Pharmaceuticals Inc (DRNA) Grows By 75.9%
Dicerna Pharmaceuticals Inc (NASDAQ:DRNA) saw a large increase in short interest in December. As of December 31st, there was short interest totalling 5,979,289 shares, an increase of 75.9% from the December 14th total of 3,399,119 shares. Based on an average trading volume of 929,548 shares, the days-to-cover ratio is currently 6.4 days. Approximately 13.2% of the shares of the company are short sold.
A number of research analysts recently issued reports on DRNA shares. Zacks Investment Research upgraded Dicerna Pharmaceuticals from a “hold” rating to a “buy” rating and set a $17.00 price objective for the company in a research report on Thursday, November 8th. B. Riley upgraded Dicerna Pharmaceuticals from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $13.50 to $21.00 in a research report on Tuesday, November 6th. Cowen restated a “buy” rating on shares of Dicerna Pharmaceuticals in a research report on Tuesday, November 6th. HC Wainwright boosted their price objective on Dicerna Pharmaceuticals from $20.00 to $24.00 and gave the company a “buy” rating in a research report on Wednesday, October 31st. Finally, Citigroup restated a “buy” rating and set a $30.00 price objective (up previously from $27.00) on shares of Dicerna Pharmaceuticals in a research report on Monday, October 29th. Three investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average price target of $20.39.
Shares of Dicerna Pharmaceuticals stock opened at $11.08 on Friday. The firm has a market cap of $719.53 million, a price-to-earnings ratio of -3.03 and a beta of 2.49. Dicerna Pharmaceuticals has a 1-year low of $8.29 and a 1-year high of $17.98.
In related news, Director Brian K. Halak sold 335,000 shares of the business’s stock in a transaction that occurred on Tuesday, November 6th. The stock was sold at an average price of $13.33, for a total transaction of $4,465,550.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Brian K. Halak sold 564,300 shares of the business’s stock in a transaction that occurred on Thursday, November 1st. The shares were sold at an average price of $13.66, for a total value of $7,708,338.00. The disclosure for this sale can be found here. In the last quarter, insiders sold 1,144,396 shares of company stock valued at $15,585,624. Insiders own 19.85% of the company’s stock.
Institutional investors have recently made changes to their positions in the business. Citadel Advisors LLC raised its stake in Dicerna Pharmaceuticals by 14.8% during the 3rd quarter. Citadel Advisors LLC now owns 1,950,195 shares of the biopharmaceutical company’s stock valued at $29,760,000 after acquiring an additional 251,280 shares in the last quarter. Federated Investors Inc. PA raised its stake in Dicerna Pharmaceuticals by 61,484.1% during the 3rd quarter. Federated Investors Inc. PA now owns 252,495 shares of the biopharmaceutical company’s stock valued at $3,853,000 after acquiring an additional 252,085 shares in the last quarter. Schwab Charles Investment Management Inc. bought a new stake in Dicerna Pharmaceuticals during the 2nd quarter valued at $1,097,000. Virtu Financial LLC bought a new stake in Dicerna Pharmaceuticals during the 3rd quarter valued at $384,000. Finally, Metropolitan Life Insurance Co. NY bought a new stake in shares of Dicerna Pharmaceuticals in the 2nd quarter worth $188,000. 87.20% of the stock is currently owned by hedge funds and other institutional investors.
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About Dicerna Pharmaceuticals
Dicerna Pharmaceuticals, Inc, a biopharmaceutical company, focuses on the discovery and development of pharmaceuticals for the treatment of rare, viral infectious, chronic liver, and cardiovascular diseases. Its development programs include DCR-PHXC for the treatment of primary hyperoxaluria; DCR-HBVS for the treatment of chronic hepatitis B virus infection; and DCR-PCSK9 to treat hypercholesterolemia.
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