Short Interest in Acurx Pharmaceuticals, Inc. (NASDAQ:ACXP) Drops By 52.2%

Acurx Pharmaceuticals, Inc. (NASDAQ:ACXP) saw a significant drop in short interest in the month of 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 short-interest ratio is presently 1.2 days. Currently, 1.9% of the shares of the stock are sold short.

Wall Street Analyst Weigh In

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 Buying and Selling at Acurx Pharmaceuticals

In other news, CEO David P. Luci purchased 49,261 shares of the stock in a transaction dated Monday, January 6th. The shares were purchased at an average cost of $1.01 per share, with a total value of $49,753.61. Following the completion of the purchase, the chief executive officer now directly owns 1,097,458 shares of the company’s stock, valued at approximately $1,108,432.58. The trade was a 4.70 % increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through this link. 29.60% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Acurx Pharmaceuticals

A hedge fund recently raised its stake in Acurx Pharmaceuticals stock. Geode Capital Management LLC increased its stake in shares of Acurx Pharmaceuticals, Inc. (NASDAQ:ACXP) by 12.7% during the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 146,500 shares of the company’s stock after buying an additional 16,485 shares during the quarter. Geode Capital Management LLC owned about 0.90% of Acurx Pharmaceuticals worth $278,000 at the end of the most recent reporting period. 11.53% of the stock is owned by hedge funds and other institutional investors.

Acurx Pharmaceuticals Price Performance

Shares of NASDAQ:ACXP opened at $0.74 on Thursday. The business’s 50 day moving average price is $0.82 and its 200-day moving average price is $1.52. The firm has a market capitalization of $12.67 million, a PE ratio of -0.68 and a beta of -1.72. Acurx Pharmaceuticals has a 1 year low of $0.68 and a 1 year high of $3.35.

Acurx Pharmaceuticals (NASDAQ:ACXP) last issued its quarterly earnings results on Tuesday, November 12th. The company reported ($0.17) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.23) by $0.06. During the same period last year, the business earned ($0.24) earnings per share. As a group, analysts expect that Acurx Pharmaceuticals will post -0.89 earnings per share for the current year.

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.