Reneo Pharmaceuticals (NASDAQ:RPHM) Shares Up 5.2% – Here’s Why

Reneo Pharmaceuticals, Inc. (NASDAQ:RPHM) rose 5.2% on Wednesday . The company traded as high as $1.90 and last traded at $1.82. Approximately 437,500 shares were traded during trading, an increase of 75% from the average daily volume of 250,384 shares. The stock had previously closed at $1.73.

Reneo Pharmaceuticals Stock Up 5.2 %

The company’s fifty day moving average price is $1.63 and its 200-day moving average price is $1.61. The stock has a market capitalization of $60.84 million, a PE ratio of -0.84 and a beta of 0.21.

Reneo Pharmaceuticals (NASDAQ:RPHM) last announced its quarterly earnings data on Tuesday, August 13th. The company reported ($0.16) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.17) by $0.01. Equities research analysts anticipate that Reneo Pharmaceuticals, Inc. will post -0.65 earnings per share for the current year.

Insider Buying and Selling

In other news, major shareholder Braden Michael Leonard purchased 171,339 shares of Reneo Pharmaceuticals stock in a transaction that occurred on Tuesday, August 13th. The stock was bought at an average price of $1.39 per share, with a total value of $238,161.21. Following the completion of the transaction, the insider now directly owns 2,843,533 shares of the company’s stock, valued at approximately $3,952,510.87. The trade was a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders have bought a total of 256,239 shares of company stock worth $355,105 in the last quarter. Corporate insiders own 17.90% of the company’s stock.

Institutional Investors Weigh In On Reneo Pharmaceuticals

Several institutional investors have recently modified their holdings of the business. Highbridge Capital Management LLC lifted its position in Reneo Pharmaceuticals by 6.5% during the second quarter. Highbridge Capital Management LLC now owns 2,915,376 shares of the company’s stock valued at $4,402,000 after purchasing an additional 178,806 shares during the period. Nantahala Capital Management LLC purchased a new stake in Reneo Pharmaceuticals during the 2nd quarter valued at $846,000. Marquette Asset Management LLC bought a new position in shares of Reneo Pharmaceuticals during the 1st quarter valued at $122,000. Finally, Point72 Asia Singapore Pte. Ltd. purchased a new position in shares of Reneo Pharmaceuticals in the 2nd quarter worth $27,000. 90.98% of the stock is owned by hedge funds and other institutional investors.

Reneo Pharmaceuticals Company Profile

Reneo Pharmaceuticals, Inc, a clinical-stage pharmaceutical company, focuses on the development and commercialization of therapies for patients with rare genetic mitochondrial diseases. The company's lead product candidate is REN001, a potent and selective agonist of the peroxisome proliferator-activated receptor delta that is in clinical development for genetic mitochondrial diseases comprising primary mitochondrial myopathies and long-chain fatty acid oxidation disorders.