Athira Pharma (NASDAQ:LONA) Stock Price Up 2.2% – Here’s Why

Shares of Athira Pharma, Inc. (NASDAQ:LONA) shot up 2.2% during mid-day trading on Friday . The company traded as high as $9.70 and last traded at $9.60. 39,000 shares changed hands during trading, a decline of 28% from the average session volume of 53,808 shares. The stock had previously closed at $9.39.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on LONA shares. Wall Street Zen upgraded Athira Pharma from a “sell” rating to a “hold” rating in a report on Saturday, May 16th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Athira Pharma in a research report on Monday, May 11th. Finally, Piper Sandler began coverage on shares of Athira Pharma in a research note on Wednesday, May 27th. They set an “overweight” rating and a $20.00 price target for the company. Three analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, Athira Pharma currently has a consensus rating of “Hold” and a consensus price target of $15.00.

Athira Pharma Trading Up 2.2%

The firm’s 50-day moving average price is $9.19. The company has a market capitalization of $90.14 million, a price-to-earnings ratio of -1.84 and a beta of 2.01.

Athira Pharma (NASDAQ:LONA) last issued its quarterly earnings results on Thursday, May 7th. The company reported ($1.73) EPS for the quarter. On average, analysts forecast that Athira Pharma, Inc. will post -3.12 EPS for the current fiscal year.

Hedge Funds Weigh In On Athira Pharma

A number of institutional investors have recently added to or reduced their stakes in the company. Perceptive Advisors LLC raised its holdings in shares of Athira Pharma by 244.1% in the 4th quarter. Perceptive Advisors LLC now owns 1,859,322 shares of the company’s stock valued at $14,075,000 after purchasing an additional 1,319,026 shares during the period. Commodore Capital LP bought a new position in Athira Pharma in the 4th quarter valued at about $3,515,000. Spruce Street Capital LP acquired a new stake in Athira Pharma during the fourth quarter worth approximately $2,980,000. ADAR1 Capital Management LLC bought a new stake in shares of Athira Pharma during the fourth quarter worth approximately $2,891,000. Finally, Millennium Management LLC bought a new stake in shares of Athira Pharma during the fourth quarter worth approximately $2,456,000. 57.12% of the stock is currently owned by institutional investors and hedge funds.

Athira Pharma Company Profile

Athira Pharma, Inc is a clinical‐stage biopharmaceutical company headquartered in Seattle, Washington, that is dedicated to developing therapies aimed at restoring neuronal health and slowing the progression of neurodegenerative diseases. Founded in 2011, Athira’s research focuses on the Hepatocyte Growth Factor (HGF)/MET pathway as a novel mechanism to promote neuronal repair, synaptic function and overall cognitive performance. The company’s overarching goal is to offer disease‐modifying treatments for conditions such as Alzheimer’s disease, Parkinson’s disease, Huntington’s disease and amyotrophic lateral sclerosis (ALS).

The centerpiece of Athira’s pipeline is fosgonimeton (ATH‐1017), a small‐molecule positive modulator of the HGF/MET system.