Phio Pharmaceuticals Corp. (NASDAQ:PHIO) Short Interest Up 283.9% in March

Phio Pharmaceuticals Corp. (NASDAQ:PHIO) saw a significant increase in short interest in the month of March. As of March 15th, there was short interest totalling 176,600 shares, an increase of 283.9% from the February 29th total of 46,000 shares. Based on an average daily volume of 320,500 shares, the days-to-cover ratio is presently 0.6 days. Currently, 7.4% of the company’s stock are short sold.

Phio Pharmaceuticals Stock Performance

Phio Pharmaceuticals stock remained flat at $0.73 during midday trading on Wednesday. The company had a trading volume of 53,440 shares, compared to its average volume of 337,091. The company’s fifty day moving average is $0.77 and its two-hundred day moving average is $1.02. Phio Pharmaceuticals has a 1-year low of $0.50 and a 1-year high of $12.27.

Analysts Set New Price Targets

Separately, HC Wainwright dropped their target price on Phio Pharmaceuticals from $6.00 to $4.00 and set a “buy” rating on the stock in a research report on Tuesday, February 6th.

Institutional Investors Weigh In On Phio Pharmaceuticals

Hedge funds and other institutional investors have recently bought and sold shares of the company. Cetera Investment Advisers grew its stake in Phio Pharmaceuticals by 125.0% in the first quarter. Cetera Investment Advisers now owns 90,000 shares of the company’s stock valued at $80,000 after purchasing an additional 50,000 shares in the last quarter. Vanguard Group Inc. grew its stake in Phio Pharmaceuticals by 6.8% in the first quarter. Vanguard Group Inc. now owns 304,119 shares of the company’s stock valued at $269,000 after purchasing an additional 19,242 shares in the last quarter. Renaissance Technologies LLC grew its stake in Phio Pharmaceuticals by 310.9% in the first quarter. Renaissance Technologies LLC now owns 41,500 shares of the company’s stock valued at $37,000 after purchasing an additional 31,400 shares in the last quarter. Cambridge Investment Research Advisors Inc. bought a new position in Phio Pharmaceuticals in the first quarter valued at approximately $80,000. Finally, Bank of Montreal Can bought a new position in shares of Phio Pharmaceuticals during the 2nd quarter worth approximately $38,000. Institutional investors and hedge funds own 57.31% of the company’s stock.

Phio Pharmaceuticals Company Profile

Phio Pharmaceuticals Corp. develops immuno-oncology therapeutics in the United States. The company develops PH-762, INTASYL compound which reduces the expression of cell death Protein 1 (PD-1), a protein that inhibits T cells' ability to kill cancer cells; PH-894 that silences the BRD4, a protein which controls gene expression in both T cells and tumor cells, effecting the immune system as well as the tumor; and PH-804 that targets the TIGIT, a protein which inhibits the activity of Natural Killer cells.