Cypherpunk Technologies (NASDAQ:CYPH) Shares Up 24.6% – Here’s Why

Cypherpunk Technologies (NASDAQ:CYPH) shares shot up 24.6% on Monday . The company traded as high as $0.85 and last traded at $0.81. 15,654,990 shares changed hands during trading, an increase of 113% from the average session volume of 7,346,670 shares. The stock had previously closed at $0.6502.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on CYPH. Wall Street Zen downgraded shares of Cypherpunk Technologies from a “hold” rating to a “sell” rating in a report on Saturday, May 16th. Weiss Ratings downgraded shares of Cypherpunk Technologies from a “sell (d+)” rating to a “sell (d-)” rating in a report on Thursday, May 21st. One research analyst has rated the stock with a Sell rating, According to MarketBeat.com, the company currently has a consensus rating of “Sell”.

Cypherpunk Technologies Stock Down 3.5%

The stock has a market capitalization of $81.13 million, a price-to-earnings ratio of -38.09 and a beta of -0.02. The company’s fifty day simple moving average is $0.97 and its 200 day simple moving average is $0.92.

Cypherpunk Technologies (NASDAQ:CYPH) last released its quarterly earnings data on Thursday, May 14th. The company reported ($0.46) EPS for the quarter, missing the consensus estimate of ($0.04) by ($0.42).

Hedge Funds Weigh In On Cypherpunk Technologies

Institutional investors and hedge funds have recently modified their holdings of the stock. Millennium Management LLC bought a new stake in shares of Cypherpunk Technologies in the fourth quarter valued at about $37,000. LPL Financial LLC acquired a new stake in shares of Cypherpunk Technologies in the 4th quarter valued at $38,000. Caitong International Asset Management Co. Ltd acquired a new stake in shares of Cypherpunk Technologies in the 4th quarter valued at $44,000. Sequoia Financial Advisors LLC bought a new position in shares of Cypherpunk Technologies in the fourth quarter worth about $56,000. Finally, HighTower Advisors LLC acquired a new stake in shares of Cypherpunk Technologies in the 4th quarter valued at approximately $59,000. 30.46% of the stock is currently owned by institutional investors and hedge funds.

About Cypherpunk Technologies

Cypherpunk Technologies Inc, previously known as Leap Therapeutics, Inc, is a company developing novel therapies for patients with cancer and implementing a digital asset treasury strategy focused on Zcash. The company’s research platform centers on modulating the tumor microenvironment to enhance anti-tumor immune responses. Cypherpunk’s proprietary pipeline includes DKN-01, a monoclonal antibody designed to neutralize Dickkopf-1 (DKK1), a protein implicated in tumor growth and immune evasion.

DKN-01 is being evaluated both as a monotherapy and in combination with checkpoint inhibitors such as pembrolizumab across multiple solid tumor indications, including gastroesophageal, pancreatic and other advanced malignancies.