Kazia Therapeutics Limited (NASDAQ:KZIA) was the target of a significant drop in short interest during the month of March. As of March 31st, there was short interest totalling 27,700 shares, a drop of 27.1% from the March 15th total of 38,000 shares. Based on an average trading volume of 166,000 shares, the short-interest ratio is currently 0.2 days.
Large investors have recently added to or reduced their stakes in the company. Truist Financial Corp purchased a new stake in shares of Kazia Therapeutics during the third quarter valued at approximately $436,000. Renaissance Technologies LLC boosted its stake in shares of Kazia Therapeutics by 2.7% during the fourth quarter. Renaissance Technologies LLC now owns 79,625 shares of the company’s stock valued at $688,000 after purchasing an additional 2,100 shares during the period. Finally, Morgan Stanley boosted its stake in shares of Kazia Therapeutics by 44.1% during the third quarter. Morgan Stanley now owns 150,900 shares of the company’s stock valued at $1,018,000 after purchasing an additional 46,200 shares during the period. 10.49% of the stock is owned by hedge funds and other institutional investors.
A number of brokerages have commented on KZIA. Zacks Investment Research upgraded shares of Kazia Therapeutics from a “hold” rating to a “buy” rating and set a $14.00 price target on the stock in a research report on Wednesday, April 14th. HC Wainwright began coverage on shares of Kazia Therapeutics in a research report on Tuesday, January 5th. They set a “buy” rating and a $17.00 price target on the stock.
About Kazia Therapeutics
Kazia Therapeutics Limited, an oncology-focused biotechnology company, develops anti-cancer drugs. Its lead development candidate is GDC-0084, a small molecule, brain-penetrant inhibitor of the PI3K/Akt/mTor pathway, which is developed as a potential therapy for glioblastoma. The company is also developing Cantrixil, which is being developed for the treatment of ovarian cancer and is in hospitals across Australia and the United States under an Investigational New Drug application.
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