Shares of Cerecor Inc. (NASDAQ:CERC) rose 10.5% on Wednesday following insider buying activity. The stock traded as high as $2.78 and last traded at $2.74. Approximately 2,960,104 shares changed hands during trading, an increase of 61% from the average daily volume of 1,835,413 shares. The stock had previously closed at $2.48.
Specifically, major shareholder Armistice Capital, Llc purchased 37,267 shares of the firm’s stock in a transaction on Monday, November 23rd. The shares were bought at an average price of $2.32 per share, for a total transaction of $86,459.44. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In the last quarter, insiders acquired 2,577,533 shares of company stock worth $6,683,116. 58.00% of the stock is owned by company insiders.
The stock’s 50 day moving average price is $2.64 and its 200 day moving average price is $2.52. The firm has a market cap of $205.25 million, a PE ratio of -9.13 and a beta of 1.67.
Hedge funds have recently modified their holdings of the company. Jane Street Group LLC purchased a new position in shares of Cerecor in the 2nd quarter valued at $37,000. American International Group Inc. raised its stake in shares of Cerecor by 30.8% in the 2nd quarter. American International Group Inc. now owns 17,647 shares of the company’s stock valued at $46,000 after acquiring an additional 4,157 shares during the period. California State Teachers Retirement System raised its stake in shares of Cerecor by 45.1% in the 3rd quarter. California State Teachers Retirement System now owns 48,493 shares of the company’s stock valued at $110,000 after acquiring an additional 15,066 shares during the period. Charles Schwab Investment Management Inc. raised its stake in shares of Cerecor by 22.5% in the 2nd quarter. Charles Schwab Investment Management Inc. now owns 67,450 shares of the company’s stock valued at $176,000 after acquiring an additional 12,406 shares during the period. Finally, Two Sigma Advisers LP purchased a new position in shares of Cerecor in the 2nd quarter valued at $179,000. 66.41% of the stock is currently owned by institutional investors and hedge funds.
Cerecor Company Profile (NASDAQ:CERC)
Cerecor Inc, a biopharmaceutical company, focuses on development and commercialization of treatments for rare pediatric and orphan diseases. It develop therapies for the treatment of inherited metabolic disorders, such as CERC-801 and CERC-802, which completed the phase I clinical trial; and CERC-803.
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