Calithera Biosciences (NASDAQ:CALA) Stock Price Up 10.6% on Better-Than-Expected Earnings

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Calithera Biosciences Inc (NASDAQ:CALA)’s stock price rose 10.6% on Wednesday after the company announced better than expected quarterly earnings. The stock traded as high as $3.53 and last traded at $3.44, approximately 399,000 shares were traded during trading. An increase of 34% from the average daily volume of 298,835 shares. The stock had previously closed at $3.11.

The biotechnology company reported ($0.38) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.45) by $0.07.

CALA has been the topic of a number of analyst reports. Zacks Investment Research cut Calithera Biosciences from a “hold” rating to a “sell” rating in a research report on Monday. Citigroup set a $8.00 price target on Calithera Biosciences and gave the company a “hold” rating in a research report on Friday, August 9th. Finally, ValuEngine upgraded Calithera Biosciences from a “hold” rating to a “buy” rating in a research report on Monday.

In related news, major shareholder Bvf Partners L. P/Il purchased 1,598,977 shares of the stock in a transaction on Tuesday, October 29th. The shares were purchased at an average cost of $2.60 per share, for a total transaction of $4,157,340.20. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Value Fund L. P. Biotechnology purchased 2,396,485 shares of the stock in a transaction on Wednesday, October 30th. The stock was bought at an average price of $3.33 per share, for a total transaction of $7,980,295.05. Corporate insiders own 17.20% of the company’s stock.

Hedge funds have recently made changes to their positions in the company. Beddow Capital Management Inc. bought a new stake in shares of Calithera Biosciences during the second quarter worth $44,000. Wedbush Securities Inc. bought a new stake in shares of Calithera Biosciences during the third quarter worth $42,000. Tower Research Capital LLC TRC bought a new stake in shares of Calithera Biosciences during the second quarter worth $56,000. Panagora Asset Management Inc. bought a new stake in shares of Calithera Biosciences during the second quarter worth $60,000. Finally, Connor Clark & Lunn Investment Management Ltd. bought a new stake in shares of Calithera Biosciences during the second quarter worth $63,000. Institutional investors own 63.25% of the company’s stock.

The firm has a fifty day moving average price of $2.96 and a 200 day moving average price of $4.22. The company has a market cap of $181.76 million, a P/E ratio of -2.31 and a beta of 1.81.

About Calithera Biosciences (NASDAQ:CALA)

Calithera Biosciences, Inc, a clinical-stage bio-pharmaceutical company, focuses on the discovery and development of small molecule drugs directed against tumor metabolism and tumor immunology targets for the treatment of cancer in the United States. Its lead product candidate is CB-839, an inhibitor of glutaminase, which is in Phase II clinical trial to treat solid tumors.

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