City Therapeutics (NASDAQ:CTY) Shares Down 6.3% – Time to Sell?

City Therapeutics, Inc. (NASDAQ:CTY) dropped 6.3% during mid-day trading on Tuesday. The company traded as low as $19.54 and last traded at $19.57. Approximately 195,631 shares were traded during trading, a decline of 23% from the average daily volume of 253,530 shares. The stock had previously closed at $20.88.

Wall Street Analysts Forecast Growth

Separately, Wall Street Zen raised shares of City Therapeutics to a “hold” rating in a research note on Saturday, October 24th.

City Therapeutics Price Performance

Insider Activity at City Therapeutics

In related news, Director Robert Nelsen acquired 170,000 shares of the business’s stock in a transaction on Monday, October 19th. The stock was purchased at an average cost of $18.00 per share, for a total transaction of $3,060,000.00. Following the completion of the transaction, the director directly owned 13,692,507 shares of the company’s stock, valued at approximately $246,465,126. The trade was a 1.26% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, major shareholder Arch Venture Partners Xii, Llc purchased 170,000 shares of City Therapeutics stock in a transaction that occurred on Monday, October 19th. The stock was purchased at an average price of $18.00 per share, with a total value of $3,060,000.00. Following the completion of the purchase, the insider directly owned 13,692,507 shares in the company, valued at $246,465,126. This trade represents a 1.26% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing.

About City Therapeutics