Silo Pharma (NASDAQ:SILO) Stock Price Up 24% – Here’s What Happened

Silo Pharma, Inc. (NASDAQ:SILO) rose 24% during trading on Tuesday . The company traded as high as $0.3487 and last traded at $0.3487. Approximately 28,489,686 shares traded hands during mid-day trading, an increase of 2,775% from the average daily volume of 990,790 shares. The stock had previously closed at $0.2812.

Wall Street Analyst Weigh In

Separately, Weiss Ratings reissued a “sell (e+)” rating on shares of Silo Pharma in a research report on Monday, December 29th. One research analyst has rated the stock with a Sell rating, According to data from MarketBeat.com, the company has an average rating of “Sell”.

Silo Pharma Stock Performance

The stock has a market cap of $4.64 million, a PE ratio of -0.37 and a beta of 0.44. The firm’s 50-day moving average is $0.35 and its 200 day moving average is $0.50.

Hedge Funds Weigh In On Silo Pharma

A number of hedge funds and other institutional investors have recently made changes to their positions in SILO. Anson Funds Management LP acquired a new position in Silo Pharma in the 3rd quarter valued at about $657,000. DRW Securities LLC purchased a new position in shares of Silo Pharma in the 4th quarter valued at approximately $113,000. AdvisorShares Investments LLC increased its holdings in shares of Silo Pharma by 64.3% in the fourth quarter. AdvisorShares Investments LLC now owns 599,507 shares of the company’s stock valued at $204,000 after purchasing an additional 234,629 shares during the period. Virtu Financial LLC purchased a new stake in shares of Silo Pharma during the third quarter worth approximately $74,000. Finally, Geode Capital Management LLC lifted its holdings in shares of Silo Pharma by 134.6% during the fourth quarter. Geode Capital Management LLC now owns 92,905 shares of the company’s stock worth $32,000 after purchasing an additional 53,309 shares during the period. Hedge funds and other institutional investors own 5.58% of the company’s stock.

About Silo Pharma

Silo Pharma, Inc (NASDAQ:SILO) is a clinical-stage biotechnology company focused on the discovery, development and commercialization of novel psychedelic and related synthetic therapies. Headquartered in New York City, the company applies proprietary chemistry and targeted drug delivery approaches to advance candidates that address critical unmet needs across oncology, neurology and mental health.

The company’s preclinical and early-stage clinical pipeline comprises several programs that explore serotonin receptor modulators, synthetic analogs of classic psychoactive compounds and neuroprotective agents.