Connect Biopharma Holdings Limited Sponsored ADR (NASDAQ:CNTB) Short Interest Up 454.3% in October

Connect Biopharma Holdings Limited Sponsored ADR (NASDAQ:CNTB) was the target of a significant increase in short interest during the month of October. As of October 15th, there was short interest totaling 64,300 shares, an increase of 454.3% from the September 30th total of 11,600 shares. Currently, 0.1% of the company’s stock are short sold. Based on an average daily trading volume, of 124,200 shares, the short-interest ratio is currently 0.5 days. Based on an average daily trading volume, of 124,200 shares, the short-interest ratio is currently 0.5 days. Currently, 0.1% of the company’s stock are short sold.

Institutional Trading of Connect Biopharma

A number of institutional investors and hedge funds have recently added to or reduced their stakes in CNTB. Koa Wealth Management LLC acquired a new stake in Connect Biopharma during the 2nd quarter valued at approximately $49,000. AlphaCore Capital LLC bought a new position in shares of Connect Biopharma during the 2nd quarter worth approximately $78,000. Finally, XTX Topco Ltd bought a new position in shares of Connect Biopharma during the 2nd quarter worth approximately $29,000. Institutional investors and hedge funds own 58.72% of the company’s stock.

Analysts Set New Price Targets

CNTB has been the subject of a number of research reports. Wall Street Zen upgraded shares of Connect Biopharma to a “hold” rating in a research note on Friday, August 22nd. HC Wainwright reaffirmed a “buy” rating and set a $7.00 price objective on shares of Connect Biopharma in a research report on Wednesday, August 13th. Northland Capmk raised Connect Biopharma to a “strong-buy” rating in a research note on Tuesday, July 22nd. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Connect Biopharma in a research note on Wednesday, October 8th. One equities research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $7.00.

Connect Biopharma Stock Performance

Connect Biopharma stock opened at $1.57 on Thursday. The business has a 50 day moving average of $1.71 and a 200-day moving average of $1.39. Connect Biopharma has a 1 year low of $0.51 and a 1 year high of $2.86. The company has a debt-to-equity ratio of 0.01, a current ratio of 7.24 and a quick ratio of 7.24. The company has a market capitalization of $87.70 million, a P/E ratio of -3.75 and a beta of -0.15.

Connect Biopharma Company Profile

Connect Biopharma Holdings Limited, a clinical-stage biopharmaceutical company, engages in the development of therapies for the treatment of T cell-driven inflammatory diseases. The company is building a pipeline of small molecules and antibodies using functional T cell assays to screen and discover potent product candidates against validated immune targets.