Centessa Pharmaceuticals (NASDAQ:CNTA) Sees Large Volume Increase - Still a Buy?

Key Points

• Centessa Pharmaceuticals saw a significant trading volume increase of 66%, with 1,673,871 shares traded, and its stock price rose to $22.75 from a previous close of $20.85.
• Multiple analysts have given the stock a positive outlook, with a consensus target price of $31.45 and an average rating of "Buy" from a total of thirteen analysts.
• Recent insider trading includes CEO Saurabh Saha selling 55,000 shares for approximately $875,600, reducing his ownership in the company by nearly 20%.

Centessa Pharmaceuticals PLC Sponsored ADR (NASDAQ:CNTA - Get Free Report) saw strong trading volume on Wednesday . 1,673,871 shares traded hands during mid-day trading, an increase of 66% from the previous session's volume of 1,007,373 shares.The stock last traded at $22.75 and had previously closed at $20.85.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on the stock. Truist Financial assumed coverage on shares of Centessa Pharmaceuticals in a research report on Monday, July 21st. They issued a "buy" rating and a $30.00 price target for the company. Lifesci Capital upgraded shares of Centessa Pharmaceuticals to a "strong-buy" rating in a research note on Wednesday, September 3rd. Oppenheimer initiated coverage on shares of Centessa Pharmaceuticals in a research note on Friday, August 29th. They set an "outperform" rating and a $40.00 target price for the company. Wells Fargo & Company initiated coverage on shares of Centessa Pharmaceuticals in a research note on Wednesday, September 3rd. They set an "overweight" rating and a $31.00 target price for the company. Finally, Needham & Company LLC initiated coverage on shares of Centessa Pharmaceuticals in a research note on Wednesday, May 28th. They set a "buy" rating and a $35.00 target price for the company. One equities research analyst has rated the stock with a Strong Buy rating and twelve have given a Buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Buy" and a consensus target price of $31.45.

Centessa Pharmaceuticals Stock Up 5.8%

The company has a debt-to-equity ratio of 0.32, a current ratio of 10.11 and a quick ratio of 10.12. The company has a market capitalization of $2.95 billion, a price-to-earnings ratio of -12.33 and a beta of 1.47. The firm's 50-day simple moving average is $16.24 and its two-hundred day simple moving average is $14.49.

Centessa Pharmaceuticals (NASDAQ:CNTA - Get Free Report) last posted its quarterly earnings results on Tuesday, August 12th. The company reported ($0.38) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.35) by ($0.03). Sell-side analysts predict that Centessa Pharmaceuticals PLC Sponsored ADR will post -1.6 EPS for the current fiscal year.

Insider Activity at Centessa Pharmaceuticals

In other news, CEO Saurabh Saha sold 55,000 shares of Centessa Pharmaceuticals stock in a transaction that occurred on Monday, July 21st. The shares were sold at an average price of $15.92, for a total transaction of $875,600.00. Following the completion of the sale, the chief executive officer directly owned 221,017 shares in the company, valued at approximately $3,518,590.64. This trade represents a 19.93% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Gregory M. Weinhoff sold 10,000 shares of the stock in a transaction that occurred on Friday, July 25th. The shares were sold at an average price of $15.56, for a total transaction of $155,600.00. Following the completion of the sale, the insider owned 122,279 shares in the company, valued at $1,902,661.24. This represents a 7.56% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 171,322 shares of company stock valued at $2,472,814 in the last 90 days. Insiders own 7.09% of the company's stock.

Institutional Trading of Centessa Pharmaceuticals

A number of hedge funds have recently bought and sold shares of the company. China Universal Asset Management Co. Ltd. boosted its position in Centessa Pharmaceuticals by 4.8% during the second quarter. China Universal Asset Management Co. Ltd. now owns 19,181 shares of the company's stock worth $252,000 after acquiring an additional 870 shares during the last quarter. Exome Asset Management LLC boosted its position in Centessa Pharmaceuticals by 17.0% during the second quarter. Exome Asset Management LLC now owns 166,944 shares of the company's stock worth $2,194,000 after acquiring an additional 24,200 shares during the last quarter. Octagon Capital Advisors LP boosted its position in Centessa Pharmaceuticals by 24.8% during the second quarter. Octagon Capital Advisors LP now owns 1,030,000 shares of the company's stock worth $13,534,000 after acquiring an additional 205,000 shares during the last quarter. BNP Paribas Financial Markets boosted its position in Centessa Pharmaceuticals by 3,028.1% during the second quarter. BNP Paribas Financial Markets now owns 34,972 shares of the company's stock worth $460,000 after acquiring an additional 33,854 shares during the last quarter. Finally, Balyasny Asset Management L.P. acquired a new stake in Centessa Pharmaceuticals during the second quarter worth approximately $16,052,000. Institutional investors and hedge funds own 82.01% of the company's stock.

About Centessa Pharmaceuticals

Centessa Pharmaceuticals plc, a clinical-stage pharmaceutical company, discovers, develops, and delivers medicines for patients. Its products pipeline includes SerpinPC, an activated protein C inhibitor for the treatment of hemophilia A and B; and ORX750, an orally administered OX2R agonist for the treatment of narcolepsy and other sleep disorders.

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