Centessa Pharmaceuticals (NASDAQ:CNTA) Shares Gap Up - Here's What Happened

Centessa Pharmaceuticals plc (NASDAQ:CNTA - Get Free Report) gapped up before the market opened on Wednesday . The stock had previously closed at $12.77, but opened at $13.23. Centessa Pharmaceuticals shares last traded at $13.17, with a volume of 29,125 shares.

Analysts Set New Price Targets

A number of analysts have issued reports on CNTA shares. Needham & Company LLC assumed coverage on Centessa Pharmaceuticals in a report on Wednesday. They issued a "buy" rating and a $35.00 target price on the stock. Guggenheim restated a "buy" rating and issued a $28.00 price objective on shares of Centessa Pharmaceuticals in a research note on Wednesday, March 26th. Wall Street Zen raised shares of Centessa Pharmaceuticals from a "sell" rating to a "hold" rating in a research report on Thursday, May 22nd. Chardan Capital assumed coverage on shares of Centessa Pharmaceuticals in a research note on Thursday, May 8th. They set a "buy" rating and a $30.00 target price for the company. Finally, Morgan Stanley reiterated an "overweight" rating and set a $27.00 target price on shares of Centessa Pharmaceuticals in a research note on Friday, March 7th. One equities research analyst has rated the stock with a hold rating and ten have assigned a buy rating to the company's stock. Based on data from MarketBeat, Centessa Pharmaceuticals currently has an average rating of "Moderate Buy" and an average target price of $27.89.

Centessa Pharmaceuticals Trading Up 0.5%

The company has a market cap of $1.75 billion, a price-to-earnings ratio of -8.59 and a beta of 1.53. The company has a debt-to-equity ratio of 0.15, a quick ratio of 21.52 and a current ratio of 21.52. The business's 50 day moving average price is $12.73 and its 200-day moving average price is $15.34.

Centessa Pharmaceuticals (NASDAQ:CNTA - Get Free Report) last announced its quarterly earnings data on Monday, May 12th. The company reported ($0.20) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.35) by $0.15. On average, research analysts forecast that Centessa Pharmaceuticals plc will post -1.6 EPS for the current year.

Insider Activity

In related news, CEO Saurabh Saha sold 55,000 shares of the stock in a transaction dated Thursday, March 20th. The shares were sold at an average price of $16.69, for a total transaction of $917,950.00. Following the completion of the sale, the chief executive officer now owns 276,017 shares in the company, valued at $4,606,723.73. This trade represents a 16.62% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, General Counsel Iqbal J. Hussain sold 6,000 shares of the stock in a transaction dated Monday, March 17th. The stock was sold at an average price of $16.45, for a total transaction of $98,700.00. Following the sale, the general counsel now owns 105,386 shares of the company's stock, valued at $1,733,599.70. This trade represents a 5.39% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 175,398 shares of company stock worth $2,551,442. 7.09% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Centessa Pharmaceuticals

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Ellsworth Advisors LLC acquired a new stake in Centessa Pharmaceuticals in the 1st quarter valued at about $703,000. Jane Street Group LLC acquired a new stake in Centessa Pharmaceuticals in the 1st quarter valued at about $2,176,000. Exome Asset Management LLC increased its position in Centessa Pharmaceuticals by 3.7% in the 1st quarter. Exome Asset Management LLC now owns 142,744 shares of the company's stock valued at $2,053,000 after acquiring an additional 5,028 shares in the last quarter. Millennium Management LLC increased its position in Centessa Pharmaceuticals by 52.9% in the 1st quarter. Millennium Management LLC now owns 609,188 shares of the company's stock valued at $8,760,000 after acquiring an additional 210,737 shares in the last quarter. Finally, Cutter Capital Management LP increased its position in Centessa Pharmaceuticals by 184.3% in the 1st quarter. Cutter Capital Management LP now owns 418,127 shares of the company's stock valued at $6,013,000 after acquiring an additional 271,051 shares in the last quarter. 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.