Centessa Pharmaceuticals (NASDAQ:CNTA) Trading 9.2% Higher - Here's What Happened

Key Points

• Centessa Pharmaceuticals' stock price increased by 9.2% to $16.60, despite a 59% decline in trading volume compared to its average daily volume.
• Analysts are optimistic, with a consensus target price of $28.10 and eleven out of twelve analysts issuing a buy rating for the stock.
• Insider transactions reflect caution, with CEO Saurabh Saha selling 55,000 shares at $12.71 each, reducing his ownership by almost 20%.

Shares of Centessa Pharmaceuticals PLC Sponsored ADR (NASDAQ:CNTA - Get Free Report) rose 9.2% during trading on Wednesday . The stock traded as high as $15.74 and last traded at $16.60. Approximately 376,865 shares were traded during trading, a decline of 59% from the average daily volume of 924,259 shares. The stock had previously closed at $15.21.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on CNTA. Oppenheimer began coverage on shares of Centessa Pharmaceuticals in a research report on Thursday, May 8th. They issued an "outperform" rating and a $6.00 target price on the stock. Truist Financial began coverage on shares of Centessa Pharmaceuticals in a research note on Monday, July 21st. They issued a "buy" rating and a $30.00 price target on the stock. Wall Street Zen raised shares of Centessa Pharmaceuticals from a "sell" rating to a "hold" rating in a research note on Thursday, May 22nd. Needham & Company LLC began 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 on the stock. Finally, Chardan Capital reissued a "buy" rating and issued a $30.00 price target on shares of Centessa Pharmaceuticals in a research note on Wednesday. One analyst has rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to MarketBeat, Centessa Pharmaceuticals presently has an average rating of "Moderate Buy" and a consensus price target of $28.10.

Centessa Pharmaceuticals Stock Down 0.8%

The company has a quick ratio of 14.37, a current ratio of 14.37 and a debt-to-equity ratio of 0.28. The stock has a market cap of $2.28 billion, a price-to-earnings ratio of -9.38 and a beta of 1.45. The business's fifty day moving average is $13.82 and its two-hundred day moving average is $14.41.

Centessa Pharmaceuticals (NASDAQ:CNTA - Get Free Report) last posted its quarterly earnings results on Monday, May 12th. The company reported ($0.20) EPS for the quarter, topping the consensus estimate of ($0.35) by $0.15. Equities analysts forecast that Centessa Pharmaceuticals PLC Sponsored ADR will post -1.6 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, Director Arjun Goyal bought 417,646 shares of the stock in a transaction dated Friday, May 16th. The stock was acquired at an average price of $12.73 per share, for a total transaction of $5,316,633.58. Following the acquisition, the director owned 462,585 shares in the company, valued at approximately $5,888,707.05. This represents a 929.36% increase in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Mario Alberto Accardi sold 15,000 shares of the company's stock in a transaction on Tuesday, June 24th. The shares were sold at an average price of $14.00, for a total transaction of $210,000.00. Following the completion of the sale, the insider owned 216,485 shares of the company's stock, valued at approximately $3,030,790. This trade represents a 6.48% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 230,322 shares of company stock worth $3,196,684. 7.09% of the stock is currently owned by company insiders.

Institutional Trading of Centessa Pharmaceuticals

Several institutional investors and hedge funds have recently bought and sold shares of CNTA. Janus Henderson Group PLC raised its position in Centessa Pharmaceuticals by 279.2% during the 4th quarter. Janus Henderson Group PLC now owns 4,909,487 shares of the company's stock worth $82,218,000 after buying an additional 3,614,623 shares during the last quarter. Adage Capital Partners GP L.L.C. grew its stake in Centessa Pharmaceuticals by 35.8% in the 1st quarter. Adage Capital Partners GP L.L.C. now owns 6,954,000 shares of the company's stock valued at $99,999,000 after acquiring an additional 1,834,973 shares during the last quarter. Foresite Capital Management VI LLC acquired a new stake in shares of Centessa Pharmaceuticals during the 4th quarter worth about $20,994,000. Point72 Asset Management L.P. boosted its stake in shares of Centessa Pharmaceuticals by 26.2% during the 4th quarter. Point72 Asset Management L.P. now owns 3,426,599 shares of the company's stock worth $57,396,000 after purchasing an additional 710,936 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD boosted its stake in shares of Centessa Pharmaceuticals by 14.6% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 5,364,392 shares of the company's stock worth $89,854,000 after purchasing an additional 685,371 shares during the last quarter. Hedge funds and other institutional investors own 82.01% of the company's stock.

Centessa Pharmaceuticals Company Profile

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.