Centessa Pharmaceuticals (NASDAQ:CNTA) Trading Down 9.1% - Here's Why

Key Points

• Centessa Pharmaceuticals' share price fell by 9.1%, trading at $15.70 after hitting a low of $16.10 during mid-day trading, with a significant decline in trading volume.
• Wall Street analysts have mixed opinions on CNTA, with ratings varying from "sell" to "overweight", and a consensus price target of $31.45 indicating potential upside.
• Insider trading activity revealed significant sales, with CEO Saurabh Saha selling 55,000 shares, contributing to a nearly 20% decrease in his ownership stake in the company.

Centessa Pharmaceuticals PLC Sponsored ADR (NASDAQ:CNTA - Get Free Report)'s share price was down 9.1% during mid-day trading on Wednesday . The stock traded as low as $16.10 and last traded at $15.70. Approximately 354,169 shares changed hands during trading, a decline of 63% from the average daily volume of 955,032 shares. The stock had previously closed at $17.27.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on CNTA. Wall Street Zen downgraded shares of Centessa Pharmaceuticals from a "hold" rating to a "sell" rating in a research note on Saturday, August 16th. Wells Fargo & Company assumed coverage on Centessa Pharmaceuticals in a research note on Wednesday. They set an "overweight" rating and a $31.00 target price for the company. Oppenheimer began coverage on shares of Centessa Pharmaceuticals in a research report on Friday, August 29th. They set an "outperform" rating and a $40.00 target price on the stock. Needham & Company LLC initiated coverage on shares of Centessa Pharmaceuticals in a research note on Wednesday, May 28th. They issued a "buy" rating and a $35.00 price target for the company. Finally, Chardan Capital restated a "buy" rating and set a $30.00 price target on shares of Centessa Pharmaceuticals in a research note on Tuesday, August 12th. Twelve analysts have rated the stock with a Buy rating, According to data from MarketBeat, the company presently has a consensus rating of "Buy" and a consensus price target of $31.45.

Centessa Pharmaceuticals Price Performance

The business's 50-day simple moving average is $15.83 and its two-hundred day simple moving average is $14.46. The company has a quick ratio of 10.12, a current ratio of 10.11 and a debt-to-equity ratio of 0.32. The stock has a market cap of $2.07 billion, a P/E ratio of -8.52 and a beta of 1.47.

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

Insiders Place Their Bets

In related news, CEO Saurabh Saha sold 55,000 shares of Centessa Pharmaceuticals stock in a transaction on Monday, July 21st. The stock was 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 owned 221,017 shares of the company's stock, valued at approximately $3,518,590.64. This trade represents a 19.93% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Mario Alberto Accardi sold 8,322 shares of the company's stock in a transaction dated Tuesday, July 29th. The stock was sold at an average price of $15.23, for a total value of $126,744.06. Following the completion of the transaction, the insider owned 208,163 shares in the company, valued at $3,170,322.49. This represents a 3.84% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 171,322 shares of company stock worth $2,472,814. 7.09% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Centessa Pharmaceuticals

A number of large investors have recently added to or reduced their stakes in CNTA. Janus Henderson Group PLC raised its holdings in shares of Centessa Pharmaceuticals by 279.2% during the 4th quarter. Janus Henderson Group PLC now owns 4,909,487 shares of the company's stock valued at $82,218,000 after buying an additional 3,614,623 shares in the last quarter. Adage Capital Partners GP L.L.C. lifted its holdings in shares of 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 worth $99,999,000 after acquiring an additional 1,834,973 shares during the last quarter. Balyasny Asset Management L.P. purchased a new stake in shares of Centessa Pharmaceuticals in the 2nd quarter valued at $16,052,000. Commodore Capital LP grew its holdings in shares of Centessa Pharmaceuticals by 39.3% during the 2nd quarter. Commodore Capital LP now owns 3,298,289 shares of the company's stock valued at $43,340,000 after purchasing an additional 930,711 shares during the last quarter. Finally, Point72 Asset Management L.P. raised its position in Centessa Pharmaceuticals by 26.2% in 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 period. Hedge funds and other institutional investors 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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