Short Interest in Connect Biopharma Holdings Limited Sponsored ADR (NASDAQ:CNTB) Rises By 110.9%

Key Points

• Short Interest Soars: Connect Biopharma experienced a significant increase in short interest in July, rising by 110.9% to a total of 59,900 shares from the previous month's total of 28,400 shares.
• Buy Ratings from Analysts: HC Wainwright and Northland Capital Markets recently initiated coverage with a "buy" and "strong-buy" rating respectively, with target prices including $7.00.
• Strong Trading Performance: Connect Biopharma's stock rose 7.8% to $2.20, and analysts expect the company to post an EPS of -0.22 for the current fiscal year.

Connect Biopharma Holdings Limited Sponsored ADR (NASDAQ:CNTB - Get Free Report) was the recipient of a large increase in short interest in the month of July. As of July 15th, there was short interest totaling 59,900 shares, anincreaseof110.9% from the June 30th total of 28,400 shares. Based on an average daily volume of 135,600 shares, the short-interest ratio is presently 0.4 days. Based on an average daily volume of 135,600 shares, the short-interest ratio is presently 0.4 days.

Hedge Funds Weigh In On Connect Biopharma

A hedge fund recently bought a new stake in Connect Biopharma stock. Koa Wealth Management LLC purchased a new position in shares of Connect Biopharma Holdings Limited Sponsored ADR (NASDAQ:CNTB - Free Report) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 49,600 shares of the company's stock, valued at approximately $49,000. Koa Wealth Management LLC owned approximately 0.09% of Connect Biopharma as of its most recent filing with the Securities and Exchange Commission (SEC). 58.72% of the stock is currently owned by institutional investors and hedge funds.

Connect Biopharma Price Performance

Connect Biopharma stock traded down $0.03 during mid-day trading on Friday, hitting $2.04. 54,504 shares of the company traded hands, compared to its average volume of 111,552. The company has a current ratio of 10.25, a quick ratio of 10.25 and a debt-to-equity ratio of 0.01. Connect Biopharma has a one year low of $0.51 and a one year high of $2.86. The stock has a fifty day moving average price of $1.36 and a 200-day moving average price of $1.00.

Connect Biopharma (NASDAQ:CNTB - Get Free Report) last announced its earnings results on Thursday, May 15th. The company reported ($0.19) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.26) by $0.07. Analysts forecast that Connect Biopharma will post -0.22 EPS for the current year.

Analyst Ratings Changes

Several research firms have recently weighed in on CNTB. HC Wainwright assumed coverage on shares of Connect Biopharma in a report on Thursday, June 12th. They issued a "buy" rating and a $7.00 price target on the stock. Northland Capmk upgraded Connect Biopharma to a "strong-buy" rating in a research note on Tuesday, July 22nd.

About Connect Biopharma

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.