Connect Biopharma Holdings Limited Sponsored ADR (NASDAQ:CNTB) Sees Large Drop in Short Interest

Key Points

• Connect Biopharma Holdings Limited (CNTB) experienced a significant decline in short interest of 71.2% in August, dropping from 102,400 shares to 29,500 shares.
• The stock is currently traded at $1.63, down 7.4%, with a 52-week range between $0.51 and $2.86.
• Despite recent stock declines, analysts maintain a consensus rating of "Strong Buy" and have set a price target of $7.00 for Connect Biopharma.

Connect Biopharma Holdings Limited Sponsored ADR (NASDAQ:CNTB - Get Free Report) was the recipient of a significant decrease in short interest during the month of August. As of August 31st, there was short interest totaling 29,500 shares, a decrease of 71.2% from the August 15th total of 102,400 shares. Based on an average daily trading volume, of 181,200 shares, the short-interest ratio is currently 0.2 days. Approximately 0.1% of the company's stock are short sold. Approximately 0.1% of the company's stock are short sold. Based on an average daily trading volume, of 181,200 shares, the short-interest ratio is currently 0.2 days.

Connect Biopharma Stock Up 0.9%

Shares of NASDAQ:CNTB traded up $0.02 during midday trading on Wednesday, reaching $1.63. The company's stock had a trading volume of 61,796 shares, compared to its average volume of 117,632. Connect Biopharma has a fifty-two week low of $0.51 and a fifty-two week high of $2.86. The company has a debt-to-equity ratio of 0.01, a quick ratio of 7.24 and a current ratio of 7.24. The business's fifty day simple moving average is $1.88 and its 200-day simple moving average is $1.18.

Analyst Ratings Changes

A number of equities research analysts have issued reports on the company. HC Wainwright reaffirmed a "buy" rating and set a $7.00 target price on shares of Connect Biopharma in a research report on Wednesday, August 13th. Wall Street Zen raised Connect Biopharma to a "hold" rating in a research report on Friday, August 22nd. Finally, Northland Capmk raised Connect Biopharma to a "strong-buy" rating in a research report on Tuesday, July 22nd. One research analyst has rated the stock with a Strong Buy rating and one has given a Buy rating to the company's stock. According to data from MarketBeat, Connect Biopharma presently has an average rating of "Strong Buy" and an average target price of $7.00.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. XTX Topco Ltd acquired a new stake in Connect Biopharma in the second quarter worth about $29,000. AlphaCore Capital LLC acquired a new stake in Connect Biopharma in the second quarter worth about $78,000. Finally, Koa Wealth Management LLC acquired a new stake in Connect Biopharma in the second quarter worth about $49,000. 58.72% of the stock is currently owned by institutional investors.

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.