Short Interest in Connect Biopharma Holdings Limited Sponsored ADR (NASDAQ:CNTB) Declines By 71.2%

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 target of a significant decline in short interest during the month of August. As of August 31st, there was short interest totaling 29,500 shares, a decline of 71.2% from the August 15th total of 102,400 shares. Based on an average daily volume of 181,200 shares, the days-to-cover ratio is presently 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 volume of 181,200 shares, the days-to-cover ratio is presently 0.2 days.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on CNTB shares. Wall Street Zen upgraded shares of Connect Biopharma to a "hold" rating in a report on Friday, August 22nd. HC Wainwright restated a "buy" rating and set a $7.00 price target on shares of Connect Biopharma in a report on Wednesday, August 13th. Finally, Northland Capmk upgraded shares of Connect Biopharma to a "strong-buy" rating in a report on Tuesday, July 22nd. One equities research analyst has rated the stock with a Strong Buy rating and one has assigned a Buy rating to the stock. According to MarketBeat, Connect Biopharma has a consensus rating of "Strong Buy" and an average target price of $7.00.

Connect Biopharma Trading Down 4.3%

CNTB traded down $0.07 during midday trading on Friday, reaching $1.56. The company had a trading volume of 177,038 shares, compared to its average volume of 150,887. The company has a quick ratio of 7.24, a current ratio of 7.24 and a debt-to-equity ratio of 0.01. Connect Biopharma has a 12-month low of $0.51 and a 12-month high of $2.86. The business has a 50-day moving average price of $1.86 and a two-hundred day moving average price of $1.18.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CNTB. AlphaCore Capital LLC purchased a new position in Connect Biopharma in the second quarter valued at about $78,000. Koa Wealth Management LLC bought a new stake in shares of Connect Biopharma in the second quarter valued at approximately $49,000. Finally, XTX Topco Ltd bought a new stake in shares of Connect Biopharma in the second quarter valued at approximately $29,000. 58.72% of the stock is currently owned by hedge funds and other institutional investors.

Connect Biopharma Company Profile

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.