Connect Biopharma Holdings Limited Sponsored ADR (NASDAQ:CNTB) Short Interest Up 204.8% in August

Key Points

• Connect Biopharma Holdings Limited (NASDAQ:CNTB) experienced a 204.8% increase in short interest in August, reaching 102,400 shares compared to 33,600 shares at the end of July.
• The company has recently attracted institutional investments, with hedge funds now owning 58.72% of the stock, indicating strong interest from larger financial entities.
• Analysts have issued positive ratings for the stock, with one firm setting a price target of $7.00 and categorizing it as a "Strong Buy," reflecting overall optimism about the company's prospects.

Connect Biopharma Holdings Limited Sponsored ADR (NASDAQ:CNTB - Get Free Report) saw a large increase in short interest during the month of August. As of August 15th, there was short interest totaling 102,400 shares, anincreaseof204.8% from the July 31st total of 33,600 shares. Based on an average daily volume of 159,700 shares, the short-interest ratio is presently 0.6 days. Based on an average daily volume of 159,700 shares, the short-interest ratio is presently 0.6 days.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the stock. Koa Wealth Management LLC bought a new position in shares of Connect Biopharma during the 2nd quarter valued at about $49,000. AlphaCore Capital LLC bought a new stake in shares of Connect Biopharma in the 2nd quarter worth $78,000. Finally, XTX Topco Ltd bought a new stake in shares of Connect Biopharma in the 2nd quarter worth $29,000. Hedge funds and other institutional investors own 58.72% of the company's stock.

Connect Biopharma Stock Performance

Shares of NASDAQ CNTB traded up $0.06 during midday trading on Monday, reaching $1.81. 93,791 shares of the company traded hands, compared to its average volume of 117,964. The company has a quick ratio of 7.24, a current ratio of 7.24 and a debt-to-equity ratio of 0.01. The stock's 50-day simple moving average is $1.80 and its 200-day simple moving average is $1.15. Connect Biopharma has a 12 month low of $0.51 and a 12 month high of $2.86.

Wall Street Analyst Weigh In

Several research analysts have recently commented on CNTB shares. Northland Capmk upgraded Connect Biopharma to a "strong-buy" rating in a report on Tuesday, July 22nd. Wall Street Zen upgraded shares of Connect Biopharma to a "hold" rating in a research note on Friday, August 22nd. Finally, HC Wainwright restated a "buy" rating and issued a $7.00 price objective on shares of Connect Biopharma in a report on Wednesday, August 13th. One research analyst has rated the stock with a Strong Buy rating and one has issued a Buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Strong Buy" and a consensus price target of $7.00.

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.