Connor Clark & Lunn Investment Management Ltd. Sells 74,068 Shares of Entrada Therapeutics, Inc. $TRDA

Key Points

• Connor Clark & Lunn Investment Management Ltd. reduced its stake in Entrada Therapeutics, Inc. (NASDAQ:TRDA) by 86.5%, selling 74,068 shares and now holding 11,553 shares valued at $104,000.
• Institutional ownership in Entrada Therapeutics stands at 86.39%, with several firms increasing their stakes, including Allspring Global Investments which grew its position by 53.0%.
• Analysts provide mixed ratings on Entrada Therapeutics, with one cutting the stock from "hold" to "sell," while another maintains a "buy" rating with a price target of $20.00.

Connor Clark & Lunn Investment Management Ltd. lessened its stake in shares of Entrada Therapeutics, Inc. (NASDAQ:TRDA - Free Report) by 86.5% during the first quarter, according to the company in its most recent disclosure with the SEC. The fund owned 11,553 shares of the company's stock after selling 74,068 shares during the quarter. Connor Clark & Lunn Investment Management Ltd.'s holdings in Entrada Therapeutics were worth $104,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Allspring Global Investments Holdings LLC grew its stake in shares of Entrada Therapeutics by 53.0% during the first quarter. Allspring Global Investments Holdings LLC now owns 17,020 shares of the company's stock worth $149,000 after buying an additional 5,896 shares during the last quarter. BNP Paribas Financial Markets bought a new stake in shares of Entrada Therapeutics during the fourth quarter worth $57,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in shares of Entrada Therapeutics by 152.5% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 35,750 shares of the company's stock worth $618,000 after buying an additional 21,594 shares during the last quarter. Deutsche Bank AG grew its stake in shares of Entrada Therapeutics by 55.5% during the fourth quarter. Deutsche Bank AG now owns 21,740 shares of the company's stock worth $376,000 after buying an additional 7,757 shares during the last quarter. Finally, Ameriprise Financial Inc. grew its stake in shares of Entrada Therapeutics by 6.6% in the fourth quarter. Ameriprise Financial Inc. now owns 40,624 shares of the company's stock worth $702,000 after purchasing an additional 2,517 shares during the last quarter. Institutional investors own 86.39% of the company's stock.

Insider Buying and Selling at Entrada Therapeutics

In related news, major shareholder Ventures V. L.P. 5Am sold 55,735 shares of the business's stock in a transaction on Friday, June 27th. The shares were sold at an average price of $6.91, for a total value of $385,128.85. Following the transaction, the insider owned 3,220,287 shares in the company, valued at $22,252,183.17. The trade was a 1.70% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Kush Parmar sold 75,000 shares of the business's stock in a transaction on Friday, June 27th. The shares were sold at an average price of $6.91, for a total transaction of $518,250.00. Following the completion of the transaction, the director owned 1,113,092 shares in the company, valued at approximately $7,691,465.72. The trade was a 6.31% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 254,000 shares of company stock worth $1,782,000. 8.11% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several analysts recently weighed in on TRDA shares. Wall Street Zen cut shares of Entrada Therapeutics from a "hold" rating to a "sell" rating in a research note on Saturday, August 9th. HC Wainwright reissued a "buy" rating and issued a $20.00 price objective on shares of Entrada Therapeutics in a research note on Tuesday, May 20th. Finally, Zacks Research raised shares of Entrada Therapeutics to a "hold" rating in a research note on Friday, August 8th. One analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and one has given a Hold rating to the stock. According to MarketBeat.com, Entrada Therapeutics currently has a consensus rating of "Buy" and an average target price of $25.67.

Entrada Therapeutics Stock Down 5.5%

TRDA stock opened at $5.31 on Thursday. The firm has a market cap of $201.99 million, a price-to-earnings ratio of -2.98 and a beta of -0.12. Entrada Therapeutics, Inc. has a 12-month low of $4.93 and a 12-month high of $21.79. The company's fifty day simple moving average is $6.45 and its 200 day simple moving average is $8.59.

Entrada Therapeutics (NASDAQ:TRDA - Get Free Report) last released its earnings results on Wednesday, August 6th. The company reported ($1.04) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.86) by ($0.18). The firm had revenue of $1.98 million during the quarter, compared to analyst estimates of $8.17 million. Entrada Therapeutics had a negative net margin of 92.30% and a negative return on equity of 17.81%. Research analysts expect that Entrada Therapeutics, Inc. will post 1.12 earnings per share for the current year.

Entrada Therapeutics Company Profile

Entrada Therapeutics, Inc, a clinical-stage biotechnology company, develops endosomal escape vehicle (EEV) therapeutics for the treatment of multiple neuromuscular diseases. Its EEV platform develops a portfolio of oligonucleotide, antibody, and enzyme-based programs. Its therapeutic candidates, which include ENTR-601-44, which is in Phase I clinical trial for the treatment of Duchenne muscular dystrophy; and ENTR-701, which is in Phase 1/2 clinical trial for the treatment of myotonic dystrophy type 1.

Want to see what other hedge funds are holding TRDA? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Entrada Therapeutics, Inc. (NASDAQ:TRDA - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.