Connect Biopharma Holdings Limited (NASDAQ:CNTB) Sees Significant Increase in Short Interest

Connect Biopharma Holdings Limited (NASDAQ:CNTB - Get Free Report) saw a significant increase in short interest in March. As of March 31st, there was short interest totalling 115,500 shares, an increase of 7.5% from the March 15th total of 107,400 shares. Based on an average daily volume of 158,600 shares, the days-to-cover ratio is presently 0.7 days. Approximately 0.2% of the company's shares are short sold.

Institutional Trading of Connect Biopharma

Several hedge funds and other institutional investors have recently bought and sold shares of CNTB. BlackRock Inc. boosted its position in Connect Biopharma by 4.3% during the 1st quarter. BlackRock Inc. now owns 2,236,392 shares of the company's stock valued at $6,755,000 after acquiring an additional 92,632 shares in the last quarter. Invesco Ltd. raised its stake in Connect Biopharma by 135.9% in the 1st quarter. Invesco Ltd. now owns 60,449 shares of the company's stock worth $183,000 after acquiring an additional 34,820 shares during the last quarter. Vident Investment Advisory LLC purchased a new position in Connect Biopharma in the 1st quarter worth $55,000. Woodline Partners LP purchased a new position in Connect Biopharma in the 1st quarter worth $132,000. Finally, UBS Group AG raised its stake in Connect Biopharma by 5,552.1% in the 2nd quarter. UBS Group AG now owns 105,185 shares of the company's stock worth $91,000 after acquiring an additional 103,324 shares during the last quarter. Institutional investors own 58.72% of the company's stock.

Connect Biopharma Stock Down 10.4 %

NASDAQ:CNTB traded down $0.18 during midday trading on Wednesday, hitting $1.55. The stock had a trading volume of 78,679 shares, compared to its average volume of 151,878. Connect Biopharma has a one year low of $0.53 and a one year high of $2.84. The stock has a 50-day moving average of $1.43 and a 200 day moving average of $1.27.

Wall Street Analysts Forecast Growth

Separately, HC Wainwright increased their price objective on Connect Biopharma from $7.00 to $8.00 and gave the stock a "buy" rating in a research note on Wednesday.

Connect Biopharma Company Profile

Connect Biopharma Holdings Limited, a clinical-stage biopharmaceutical company, focuses on developing therapies to treat 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.