Connect Biopharma Holdings Limited Sponsored ADR (NASDAQ:CNTB) Sees Significant Decline in Short Interest

Key Points

• Short interest in Connect Biopharma decreased by 43.9%, with a total of 33,600 shares reported as of July 31st.
• Connect Biopharma stock fell by 6.3% to $1.92, amidst a trading volume of 193,124 shares.
• Institutional investors now hold 58.72% of Connect Biopharma's stock, with several firms acquiring new stakes recently.

Connect Biopharma Holdings Limited Sponsored ADR (NASDAQ:CNTB - Get Free Report) was the target of a significant drop in short interest in the month of July. As of July 31st, there was short interest totaling 33,600 shares, adropof43.9% from the July 15th total of 59,900 shares. Approximately0.1% of the shares of the stock are sold short. Based on an average trading volume of 149,400 shares, the days-to-cover ratio is currently 0.2 days. Based on an average trading volume of 149,400 shares, the days-to-cover ratio is currently 0.2 days. Approximately0.1% of the shares of the stock are sold short.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in CNTB. Koa Wealth Management LLC purchased a new position in shares of Connect Biopharma during the second quarter valued at about $49,000. AlphaCore Capital LLC purchased a new position in shares of Connect Biopharma during the second quarter valued at about $78,000. Finally, XTX Topco Ltd purchased a new position in Connect Biopharma in the second quarter worth about $29,000. Hedge funds and other institutional investors own 58.72% of the company's stock.

Analyst Ratings Changes

CNTB has been the topic of a number of recent analyst reports. HC Wainwright reissued a "buy" rating and set a $7.00 price target on shares of Connect Biopharma in a report on Wednesday, August 13th. Wall Street Zen raised Connect Biopharma to a "hold" rating in a report on Friday. Finally, Northland Capmk raised 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 company's stock. According to MarketBeat, the stock presently has an average rating of "Strong Buy" and a consensus target price of $7.00.

Connect Biopharma Stock Performance

Shares of Connect Biopharma stock traded up $0.10 during trading on Friday, reaching $1.83. 121,848 shares of the stock traded hands, compared to its average volume of 159,527. The business has a fifty day simple moving average of $1.62 and a two-hundred day simple moving average of $1.08. The company has a current ratio of 7.24, a quick ratio of 7.24 and a debt-to-equity ratio of 0.01. Connect Biopharma has a 52-week low of $0.51 and a 52-week high of $2.86.

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.