Short Interest in Connect Biopharma Holdings Limited Sponsored ADR (NASDAQ:CNTB) Drops By 53.6%

Key Points

• Short interest in Connect Biopharma Holdings Limited (NASDAQ:CNTB) decreased significantly by 53.6% in September, with total short interest falling to 13,700 shares from 29,500 in August.
• Wall Street analysts have a positive outlook on CNTB, with an average rating of "Strong Buy" and a consensus price target of $7.00.
• Institutional investors currently hold 58.72% of Connect Biopharma's stock, indicating strong investor confidence in the company.

Connect Biopharma Holdings Limited Sponsored ADR (NASDAQ:CNTB - Get Free Report) was the recipient of a large drop in short interest in the month of September. As of September 15th, there was short interest totaling 13,700 shares, a drop of 53.6% from the August 31st total of 29,500 shares. Based on an average daily trading volume, of 171,200 shares, the short-interest ratio is presently 0.1 days. Based on an average daily trading volume, of 171,200 shares, the short-interest ratio is presently 0.1 days.

Wall Street Analysts Forecast Growth

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

Connect Biopharma Stock Performance

Connect Biopharma stock traded up $0.09 during midday trading on Friday, reaching $1.48. The company's stock had a trading volume of 13,276 shares, compared to its average volume of 115,144. Connect Biopharma has a 52 week low of $0.51 and a 52 week high of $2.86. The company has a debt-to-equity ratio of 0.01, a quick ratio of 7.24 and a current ratio of 7.24. The business has a 50-day moving average price of $1.84 and a 200-day moving average price of $1.24.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. XTX Topco Ltd bought a new stake in Connect Biopharma during the 2nd quarter worth approximately $29,000. Koa Wealth Management LLC bought a new stake in Connect Biopharma during the 2nd quarter worth approximately $49,000. Finally, AlphaCore Capital LLC bought a new stake in Connect Biopharma during the 2nd quarter worth approximately $78,000. Institutional investors and hedge funds own 58.72% of the company's stock.

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.

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