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

Connect Biopharma Holdings Limited Sponsored ADR (NASDAQ:CNTB) saw a significant decline in short interest in the month of September. As of September 15th, there was short interest totaling 13,700 shares, a decline of 53.6% from the August 31st total of 29,500 shares. Based on an average trading volume of 171,200 shares, the days-to-cover ratio is currently 0.1 days. Based on an average trading volume of 171,200 shares, the days-to-cover ratio is currently 0.1 days.

Analysts Set New Price Targets

Several brokerages have weighed in on CNTB. Wall Street Zen raised shares of Connect Biopharma to a “hold” rating in a report on Friday, August 22nd. Weiss Ratings reiterated a “sell (d-)” rating on shares of Connect Biopharma in a research note on Saturday, September 27th. Northland Capmk raised Connect Biopharma to a “strong-buy” rating in a report on Tuesday, July 22nd. Finally, HC Wainwright reissued a “buy” rating and set a $7.00 target price on shares of Connect Biopharma in a report on Wednesday, August 13th. One research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, Connect Biopharma has an average rating of “Moderate Buy” and an average target price of $7.00.

Connect Biopharma Trading Up 7.2%

Connect Biopharma stock opened at $1.49 on Friday. The business has a 50 day moving average of $1.82 and a 200-day moving average of $1.25. Connect Biopharma has a 1 year low of $0.51 and a 1 year high of $2.86. The company has a quick ratio of 7.24, a current ratio of 7.24 and a debt-to-equity ratio of 0.01.

Hedge Funds Weigh In On Connect Biopharma

A number of hedge funds have recently modified their holdings of the business. XTX Topco Ltd bought a new stake in shares of Connect Biopharma in the second quarter worth $29,000. Koa Wealth Management LLC bought a new stake in shares of Connect Biopharma in the 2nd quarter valued at about $49,000. Finally, AlphaCore Capital LLC acquired a new stake in shares of Connect Biopharma in the second quarter valued at about $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.