Silverback Therapeutics, Inc. (NASDAQ:SBTX) Short Interest Up 35.1% in April

Silverback Therapeutics, Inc. (NASDAQ:SBTXGet Rating) saw a large increase in short interest in April. As of April 15th, there was short interest totalling 895,100 shares, an increase of 35.1% from the March 31st total of 662,700 shares. Currently, 4.3% of the company’s stock are sold short. Based on an average daily volume of 383,900 shares, the short-interest ratio is presently 2.3 days.

A number of equities analysts recently issued reports on SBTX shares. Stifel Nicolaus cut Silverback Therapeutics from a “buy” rating to a “hold” rating and cut their target price for the stock from $32.00 to $6.00 in a report on Friday, April 1st. Jonestrading lowered Silverback Therapeutics from a “buy” rating to a “hold” rating in a research report on Friday, April 1st. The Goldman Sachs Group lowered Silverback Therapeutics from a “buy” rating to a “neutral” rating in a research report on Friday, April 1st. HC Wainwright lowered Silverback Therapeutics from a “buy” rating to a “neutral” rating in a research report on Friday, April 1st. Finally, SVB Leerink lowered Silverback Therapeutics from an “outperform” rating to a “market perform” rating in a research report on Friday, April 1st. Five investment analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. According to MarketBeat.com, Silverback Therapeutics currently has an average rating of “Hold” and an average target price of $27.35.

Shares of Silverback Therapeutics stock opened at $3.11 on Monday. Silverback Therapeutics has a 1 year low of $3.06 and a 1 year high of $35.63. The company’s fifty day simple moving average is $3.63.

Several hedge funds have recently bought and sold shares of the company. Nextech Invest AG bought a new position in shares of Silverback Therapeutics during the 4th quarter worth $12,721,000. Wasatch Advisors Inc. boosted its stake in Silverback Therapeutics by 23.9% in the 4th quarter. Wasatch Advisors Inc. now owns 1,773,690 shares of the company’s stock worth $11,813,000 after purchasing an additional 341,762 shares during the period. BlackRock Inc. boosted its stake in Silverback Therapeutics by 28.6% in the 4th quarter. BlackRock Inc. now owns 1,579,287 shares of the company’s stock worth $10,518,000 after purchasing an additional 351,626 shares during the period. Millennium Management LLC boosted its stake in Silverback Therapeutics by 10,461.4% in the 3rd quarter. Millennium Management LLC now owns 953,691 shares of the company’s stock worth $9,518,000 after purchasing an additional 944,661 shares during the period. Finally, Morgan Stanley boosted its stake in Silverback Therapeutics by 4,729.9% in the 3rd quarter. Morgan Stanley now owns 638,701 shares of the company’s stock worth $6,374,000 after purchasing an additional 625,477 shares during the period. Institutional investors own 85.98% of the company’s stock.

Silverback Therapeutics Company Profile (Get Rating)

Silverback Therapeutics, Inc, a clinical-stage biopharmaceutical company, develops tissue targeted therapeutics for the treatment of cancer, chronic viral infections, and other serious diseases. Its lead product candidate is SBT6050, which is in a Phase I/Ib clinical trial, a TLR8 agonist linker-payload conjugated to a HER2-directed monoclonal antibody that targets tumors, such as breast, gastric, and non-small cell lung cancers.

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