Silverback Therapeutics, Inc. (NASDAQ:SBTX) Short Interest Up 35.2% in April

Silverback Therapeutics, Inc. (NASDAQ:SBTX – Get Rating) saw a significant growth in short interest in the month of April. As of April 30th, there was short interest totalling 1,210,000 shares, a growth of 35.2% from the April 15th total of 895,100 shares. Currently, 5.9% of the company’s shares are short sold. Based on an average daily trading volume, of 387,900 shares, the days-to-cover ratio is currently 3.1 days.

Shares of Silverback Therapeutics stock opened at $2.96 on Monday. The company’s 50 day moving average is $3.42 and its 200 day moving average is $5.09. Silverback Therapeutics has a twelve month low of $2.80 and a twelve month high of $35.63.

A number of equities research analysts have weighed in on the stock. Jonestrading cut shares of Silverback Therapeutics from a “buy” rating to a “hold” rating in a report on Friday, April 1st. SVB Leerink cut shares of Silverback Therapeutics from an “outperform” rating to a “market perform” rating in a report on Friday, April 1st. Stifel Nicolaus cut their price objective on shares of Silverback Therapeutics from $6.00 to $5.00 in a report on Friday. The Goldman Sachs Group downgraded shares of Silverback Therapeutics from a “buy” rating to a “neutral” rating in a research note on Friday, April 1st. Finally, HC Wainwright downgraded shares of Silverback Therapeutics from a “buy” rating to a “neutral” rating in a research note on Friday, April 1st. Five analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $27.15.

A number of institutional investors have recently modified their holdings of the stock. Citigroup Inc. raised its position in Silverback Therapeutics by 155.9% in the third quarter. Citigroup Inc. now owns 2,531 shares of the company’s stock worth $25,000 after acquiring an additional 1,542 shares during the period. California State Teachers Retirement System raised its position in Silverback Therapeutics by 12.2% in the third quarter. California State Teachers Retirement System now owns 19,684 shares of the company’s stock worth $196,000 after acquiring an additional 2,134 shares during the period. Metropolitan Life Insurance Co NY raised its position in Silverback Therapeutics by 62.7% in the third quarter. Metropolitan Life Insurance Co NY now owns 6,383 shares of the company’s stock worth $64,000 after acquiring an additional 2,461 shares during the period. Point72 Hong Kong Ltd bought a new position in Silverback Therapeutics in the third quarter worth approximately $28,000. Finally, Deutsche Bank AG raised its position in Silverback Therapeutics by 52.4% in the third quarter. Deutsche Bank AG now owns 11,800 shares of the company’s stock worth $118,000 after acquiring an additional 4,058 shares during the period. Institutional investors own 85.98% of the company’s stock.

About Silverback Therapeutics (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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