Short Interest in Connect Biopharma Holdings Limited (NASDAQ:CNTB) Drops By 42.5%

Connect Biopharma Holdings Limited (NASDAQ:CNTB – Get Rating) was the target of a large drop in short interest during the month of May. As of May 15th, there was short interest totalling 183,100 shares, a drop of 42.5% from the April 30th total of 318,400 shares. Based on an average daily volume of 244,800 shares, the days-to-cover ratio is currently 0.7 days.

Several research analysts have weighed in on CNTB shares. Zacks Investment Research cut Connect Biopharma from a “buy” rating to a “hold” rating in a research report on Wednesday, April 6th. Piper Sandler cut Connect Biopharma from an “overweight” rating to a “neutral” rating in a research report on Thursday, May 5th. Finally, SVB Leerink started coverage on Connect Biopharma in a research report on Friday, April 1st. They set a “buy” rating and a $22.00 price objective on the stock.

A number of institutional investors have recently added to or reduced their stakes in the business. Woodline Partners LP bought a new position in Connect Biopharma in the first quarter valued at about $132,000. Vident Investment Advisory LLC bought a new position in Connect Biopharma in the first quarter valued at about $55,000. Invesco Ltd. grew its position in Connect Biopharma by 135.9% in the first quarter. Invesco Ltd. now owns 60,449 shares of the company’s stock valued at $183,000 after acquiring an additional 34,820 shares during the last quarter. Kynam Capital Management LP acquired a new stake in shares of Connect Biopharma during the first quarter valued at about $688,000. Finally, BlackRock Inc. boosted its stake in shares of Connect Biopharma by 4.3% during the first quarter. BlackRock Inc. now owns 2,236,392 shares of the company’s stock valued at $6,755,000 after purchasing an additional 92,632 shares in the last quarter. Hedge funds and other institutional investors own 34.21% of the company’s stock.

Connect Biopharma stock opened at $0.85 on Friday. Connect Biopharma has a 12-month low of $0.56 and a 12-month high of $29.27. The business’s 50-day moving average price is $2.11 and its two-hundred day moving average price is $4.08.

About Connect Biopharma (Get Rating)

Connect Biopharma Holdings Limited, a clinical-stage biopharmaceutical company, focuses on the discovery and development of immune modulators for the treatment of serious autoimmune diseases and inflammation. The company's lead product candidate is CBP-201, an anti-interleukin-4 receptor alpha antibody, which is in Phase IIb clinical trial for the treatment of inflammatory allergic diseases, such as atopic dermatitis, asthma, and chronic rhinosinusitis with nasal polyps.

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