Connect Biopharma Holdings Limited (NASDAQ:CNTB) Short Interest Up 7.5% in March

Connect Biopharma Holdings Limited (NASDAQ:CNTB) saw a significant increase in short interest in March. As of March 31st, there was short interest totalling 115,500 shares, an increase of 7.5% from the March 15th total of 107,400 shares. Approximately 0.2% of the shares of the stock are short sold. Based on an average daily volume of 158,600 shares, the days-to-cover ratio is presently 0.7 days.

Institutional Investors Weigh In On Connect Biopharma

Several institutional investors and hedge funds have recently modified their holdings of the stock. BML Capital Management LLC purchased a new stake in shares of Connect Biopharma in the fourth quarter worth about $2,432,000. JPMorgan Chase & Co. boosted its holdings in Connect Biopharma by 1,312.7% in the first quarter. JPMorgan Chase & Co. now owns 78,547 shares of the company’s stock valued at $79,000 after purchasing an additional 72,987 shares during the last quarter. Renaissance Technologies LLC boosted its holdings in Connect Biopharma by 24.5% in the third quarter. Renaissance Technologies LLC now owns 83,300 shares of the company’s stock valued at $107,000 after purchasing an additional 16,400 shares during the last quarter. Citadel Advisors LLC purchased a new position in Connect Biopharma in the second quarter valued at about $357,000. Finally, UBS Group AG boosted its holdings in Connect Biopharma by 5,552.1% in the second quarter. UBS Group AG now owns 105,185 shares of the company’s stock valued at $91,000 after purchasing an additional 103,324 shares during the last quarter. Hedge funds and other institutional investors own 58.72% of the company’s stock.

Analyst Ratings Changes

Separately, HC Wainwright assumed coverage on Connect Biopharma in a research note on Monday, March 4th. They issued a “buy” rating and a $7.00 target price for the company.

Connect Biopharma Stock Up 1.8 %

Shares of NASDAQ CNTB opened at $1.70 on Wednesday. Connect Biopharma has a 1-year low of $0.53 and a 1-year high of $2.84. The business has a 50-day moving average of $1.42 and a 200-day moving average of $1.26.

Connect Biopharma Company Profile

Connect Biopharma Holdings Limited, a clinical-stage biopharmaceutical company, focuses on developing therapies to treat 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.