Connect Biopharma Holdings Limited (NASDAQ:CNTB) Brief Update on Interests

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

A number of equity research analysts have weighed in on CNTB shares. Zacks Investment Research downgraded Connect Biopharma from a “buy” rating to a “hold” rating in a Wednesday, April 6 research report. Piper Sandler downgraded Connect Biopharma from an “overweight” rating to a “neutral” rating in a Thursday, May 5 research report. Finally, SVB Leerink began covering Connect Biopharma in a research report on Friday, April 1. They issued a “buy” rating and a target price of $22.00 for the company.

NASDAQ:CNTB shares rose $0.04 on Friday, hitting $0.85. 90,993 shares of the company were traded, with an average volume of 658,303. Connect Biopharma has a fifty-two week low of $0.56 and a fifty-two week high of $29.27. The company’s 50-day moving average is $2.11 and its 200-day moving average is $4.01.

Several large investors have recently changed their positions in the CNTB. Janus Henderson Group PLC increased its equity stake in Connect Biopharma by 3.1% in the third quarter. Janus Henderson Group PLC now owns 403,459 shares of the company valued at $9,567,000 after buying an additional 12,120 shares last quarter. Vident Investment Advisory LLC purchased a new stake in shares of Connect Biopharma in the third quarter at a value of $263,000. Goldman Sachs Group Inc. purchased a new equity stake in Connect Biopharma in the fourth quarter at a value of $61,000. Renaissance Technologies LLC purchased a new stake in shares of Connect Biopharma in the fourth quarter at a value of $56,000. Finally, Kynam Capital Management LP acquired a new position in shares of Connect Biopharma in the first quarter at a value of $688,000. Institutional investors hold 34.21% of the company’s shares.

About Connect Biopharma (Get an assessment)

Connect Biopharma Holdings Limited, a clinical-stage biopharmaceutical company, is focused 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 a 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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