Connect Biopharma Holdings Limited (NASDAQ:CNTB) Short Interest Down 47.6% in March

Connect Biopharma Holdings Limited (NASDAQ:CNTB) was the recipient of a large drop in short interest in March. As of March 31st, there was short interest totalling 5,400 shares, a drop of 47.6% from the March 15th total of 10,300 shares. Based on an average daily trading volume, of 43,400 shares, the days-to-cover ratio is currently 0.1 days. Currently, 0.0% of the shares of the stock are sold short.

Wall Street Analysts Forecast Growth

Separately, HC Wainwright reiterated a “buy” rating and issued a $8.00 target price on shares of Connect Biopharma in a research report on Monday, March 31st.

Connect Biopharma Price Performance

Shares of CNTB stock traded down $0.09 on Friday, hitting $0.74. 103,652 shares of the company’s stock traded hands, compared to its average volume of 55,647. The company’s fifty day simple moving average is $0.79 and its 200 day simple moving average is $1.01. Connect Biopharma has a one year low of $0.51 and a one year high of $2.08.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the stock. Callan Capital LLC raised its stake in shares of Connect Biopharma by 91.3% during the fourth quarter. Callan Capital LLC now owns 80,000 shares of the company’s stock valued at $110,000 after acquiring an additional 38,177 shares during the last quarter. Choreo LLC bought a new stake in shares of Connect Biopharma during the 4th quarter valued at $204,000. Finally, Catalina Capital Group LLC purchased a new stake in Connect Biopharma in the fourth quarter worth about $66,000. 58.72% of the stock is owned by institutional investors.

Connect Biopharma Company Profile

Connect Biopharma Holdings Limited, a clinical-stage biopharmaceutical company, engages in the development of therapies for the treatment of 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.