Short Interest in Connect Biopharma Holdings Limited (NASDAQ:CNTB) Increases By 7.5%

Connect Biopharma Holdings Limited (NASDAQ:CNTB) saw a large increase in short interest during the month of 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. Based on an average daily trading volume, of 158,600 shares, the days-to-cover ratio is presently 0.7 days. Approximately 0.2% of the company’s stock are sold short.

Connect Biopharma Stock Up 1.8 %

Shares of Connect Biopharma stock opened at $1.70 on Wednesday. The business has a fifty day simple moving average of $1.42 and a two-hundred day simple moving average of $1.26. Connect Biopharma has a 1 year low of $0.53 and a 1 year high of $2.84.

Analyst Ratings Changes

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

Institutional Investors Weigh In On Connect Biopharma

Several hedge funds have recently added to or reduced their stakes in the business. Vident Investment Advisory LLC bought a new position in Connect Biopharma during the 1st quarter worth $55,000. Woodline Partners LP bought a new position in shares of Connect Biopharma in the first quarter worth $132,000. Invesco Ltd. increased its position in shares of Connect Biopharma by 135.9% in the first quarter. Invesco Ltd. now owns 60,449 shares of the company’s stock worth $183,000 after purchasing an additional 34,820 shares during the period. Renaissance Technologies LLC increased its position in shares of Connect Biopharma by 184.7% in the second quarter. Renaissance Technologies LLC now owns 66,900 shares of the company’s stock worth $58,000 after purchasing an additional 43,400 shares during the period. Finally, JPMorgan Chase & Co. increased its position in shares of Connect Biopharma by 1,312.7% in the first quarter. JPMorgan Chase & Co. now owns 78,547 shares of the company’s stock worth $79,000 after purchasing an additional 72,987 shares during the period. Institutional investors and hedge funds own 58.72% of the company’s stock.

About Connect Biopharma

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.