Connect Biopharma Holdings Limited (NASDAQ:CNTB) Sees Large Increase in Short Interest

Connect Biopharma Holdings Limited (NASDAQ:CNTB) was the target of a significant increase in short interest during the month of November. As of November 15th, there was short interest totalling 61,800 shares, an increase of 110.2% from the October 31st total of 29,400 shares. Based on an average daily volume of 29,800 shares, the short-interest ratio is currently 2.1 days. Approximately 0.1% of the shares of the company are sold short.

Connect Biopharma Stock Performance

CNTB stock traded up $0.06 during mid-day trading on Thursday, hitting $1.03. The company had a trading volume of 39,163 shares, compared to its average volume of 79,508. Connect Biopharma has a 12 month low of $0.68 and a 12 month high of $2.66. The stock’s fifty day moving average price is $1.20 and its two-hundred day moving average price is $1.32.

Hedge Funds Weigh In On Connect Biopharma

An institutional investor recently raised its position in Connect Biopharma stock. Keudell Morrison Wealth Management grew its position in shares of Connect Biopharma Holdings Limited (NASDAQ:CNTB) by 63.5% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 32,200 shares of the company’s stock after buying an additional 12,500 shares during the period. Keudell Morrison Wealth Management owned 0.06% of Connect Biopharma worth $49,000 at the end of the most recent reporting period. Institutional investors own 58.72% of the company’s stock.

Analyst Ratings Changes

Separately, HC Wainwright reiterated a “buy” rating and set a $8.00 target price on shares of Connect Biopharma in a research note on Friday, September 6th.

About Connect Biopharma

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.