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

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

Connect Biopharma Price Performance

Shares of CNTB traded down $0.04 during trading hours on Wednesday, hitting $1.69. The company had a trading volume of 16,601 shares, compared to its average volume of 151,012. The firm has a fifty day moving average price of $1.42 and a 200-day moving average price of $1.26. Connect Biopharma has a 52-week low of $0.53 and a 52-week high of $2.84.

Hedge Funds Weigh In On Connect Biopharma

A number of hedge funds have recently bought and sold shares of CNTB. Vident Investment Advisory LLC bought a new position in Connect Biopharma in the 1st quarter worth approximately $55,000. Renaissance Technologies LLC boosted its position in shares of Connect Biopharma by 184.7% during the 2nd quarter. Renaissance Technologies LLC now owns 66,900 shares of the company’s stock valued at $58,000 after acquiring an additional 43,400 shares during the last quarter. JPMorgan Chase & Co. boosted its position in shares of Connect Biopharma by 1,312.7% during the 1st quarter. JPMorgan Chase & Co. now owns 78,547 shares of the company’s stock valued at $79,000 after acquiring an additional 72,987 shares during the last quarter. UBS Group AG boosted its position in shares of Connect Biopharma by 5,552.1% during the 2nd quarter. UBS Group AG now owns 105,185 shares of the company’s stock valued at $91,000 after acquiring an additional 103,324 shares during the last quarter. Finally, Woodline Partners LP bought a new position in shares of Connect Biopharma during the 1st quarter valued at approximately $132,000. Hedge funds and other institutional investors own 58.72% of the company’s stock.

Wall Street Analysts Forecast Growth

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