Connect Biopharma Holdings Limited (NASDAQ:CNTB) Short Interest Down 34.6% in May

Connect Biopharma Holdings Limited (NASDAQ:CNTB) saw a significant drop in short interest in the month of May. As of May 31st, there was short interest totalling 35,400 shares, a drop of 34.6% from the May 15th total of 54,100 shares. Based on an average trading volume of 118,800 shares, the days-to-cover ratio is presently 0.3 days. Currently, 0.1% of the shares of the stock are sold short.

Wall Street Analyst Weigh In

Separately, HC Wainwright reaffirmed a “buy” rating and set a $8.00 target price on shares of Connect Biopharma in a report on Thursday.

Institutional Inflows and Outflows

An institutional investor recently raised its position in Connect Biopharma stock. Keudell Morrison Wealth Management grew its stake in shares of Connect Biopharma Holdings Limited (NASDAQ:CNTB) by 75.9% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 19,700 shares of the company’s stock after buying an additional 8,500 shares during the quarter. Keudell Morrison Wealth Management’s holdings in Connect Biopharma were worth $34,000 at the end of the most recent quarter. Hedge funds and other institutional investors own 58.72% of the company’s stock.

Connect Biopharma Price Performance

Connect Biopharma stock traded down $0.08 during midday trading on Friday, hitting $1.60. 26,214 shares of the company’s stock were exchanged, compared to its average volume of 53,581. The stock has a 50-day moving average price of $1.64 and a two-hundred day moving average price of $1.35. Connect Biopharma has a 52-week low of $0.53 and a 52-week high of $2.84.

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.