Connect Biopharma Holdings Limited (NASDAQ:CNTB) Short Interest Down 44.2% in June

Connect Biopharma Holdings Limited (NASDAQ:CNTB) was the target of a large drop in short interest in June. As of June 30th, there was short interest totalling 15,500 shares, a drop of 44.2% from the June 15th total of 27,800 shares. Based on an average daily volume of 83,900 shares, the days-to-cover ratio is currently 0.2 days. Currently, 0.0% of the shares of the stock are sold short.

Institutional Inflows and Outflows

An institutional investor recently raised its position in Connect Biopharma stock. Keudell Morrison Wealth Management boosted its holdings in shares of Connect Biopharma Holdings Limited (NASDAQ:CNTB) by 75.9% in the first quarter, according to its most recent filing with the SEC. The firm owned 19,700 shares of the company’s stock after acquiring an additional 8,500 shares during the period. Keudell Morrison Wealth Management’s holdings in Connect Biopharma were worth $34,000 as of its most recent filing with the SEC. 58.72% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Separately, HC Wainwright reissued a “buy” rating and issued a $8.00 target price on shares of Connect Biopharma in a report on Thursday, June 13th.

Connect Biopharma Stock Up 1.6 %

CNTB traded up $0.02 during mid-day trading on Friday, reaching $1.29. The stock had a trading volume of 2,558 shares, compared to its average volume of 117,216. Connect Biopharma has a 52 week low of $0.53 and a 52 week high of $2.84. The firm’s fifty day simple moving average is $1.57 and its two-hundred day simple moving average is $1.41.

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.