Connect Biopharma Holdings Limited (NASDAQ:CNTB – Get Rating) saw a large decline in short interest in the month of September. As of September 15th, there was short interest totalling 401,400 shares, a decline of 15.7% from the August 31st total of 476,400 shares. Based on an average trading volume of 377,400 shares, the days-to-cover ratio is currently 1.1 days. Approximately 0.8% of the shares of the company are sold short.
Connect Biopharma Trading Up 5.7 %
Shares of NASDAQ:CNTB traded up $0.07 during mid-day trading on Friday, reaching $1.29. 156,903 shares of the company traded hands, compared to its average volume of 76,999. The company's 50 day moving average price is $1.30 and its 200-day moving average price is $1.51. Connect Biopharma has a 52 week low of $0.56 and a 52 week high of $24.70.
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Institutional Inflows and Outflows
A number of hedge funds have recently made changes to their positions in the stock. Adage Capital Partners GP L.L.C. bought a new position in Connect Biopharma in the 4th quarter worth approximately $6,438,000. Citadel Advisors LLC bought a new position in Connect Biopharma in the 2nd quarter worth approximately $357,000. DAFNA Capital Management LLC bought a new position in Connect Biopharma in the 2nd quarter worth approximately $218,000. Kynam Capital Management LP bought a new position in Connect Biopharma in the 1st quarter worth approximately $688,000. Finally, UBS Group AG boosted its stake in Connect Biopharma by 5,552.1% in the 2nd quarter. UBS Group AG now owns 105,185 shares of the company's stock worth $91,000 after purchasing an additional 103,324 shares during the period. 27.19% of the stock is currently owned by institutional investors.
About Connect Biopharma
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Connect Biopharma Holdings Limited, a clinical-stage biopharmaceutical company, focuses on the discovery and development of immune modulators for the treatment of serious autoimmune diseases and inflammation. The company's lead product candidate is CBP-201, an anti-interleukin-4 receptor alpha antibody, which is in Phase IIb clinical trial for the treatment of inflammatory allergic diseases, such as atopic dermatitis, asthma, and chronic rhinosinusitis with nasal polyps.
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