Centessa Pharmaceuticals (NASDAQ:CNTA) Stock Price Down 5% - Here's What Happened

Centessa Pharmaceuticals plc (NASDAQ:CNTA - Get Free Report) shares were down 5% on Tuesday . The stock traded as low as $13.62 and last traded at $13.66. Approximately 420,945 shares traded hands during mid-day trading, a decline of 23% from the average daily volume of 548,982 shares. The stock had previously closed at $14.38.

Analyst Ratings Changes

Several equities research analysts have commented on CNTA shares. Piper Sandler began coverage on Centessa Pharmaceuticals in a research note on Monday. They set an "overweight" rating and a $38.00 price target for the company. Morgan Stanley reissued an "overweight" rating and set a $27.00 target price on shares of Centessa Pharmaceuticals in a research report on Friday, March 7th. TD Cowen initiated coverage on shares of Centessa Pharmaceuticals in a research report on Tuesday, January 7th. They set a "buy" rating on the stock. Finally, Guggenheim reiterated a "buy" rating and set a $28.00 price objective on shares of Centessa Pharmaceuticals in a research note on Wednesday, March 26th. Eight equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock currently has a consensus rating of "Buy" and an average target price of $27.71.

Centessa Pharmaceuticals Stock Down 8.1 %

The stock's fifty day simple moving average is $16.27 and its two-hundred day simple moving average is $16.36. The company has a debt-to-equity ratio of 0.15, a current ratio of 21.52 and a quick ratio of 21.52. The company has a market capitalization of $1.58 billion, a price-to-earnings ratio of -7.96 and a beta of 1.54.

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Centessa Pharmaceuticals (NASDAQ:CNTA - Get Free Report) last issued its earnings results on Monday, March 24th. The company reported ($0.34) EPS for the quarter, beating analysts' consensus estimates of ($0.38) by $0.04. On average, sell-side analysts predict that Centessa Pharmaceuticals plc will post -1.6 earnings per share for the current fiscal year.

Insider Transactions at Centessa Pharmaceuticals

In other news, insider David M. Chao sold 7,000 shares of the business's stock in a transaction on Monday, March 17th. The stock was sold at an average price of $17.17, for a total value of $120,190.00. Following the sale, the insider now owns 225,007 shares of the company's stock, valued at approximately $3,863,370.19. The trade was a 3.02 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Saurabh Saha sold 55,000 shares of Centessa Pharmaceuticals stock in a transaction that occurred on Tuesday, January 21st. The stock was sold at an average price of $15.77, for a total transaction of $867,350.00. Following the completion of the transaction, the chief executive officer now directly owns 429,398 shares in the company, valued at $6,771,606.46. This represents a 11.35 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 260,168 shares of company stock worth $4,309,568. Company insiders own 11.59% of the company's stock.

Hedge Funds Weigh In On Centessa Pharmaceuticals

Institutional investors have recently bought and sold shares of the stock. Jane Street Group LLC purchased a new position in shares of Centessa Pharmaceuticals in the third quarter worth approximately $2,834,000. Wellington Management Group LLP purchased a new stake in shares of Centessa Pharmaceuticals in the third quarter valued at $1,609,000. State Street Corp acquired a new stake in shares of Centessa Pharmaceuticals in the third quarter worth $777,000. Franklin Resources Inc. boosted its position in Centessa Pharmaceuticals by 99.1% during the 3rd quarter. Franklin Resources Inc. now owns 2,302,546 shares of the company's stock worth $38,360,000 after acquiring an additional 1,145,823 shares during the period. Finally, Lord Abbett & CO. LLC purchased a new position in Centessa Pharmaceuticals during the third quarter valued at approximately $4,305,000. Hedge funds and other institutional investors own 82.01% of the company's stock.

Centessa Pharmaceuticals Company Profile

Centessa Pharmaceuticals plc, a clinical-stage pharmaceutical company, discovers, develops, and delivers medicines for patients. Its products pipeline includes SerpinPC, an activated protein C inhibitor for the treatment of hemophilia A and B; and ORX750, an orally administered OX2R agonist for the treatment of narcolepsy and other sleep disorders.