Centessa Pharmaceuticals (NASDAQ:CNTA) Shares Up 8.4% Following Better-Than-Expected Earnings

Shares of Centessa Pharmaceuticals plc (NASDAQ:CNTA) traded up 8.4% on Wednesday after the company announced better than expected quarterly earnings. The company traded as high as $18.55 and last traded at $18.42. 252,708 shares traded hands during trading, a decline of 36% from the average session volume of 397,666 shares. The stock had previously closed at $17.00.

The company reported ($0.37) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.42) by $0.05.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on the stock. Jefferies Financial Group upped their price target on shares of Centessa Pharmaceuticals from $13.00 to $19.00 and gave the stock a “buy” rating in a research note on Wednesday, September 11th. Oppenheimer reiterated an “outperform” rating and issued a $14.00 price objective on shares of Centessa Pharmaceuticals in a report on Wednesday, August 14th. Guggenheim upped their price objective on shares of Centessa Pharmaceuticals from $20.00 to $24.00 and gave the stock a “buy” rating in a report on Wednesday, September 11th. BMO Capital Markets upped their price objective on shares of Centessa Pharmaceuticals from $20.00 to $35.00 and gave the stock an “outperform” rating in a report on Monday, September 16th. Finally, Morgan Stanley upgraded shares of Centessa Pharmaceuticals from an “equal weight” rating to an “overweight” rating and upped their price objective for the stock from $11.00 to $26.00 in a report on Thursday, September 19th. Six research analysts have rated the stock with a buy rating, According to MarketBeat, the stock currently has an average rating of “Buy” and an average target price of $25.17.

Insider Buying and Selling at Centessa Pharmaceuticals

In other Centessa Pharmaceuticals news, CEO Saurabh Saha sold 4,169 shares of the company’s stock in a transaction dated Tuesday, August 20th. The shares were sold at an average price of $12.32, for a total transaction of $51,362.08. Following the completion of the sale, the chief executive officer now directly owns 827,755 shares in the company, valued at $10,197,941.60. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, CEO Saurabh Saha sold 4,169 shares of the company’s stock in a transaction dated Tuesday, August 20th. The shares were sold at an average price of $12.32, for a total transaction of $51,362.08. Following the completion of the transaction, the chief executive officer now owns 827,755 shares of the company’s stock, valued at approximately $10,197,941.60. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Gregory M. Weinhoff sold 11,742 shares of the company’s stock in a transaction dated Friday, October 25th. The shares were sold at an average price of $15.38, for a total transaction of $180,591.96. Following the transaction, the insider now directly owns 183,266 shares of the company’s stock, valued at $2,818,631.08. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 325,031 shares of company stock worth $5,213,043 over the last ninety days. Company insiders own 11.59% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in CNTA. Mirae Asset Global Investments Co. Ltd. raised its position in Centessa Pharmaceuticals by 47.7% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,556 shares of the company’s stock worth $40,000 after purchasing an additional 826 shares in the last quarter. GAMMA Investing LLC raised its position in Centessa Pharmaceuticals by 103.1% in the third quarter. GAMMA Investing LLC now owns 2,972 shares of the company’s stock worth $48,000 after purchasing an additional 1,509 shares in the last quarter. Quarry LP raised its position in Centessa Pharmaceuticals by 47.8% in the second quarter. Quarry LP now owns 9,608 shares of the company’s stock worth $87,000 after purchasing an additional 3,108 shares in the last quarter. Sandia Investment Management LP acquired a new position in Centessa Pharmaceuticals in the second quarter worth about $90,000. Finally, Fred Alger Management LLC acquired a new position in Centessa Pharmaceuticals in the second quarter worth about $99,000. Institutional investors and hedge funds own 82.01% of the company’s stock.

Centessa Pharmaceuticals Price Performance

The company has a quick ratio of 13.29, a current ratio of 13.29 and a debt-to-equity ratio of 0.27. The stock has a market cap of $2.05 billion, a price-to-earnings ratio of -11.82 and a beta of 1.47. The company’s 50-day moving average is $15.81 and its 200-day moving average is $12.03.

About Centessa Pharmaceuticals

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.