Brokerages Set Connect Biopharma Holdings Limited Sponsored ADR (NASDAQ:CNTB) PT at $7.29

Shares of Connect Biopharma Holdings Limited Sponsored ADR (NASDAQ:CNTB) have been assigned a consensus rating of “Moderate Buy” from the nine ratings firms that are presently covering the stock, Marketbeat reports. One research analyst has rated the stock with a sell rating, seven have given a buy rating and one has assigned a strong buy rating to the company. The average twelve-month target price among analysts that have issued a report on the stock in the last year is $7.2857.

Several equities research analysts have issued reports on CNTB shares. BTIG Research restated a “buy” rating and issued a $10.00 price target on shares of Connect Biopharma in a report on Tuesday, March 31st. Canaccord Genuity Group began coverage on Connect Biopharma in a research report on Tuesday, May 26th. They issued a “buy” rating and a $6.00 price objective for the company. Piper Sandler initiated coverage on shares of Connect Biopharma in a report on Friday, June 26th. They set an “overweight” rating and a $7.00 target price on the stock. Wall Street Zen lowered shares of Connect Biopharma from a “hold” rating to a “sell” rating in a research note on Sunday, June 28th. Finally, Weiss Ratings cut shares of Connect Biopharma from a “sell (d)” rating to a “sell (d-)” rating in a report on Tuesday, June 30th.

Connect Biopharma Stock Up 1.7%

NASDAQ:CNTB opened at $2.38 on Tuesday. The company has a quick ratio of 3.23, a current ratio of 3.23 and a debt-to-equity ratio of 0.01. Connect Biopharma has a 12-month low of $1.23 and a 12-month high of $3.82. The stock’s fifty day simple moving average is $2.28 and its 200-day simple moving average is $2.51. The firm has a market capitalization of $149.85 million, a P/E ratio of -2.07 and a beta of -0.23.

Connect Biopharma (NASDAQ:CNTB) last announced its quarterly earnings results on Tuesday, May 12th. The company reported ($0.34) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.29) by ($0.05). The firm had revenue of $0.02 million for the quarter. Equities research analysts expect that Connect Biopharma will post -1.11 earnings per share for the current year.

Insider Activity at Connect Biopharma

In related news, Director James Huang bought 150,000 shares of Connect Biopharma stock in a transaction that occurred on Friday, May 29th. The stock was purchased at an average cost of $2.48 per share, with a total value of $372,000.00. Following the purchase, the director owned 13,310,000 shares in the company, valued at approximately $33,008,800. This trade represents a 1.14% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 22.60% of the stock is currently owned by insiders.

Institutional Trading of Connect Biopharma

Several hedge funds and other institutional investors have recently modified their holdings of CNTB. SmartHarvest Portfolios LLC acquired a new position in Connect Biopharma during the 4th quarter worth approximately $36,000. Bank of America Corp DE acquired a new stake in shares of Connect Biopharma in the first quarter valued at approximately $41,000. HRT Financial LP lifted its position in shares of Connect Biopharma by 60.5% in the fourth quarter. HRT Financial LP now owns 16,785 shares of the company’s stock worth $47,000 after purchasing an additional 6,328 shares in the last quarter. Persistent Asset Partners Ltd bought a new stake in shares of Connect Biopharma in the fourth quarter worth $76,000. Finally, XTX Topco Ltd acquired a new position in Connect Biopharma during the second quarter worth $29,000. Institutional investors and hedge funds own 58.72% of the company’s stock.

Connect Biopharma Company Profile

Connect Biopharma Holdings Ltd. is a clinical-stage biopharmaceutical company focused on the discovery and development of monoclonal antibody therapies for immune-mediated disorders. Headquartered in Singapore with a research and commercial presence in the United States, the company applies proprietary technology platforms to target novel pathways in inflammatory and autoimmune diseases.

The company’s lead product candidate, CBP-201, is a fully human monoclonal antibody that antagonizes the interleukin-31 receptor, a key mediator of chronic pruritus in conditions such as atopic dermatitis and prurigo nodularis.