Connect Biopharma’s (CNTB) “Buy” Rating Reiterated at HC Wainwright

Connect Biopharma (NASDAQ:CNTB)‘s stock had its “buy” rating reiterated by HC Wainwright in a research report issued on Friday, Benzinga reports.

A number of other research firms have also recently issued reports on CNTB. Piper Sandler started coverage on shares of Connect Biopharma in a research note on Friday, June 26th. They issued an “overweight” rating and a $7.00 target price for the company. Canaccord Genuity Group decreased their target price on Connect Biopharma from $7.00 to $6.00 and set a “buy” rating for the company in a research note on Wednesday, September 16th. Oppenheimer reduced their price objective on shares of Connect Biopharma to $5.00 and set an “outperform” rating for the company in a research note on Tuesday, September 22nd. BTIG Research cut their target price on shares of Connect Biopharma to $5.00 and set a “buy” rating for the company in a research note on Wednesday. Finally, Wall Street Zen upgraded shares of Connect Biopharma from a “sell” rating to a “hold” rating in a research report on Saturday, August 15th. Seven investment analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, Connect Biopharma has an average rating of “Moderate Buy” and a consensus price target of $6.14.

Connect Biopharma Price Performance

Shares of NASDAQ:CNTB opened at $0.98 on Friday. Connect Biopharma has a 1 year low of $0.94 and a 1 year high of $3.82. The business has a fifty day simple moving average of $1.92 and a 200 day simple moving average of $2.29. The company has a current ratio of 2.37, a quick ratio of 2.37 and a debt-to-equity ratio of 0.01. The firm has a market cap of $61.69 million, a price-to-earnings ratio of -0.82 and a beta of -0.15.

Connect Biopharma (NASDAQ:CNTB) last issued its quarterly earnings results on Wednesday, August 12th. The company reported ($0.27) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.31) by $0.04. The business had revenue of $2.75 million during the quarter, compared to analyst estimates of $0.74 million. As a group, sell-side analysts predict that Connect Biopharma will post -1.1 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Connect Biopharma

Several hedge funds and other institutional investors have recently bought and sold shares of CNTB. Bank of America Corp DE bought a new stake in Connect Biopharma in the first quarter valued at $41,000. Simplify Asset Management Inc. bought a new stake in Connect Biopharma in the 1st quarter worth about $135,000. Richmond Brothers Inc. bought a new stake in Connect Biopharma in the 4th quarter worth about $489,000. Knott David M Jr raised its stake in shares of Connect Biopharma by 93.9% during the 1st quarter. Knott David M Jr now owns 387,835 shares of the company’s stock worth $1,016,000 after purchasing an additional 187,835 shares during the period. Finally, ADAR1 Capital Management LLC bought a new stake in shares of Connect Biopharma during the 1st quarter worth $1,945,000. 58.72% of the stock is owned by institutional investors.

About Connect Biopharma

Connect Biopharma Holdings Limited (NASDAQ:CNTB) is a clinical-stage biopharmaceutical company focused on developing therapies for chronic inflammatory and immune-mediated diseases. The company’s research is based on insights into T-cell biology and aims to address conditions with significant unmet medical needs, including inflammatory bowel disease and dermatological disorders.

Connect Biopharma’s pipeline has included CBP-201, an antibody targeting the interleukin-4 receptor alpha pathway, and CBP-307, an oral sphingosine-1-phosphate receptor modulator.