Connect Biopharma (NASDAQ:CNTB) Stock Keeps “Buy” Rating at HC Wainwright

Connect Biopharma (NASDAQ:CNTB)‘s stock had its “buy” rating reaffirmed by investment analysts at HC Wainwright in a report released on Friday, Benzinga reports.

A number of other research firms have also commented on CNTB. Canaccord Genuity Group decreased their price target on Connect Biopharma from $7.00 to $6.00 and set a “buy” rating on the stock in a research report on Wednesday, September 16th. BTIG Research decreased their price objective on Connect Biopharma to $5.00 and set a “buy” rating for the company in a report on Wednesday. Weiss Ratings upgraded shares of Connect Biopharma from a “sell (e+)” rating to a “sell (d-)” rating in a report on Thursday, September 24th. Piper Sandler assumed coverage on shares of Connect Biopharma in a research note on Friday, June 26th. They issued an “overweight” rating and a $7.00 price objective on the stock. Finally, Oppenheimer lowered their target price on shares of Connect Biopharma to $5.00 and set an “outperform” rating on the stock in a report on Tuesday, September 22nd. Seven equities research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. According to MarketBeat, Connect Biopharma presently has an average rating of “Moderate Buy” and an average target price of $6.14.

Connect Biopharma Trading Down 3.5%

NASDAQ:CNTB traded down $0.03 during mid-day trading on Friday, reaching $0.95. The company’s stock had a trading volume of 1,937,285 shares, compared to its average volume of 1,429,635. The company’s fifty day simple moving average is $1.92 and its two-hundred day simple moving average is $2.29. The stock has a market cap of $59.51 million, a P/E ratio of -0.79 and a beta of -0.15. The company has a debt-to-equity ratio of 0.01, a current ratio of 2.37 and a quick ratio of 2.37. Connect Biopharma has a twelve month low of $0.94 and a twelve month high of $3.82.

Connect Biopharma (NASDAQ:CNTB) last announced its quarterly earnings results on Wednesday, August 12th. The company reported ($0.27) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.31) by $0.04. The business had revenue of $2.75 million for the quarter, compared to analyst estimates of $0.74 million. On average, equities analysts predict that Connect Biopharma will post -1.1 EPS for the current year.

Institutional Trading of Connect Biopharma

A number of large investors have recently made changes to their positions in CNTB. Bank of America Corp DE bought a new position in Connect Biopharma during the 1st quarter valued at about $41,000. ADAR1 Capital Management LLC purchased a new stake in Connect Biopharma in the 1st quarter valued at about $1,945,000. Knott David M Jr lifted its position in shares of Connect Biopharma by 93.9% in 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. Simplify Asset Management Inc. purchased a new stake in shares of Connect Biopharma in the 1st quarter worth approximately $135,000. Finally, Richmond Brothers Inc. purchased a new stake in shares of Connect Biopharma in the 4th quarter worth approximately $489,000. 58.72% of the stock is currently owned by institutional investors.

Connect Biopharma Company Profile

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.