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

Connect Biopharma (NASDAQ:CNTB)‘s stock had its “buy” rating restated by analysts at HC Wainwright in a note issued to investors on Friday, Benzinga reports.

Other equities research analysts have also issued reports about the stock. BTIG Research reduced their target price on shares of Connect Biopharma to $5.00 and set a “buy” rating for the company in a report on Wednesday. Weiss Ratings upgraded Connect Biopharma from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Thursday, September 24th. Oppenheimer decreased their price target on Connect Biopharma to $5.00 and set an “outperform” rating on the stock in a report on Tuesday, September 22nd. Wall Street Zen upgraded Connect Biopharma from a “sell” rating to a “hold” rating in a report on Saturday, August 15th. Finally, Piper Sandler started coverage on Connect Biopharma in a research note on Friday, June 26th. They issued an “overweight” rating and a $7.00 target price on the stock. Seven equities research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $6.14.

Connect Biopharma Stock Down 5.4%

Shares of CNTB traded down $0.05 during trading hours on Friday, hitting $0.93. The company had a trading volume of 4,168,706 shares, compared to its average volume of 1,442,043. The firm has a fifty day moving average price of $1.92 and a 200-day moving average price of $2.29. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.37 and a current ratio of 2.37. The stock has a market capitalization of $58.37 million, a price-to-earnings ratio of -0.78 and a beta of -0.15. Connect Biopharma has a 52-week low of $0.89 and a 52-week high of $3.82.

Connect Biopharma (NASDAQ:CNTB) last released its quarterly earnings data on Wednesday, August 12th. The company reported ($0.27) EPS for the quarter, topping the consensus estimate of ($0.31) by $0.04. The business had revenue of $2.75 million during the quarter, compared to the consensus estimate of $0.74 million. On average, equities research analysts forecast that Connect Biopharma will post -1.1 EPS for the current fiscal year.

Institutional Trading of Connect Biopharma

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