Brokerages Set Connect Biopharma Holdings Limited Sponsored ADR (NASDAQ:CNTB) Price Target at $8.67

Shares of Connect Biopharma Holdings Limited Sponsored ADR (NASDAQ:CNTB) have been assigned an average recommendation of “Moderate Buy” from the five brokerages that are covering the company, MarketBeat.com reports. One analyst has rated the stock with a sell recommendation, three have issued a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1-year target price among brokerages that have issued a report on the stock in the last year is $8.6667.

Several research firms have recently commented on CNTB. Wall Street Zen raised Connect Biopharma to a “hold” rating in a research note on Saturday, December 20th. BTIG Research restated a “buy” rating and set a $10.00 target price on shares of Connect Biopharma in a research note on Thursday, November 13th. Lake Street Capital began coverage on shares of Connect Biopharma in a report on Monday, December 1st. They set a “buy” rating and a $9.00 price target on the stock. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Connect Biopharma in a research note on Wednesday, October 8th.

Hedge Funds Weigh In On Connect Biopharma

Large investors have recently made changes to their positions in the business. AlphaCore Capital LLC bought a new position in shares of Connect Biopharma in the second quarter worth about $78,000. Koa Wealth Management LLC bought a new position in Connect Biopharma in the 2nd quarter worth approximately $49,000. Finally, XTX Topco Ltd bought a new position in Connect Biopharma in the 2nd quarter worth approximately $29,000. 58.72% of the stock is currently owned by hedge funds and other institutional investors.

Connect Biopharma Stock Down 1.5%

CNTB opened at $2.69 on Friday. The firm’s 50 day simple moving average is $2.23 and its two-hundred day simple moving average is $1.85. The company has a market capitalization of $150.37 million, a PE ratio of -3.68 and a beta of -0.20. Connect Biopharma has a 1-year low of $0.51 and a 1-year high of $3.28. The company has a current ratio of 5.48, a quick ratio of 5.48 and a debt-to-equity ratio of 0.01.

Connect Biopharma (NASDAQ:CNTB) last posted its quarterly earnings data on Wednesday, November 12th. The company reported ($0.31) EPS for the quarter, missing the consensus estimate of ($0.24) by ($0.07). As a group, equities analysts forecast that Connect Biopharma will post -0.22 EPS for the current year.

About Connect Biopharma

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.