Connect Biopharma Holdings Limited Sponsored ADR (NASDAQ:CNTB) Receives $8.67 Consensus Target Price from Analysts

Connect Biopharma Holdings Limited Sponsored ADR (NASDAQ:CNTB) has been assigned a consensus recommendation of “Moderate Buy” from the five ratings firms that are covering the firm, MarketBeat reports. One investment analyst has rated the stock with a sell rating, three have given a buy rating and one has issued a strong buy rating on the company. The average 12-month target price among brokerages that have issued ratings on the stock in the last year is $8.6667.

A number of brokerages have issued reports on CNTB. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Connect Biopharma in a research note on Wednesday, January 21st. BTIG Research restated a “buy” rating and set a $10.00 price objective on shares of Connect Biopharma in a research report on Thursday, November 13th. Lake Street Capital assumed coverage on shares of Connect Biopharma in a research note on Monday, December 1st. They set a “buy” rating and a $9.00 target price on the stock. Finally, Wall Street Zen upgraded shares of Connect Biopharma to a “hold” rating in a report on Saturday, December 20th.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Koa Wealth Management LLC purchased a new stake in Connect Biopharma in the 2nd quarter valued at about $49,000. AlphaCore Capital LLC acquired a new stake in shares of Connect Biopharma during the second quarter valued at about $78,000. XTX Topco Ltd purchased a new stake in shares of Connect Biopharma in the 2nd quarter valued at approximately $29,000. SmartHarvest Portfolios LLC acquired a new position in shares of Connect Biopharma in the 4th quarter worth approximately $36,000. Finally, Richmond Brothers Inc. acquired a new position in shares of Connect Biopharma in the 4th quarter worth approximately $489,000. 58.72% of the stock is currently owned by hedge funds and other institutional investors.

Connect Biopharma Price Performance

NASDAQ:CNTB opened at $2.60 on Friday. Connect Biopharma has a one year low of $0.51 and a one year high of $3.28. The stock has a market cap of $145.34 million, a PE ratio of -3.56 and a beta of -0.19. The company has a debt-to-equity ratio of 0.01, a quick ratio of 5.48 and a current ratio of 5.48. The stock has a 50 day moving average price of $2.46 and a 200 day moving average price of $2.12.

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.