BML Capital Management LLC Decreases Stock Holdings in Connect Biopharma Holdings Limited Sponsored ADR $CNTB

BML Capital Management LLC trimmed its stake in shares of Connect Biopharma Holdings Limited Sponsored ADR (NASDAQ:CNTB) by 67.7% in the 4th quarter, Holdings Channel reports. The firm owned 408,887 shares of the company’s stock after selling 858,613 shares during the period. Connect Biopharma accounts for approximately 1.0% of BML Capital Management LLC’s holdings, making the stock its 12th biggest position. BML Capital Management LLC’s holdings in Connect Biopharma were worth $1,153,000 as of its most recent filing with the Securities & Exchange Commission.

Separately, XTX Topco Ltd purchased a new position in shares of Connect Biopharma during the second quarter valued at approximately $29,000. Institutional investors and hedge funds own 58.72% of the company’s stock.

Analysts Set New Price Targets

CNTB has been the subject of several research reports. Weiss Ratings reissued a “sell (d-)” rating on shares of Connect Biopharma in a report on Wednesday, January 21st. BTIG Research reaffirmed a “buy” rating and set a $10.00 target price on shares of Connect Biopharma in a report on Tuesday, March 31st. One investment analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and one has given a Sell rating to the company. Based on data from MarketBeat, Connect Biopharma presently has a consensus rating of “Moderate Buy” and a consensus target price of $8.67.

Connect Biopharma Stock Down 0.4%

Shares of CNTB stock opened at $2.47 on Wednesday. Connect Biopharma Holdings Limited Sponsored ADR has a 12 month low of $0.70 and a 12 month high of $3.82. The stock has a market cap of $139.60 million, a P/E ratio of -2.47 and a beta of -0.21. The company has a current ratio of 3.74, a quick ratio of 3.74 and a debt-to-equity ratio of 0.01. The company has a 50 day simple moving average of $2.75 and a two-hundred day simple moving average of $2.48.

Connect Biopharma (NASDAQ:CNTB) last announced its earnings results on Tuesday, March 31st. The company reported ($0.27) EPS for the quarter, beating analysts’ consensus estimates of ($0.30) by $0.03. The business had revenue of ($0.05) million for the quarter, compared to analysts’ expectations of $0.00 million. On average, research analysts expect that Connect Biopharma Holdings Limited Sponsored ADR will post -0.91 earnings per share for the current year.

Insider Buying and Selling at Connect Biopharma

In other news, Director James Huang purchased 1,160,000 shares of the company’s stock in a transaction on Tuesday, March 31st. The stock was acquired at an average cost of $3.45 per share, for a total transaction of $4,002,000.00. Following the completion of the transaction, the director directly owned 13,160,000 shares in the company, valued at $45,402,000. This trade represents a 9.67% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available through the SEC website. 22.60% of the stock is currently owned by insiders.

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.