Connect Biopharma (NASDAQ:CNTB) Upgraded by Cantor Fitzgerald to Strong-Buy Rating

Connect Biopharma (NASDAQ:CNTB) was upgraded by equities research analysts at Cantor Fitzgerald to a “strong-buy” rating in a note issued to investors on Thursday,Zacks.com reports.

A number of other analysts have also issued reports on CNTB. Weiss Ratings reiterated a “sell (d)” rating on shares of Connect Biopharma in a research note on Monday, May 4th. BTIG Research restated a “buy” rating and issued a $10.00 target price on shares of Connect Biopharma in a research note on Tuesday, March 31st. Finally, Wall Street Zen lowered Connect Biopharma from a “hold” rating to a “sell” rating in a report on Saturday, May 16th. Two equities research analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating and one has given a Sell rating to the company. According to data from MarketBeat.com, Connect Biopharma currently has a consensus rating of “Buy” and a consensus target price of $7.50.

Connect Biopharma Stock Up 2.2%

CNTB opened at $2.36 on Thursday. Connect Biopharma has a 12 month low of $0.72 and a 12 month high of $3.82. The company has a market cap of $148.59 million, a PE ratio of -2.05 and a beta of -0.21. The company has a current ratio of 3.23, a quick ratio of 3.23 and a debt-to-equity ratio of 0.01. The company has a 50 day moving average of $2.71 and a 200 day moving average of $2.54.

Connect Biopharma (NASDAQ:CNTB) last issued its earnings results on Tuesday, May 12th. The company reported ($0.34) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.29) by ($0.05). The business had revenue of $0.02 million for the quarter. On average, sell-side analysts expect that Connect Biopharma will post -0.96 EPS for the current year.

Insider Activity at Connect Biopharma

In other news, Director James Huang acquired 1,160,000 shares of the firm’s stock in a transaction that occurred on Tuesday, March 31st. The shares were bought at an average cost of $3.45 per share, with a total value of $4,002,000.00. Following the acquisition, the director owned 13,160,000 shares in the company, valued at approximately $45,402,000. This represents a 9.67% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 22.60% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. XTX Topco Ltd bought a new stake in shares of Connect Biopharma in the 2nd quarter worth approximately $29,000. SmartHarvest Portfolios LLC purchased a new position in Connect Biopharma in the 4th quarter worth $36,000. Bank of America Corp DE purchased a new position in Connect Biopharma in the 1st quarter worth $41,000. HRT Financial LP lifted its stake in Connect Biopharma by 60.5% in the fourth quarter. HRT Financial LP now owns 16,785 shares of the company’s stock worth $47,000 after purchasing an additional 6,328 shares during the last quarter. Finally, Persistent Asset Partners Ltd purchased a new stake in Connect Biopharma during the fourth quarter valued at about $76,000. 58.72% of the stock is owned by hedge funds and other institutional investors.

Connect Biopharma Company Profile

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.