Connect Biopharma (NASDAQ:CNTB) Upgraded to Strong-Buy at Canaccord Genuity Group

Connect Biopharma (NASDAQ:CNTB) was upgraded by research analysts at Canaccord Genuity Group to a “strong-buy” rating in a research note issued on Tuesday,Zacks.com reports.

Several other equities analysts also recently commented on CNTB. Wall Street Zen downgraded Connect Biopharma from a “hold” rating to a “sell” rating in a research note on Saturday, May 16th. Weiss Ratings reissued a “sell (d)” rating on shares of Connect Biopharma in a report on Monday, May 4th. BTIG Research reissued a “buy” rating and set a $10.00 target price on shares of Connect Biopharma in a report on Tuesday, March 31st. Finally, Cantor Fitzgerald started coverage on shares of Connect Biopharma in a report on Thursday, May 21st. They set an “overweight” rating and a $4.00 target price on the stock. Two investment analysts have rated the stock with a Strong Buy rating, four have issued a Buy rating and one has given a Sell rating to the company. According to MarketBeat, the stock has a consensus rating of “Buy” and a consensus price target of $7.20.

Connect Biopharma Price Performance

Connect Biopharma stock opened at $2.40 on Tuesday. Connect Biopharma has a 12 month low of $0.73 and a 12 month high of $3.82. 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 business’s 50 day simple moving average is $2.68 and its 200 day simple moving average is $2.56. The company has a market cap of $151.10 million, a price-to-earnings ratio of -2.09 and a beta of -0.21.

Connect Biopharma (NASDAQ:CNTB) last posted its quarterly earnings data on Tuesday, May 12th. The company reported ($0.34) EPS for the quarter, missing the consensus estimate of ($0.29) by ($0.05). The company had revenue of $0.02 million during the quarter. Sell-side analysts forecast that Connect Biopharma will post -1 EPS for the current year.

Insider Transactions at Connect Biopharma

In other Connect Biopharma news, Director James Huang bought 1,160,000 shares of the stock in a transaction on Tuesday, March 31st. The shares were acquired at an average price of $3.45 per share, with a total value of $4,002,000.00. Following the acquisition, the director directly owned 13,160,000 shares of the company’s stock, valued at $45,402,000. The trade was a 9.67% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 22.60% of the stock is owned by insiders.

Institutional Investors Weigh In On Connect Biopharma

Hedge funds and other institutional investors have recently bought and sold shares of the business. HRT Financial LP increased its holdings in shares of 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 period. SmartHarvest Portfolios LLC bought a new position in shares of Connect Biopharma in the fourth quarter worth $36,000. Bank of America Corp DE bought a new position in shares of Connect Biopharma in the first quarter worth $41,000. Persistent Asset Partners Ltd bought a new position in shares of Connect Biopharma in the fourth quarter worth $76,000. Finally, XTX Topco Ltd bought a new position in shares of Connect Biopharma in the second quarter worth $29,000. Institutional investors own 58.72% of the company’s stock.

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.