Brokerages Set Connect Biopharma Holdings Limited Sponsored ADR (NASDAQ:CNTB) PT at $7.50

Connect Biopharma Holdings Limited Sponsored ADR (NASDAQ:CNTB) has been given a consensus rating of “Moderate Buy” by the seven brokerages that are currently covering the stock, MarketBeat reports. One investment analyst has rated the stock with a sell rating, five have issued a buy rating and one has issued a strong buy rating on the company. The average twelve-month price objective among brokerages that have updated their coverage on the stock in the last year is $7.20.

A number of analysts have weighed in on the company. BTIG Research reiterated a “buy” rating and issued a $10.00 price target on shares of Connect Biopharma in a research report on Tuesday, March 31st. Wall Street Zen cut Connect Biopharma from a “hold” rating to a “sell” rating in a research report on Saturday, May 16th. Canaccord Genuity Group assumed coverage on Connect Biopharma in a research report on Tuesday. They issued a “buy” rating and a $6.00 price target on the stock. Weiss Ratings reiterated a “sell (d)” rating on shares of Connect Biopharma in a research report on Monday, May 4th. Finally, Cantor Fitzgerald assumed coverage on Connect Biopharma in a research report on Thursday, May 21st. They issued an “overweight” rating and a $4.00 price target on the stock.

Connect Biopharma Stock Performance

Shares of NASDAQ CNTB opened at $2.49 on Monday. The business has a fifty day simple moving average of $2.67 and a 200 day simple moving average of $2.57. 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 firm has a market capitalization of $156.77 million, a price-to-earnings ratio of -2.17 and a beta of -0.21. Connect Biopharma has a one year low of $0.73 and a one year high of $3.82.

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

Insiders Place Their Bets

In related news, Director James Huang purchased 1,160,000 shares of the stock in a transaction on Tuesday, March 31st. The shares were purchased 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 of the company’s stock, valued at approximately $45,402,000. The trade was a 9.67% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 22.60% of the stock is owned by company insiders.

Institutional Trading of Connect Biopharma

A number of large investors have recently bought and sold shares of the stock. Perceptive Advisors LLC bought a new stake in Connect Biopharma in the fourth quarter valued at $2,235,000. ADAR1 Capital Management LLC bought a new stake in shares of Connect Biopharma during the first quarter worth $1,945,000. Knott David M Jr grew its holdings in shares of Connect Biopharma by 93.9% during the first quarter. Knott David M Jr now owns 387,835 shares of the company’s stock worth $1,016,000 after purchasing an additional 187,835 shares during the last quarter. Richmond Brothers Inc. bought a new stake in shares of Connect Biopharma during the fourth quarter worth $489,000. Finally, Marshall Wace LLP grew its holdings in shares of Connect Biopharma by 121.2% during the fourth quarter. Marshall Wace LLP now owns 128,368 shares of the company’s stock worth $362,000 after purchasing an additional 70,337 shares during the last quarter. 58.72% of the stock is currently owned by 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.