Connect Biopharma’s (CNTB) “Buy” Rating Reaffirmed at HC Wainwright

Connect Biopharma (NASDAQ:CNTB)‘s stock had its “buy” rating reiterated by stock analysts at HC Wainwright in a report issued on Thursday,Benzinga reports. They presently have a $7.00 target price on the stock. HC Wainwright’s target price would indicate a potential upside of 230.19% from the stock’s current price.

Several other equities research analysts have also weighed in on CNTB. Weiss Ratings reissued a “sell (d)” rating on shares of Connect Biopharma in a report on Monday, May 4th. Canaccord Genuity Group initiated coverage on shares of Connect Biopharma in a report on Tuesday, May 26th. They set a “buy” rating and a $6.00 price objective on the stock. Cantor Fitzgerald began coverage on shares of Connect Biopharma in a research report on Thursday, May 21st. They set an “overweight” rating and a $4.00 target price for the company. BTIG Research reiterated 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 raised shares of Connect Biopharma from a “sell” rating to a “hold” rating in a research report on Saturday, June 20th. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $7.20.

Connect Biopharma Price Performance

Shares of NASDAQ CNTB opened at $2.12 on Thursday. 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 stock has a fifty day simple moving average of $2.37 and a two-hundred day simple moving average of $2.52. Connect Biopharma has a 1-year low of $0.91 and a 1-year high of $3.82. The firm has a market cap of $133.48 million, a price-to-earnings ratio of -1.84 and a beta of -0.22.

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 the consensus estimate of ($0.29) by ($0.05). The business had revenue of $0.02 million during the quarter. Analysts anticipate that Connect Biopharma will post -1 earnings per share for the current year.

Insider Buying and Selling at Connect Biopharma

In related 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, for a total transaction of $4,002,000.00. Following the purchase, the director owned 13,160,000 shares in the company, valued at $45,402,000. This trade represents a 9.67% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 22.60% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. XTX Topco Ltd bought a new stake in shares of Connect Biopharma during the second quarter valued at about $29,000. SmartHarvest Portfolios LLC bought a new position in shares of Connect Biopharma in the fourth quarter valued at approximately $36,000. Bank of America Corp DE bought a new position in shares of Connect Biopharma in the first quarter valued at approximately $41,000. HRT Financial LP grew its stake in Connect Biopharma by 60.5% during the fourth quarter. HRT Financial LP now owns 16,785 shares of the company’s stock valued at $47,000 after acquiring an additional 6,328 shares in the last quarter. Finally, Persistent Asset Partners Ltd purchased a new position in Connect Biopharma during the fourth quarter valued at approximately $76,000. Institutional investors own 58.72% of the company’s stock.

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.