Analysts Set Connect Biopharma Holdings Limited Sponsored ADR (NASDAQ:CNTB) Price Target at $7.20

Connect Biopharma Holdings Limited Sponsored ADR (NASDAQ:CNTB) has been assigned a consensus rating of “Moderate Buy” from the seven research firms that are presently covering the firm, Marketbeat.com reports. One investment analyst has rated the stock with a sell rating, five have given a buy rating and one has issued a strong buy rating on the company. The average 1-year target price among brokers that have issued ratings on the stock in the last year is $7.20.

A number of equities research analysts have weighed in on CNTB shares. Canaccord Genuity Group started coverage on shares of Connect Biopharma in a report on Tuesday, May 26th. They set a “buy” rating and a $6.00 target price on the stock. BTIG Research restated a “buy” rating and issued a $10.00 price target on shares of Connect Biopharma in a research report on Tuesday, March 31st. Cantor Fitzgerald started coverage on shares of Connect Biopharma in a research report on Thursday, May 21st. They issued an “overweight” rating and a $4.00 price target on the stock. Wall Street Zen upgraded shares of Connect Biopharma from a “sell” rating to a “hold” rating in a research report on Saturday, June 20th. Finally, Weiss Ratings restated a “sell (d)” rating on shares of Connect Biopharma in a research report on Monday, May 4th.

Insider Activity

In other news, Director James Huang purchased 1,160,000 shares of the company’s stock in a transaction dated Tuesday, March 31st. The shares were purchased at an average price of $3.45 per share, for a total transaction of $4,002,000.00. Following the transaction, the director owned 13,160,000 shares of the company’s stock, valued at approximately $45,402,000. This trade represents a 9.67% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Company insiders own 22.60% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Perceptive Advisors LLC acquired a new position in shares of Connect Biopharma in the 4th quarter worth approximately $2,235,000. ADAR1 Capital Management LLC acquired a new position in shares of Connect Biopharma in the 1st quarter worth approximately $1,945,000. Knott David M Jr lifted its position in shares of Connect Biopharma by 93.9% during the 1st quarter. Knott David M Jr now owns 387,835 shares of the company’s stock valued at $1,016,000 after acquiring an additional 187,835 shares during the period. Richmond Brothers Inc. acquired a new position in shares of Connect Biopharma during the 4th quarter valued at $489,000. Finally, Marshall Wace LLP lifted its position in shares of Connect Biopharma by 121.2% during the 4th quarter. Marshall Wace LLP now owns 128,368 shares of the company’s stock valued at $362,000 after acquiring an additional 70,337 shares during the period. Institutional investors and hedge funds own 58.72% of the company’s stock.

Connect Biopharma Trading Down 2.4%

CNTB opened at $2.07 on Friday. Connect Biopharma has a fifty-two week low of $0.93 and a fifty-two week high of $3.82. The company has a debt-to-equity ratio of 0.01, a current ratio of 3.23 and a quick ratio of 3.23. The firm has a market capitalization of $130.33 million, a price-to-earnings ratio of -1.80 and a beta of -0.22. The company’s 50 day moving average price is $2.35 and its two-hundred day moving average price is $2.52.

Connect Biopharma (NASDAQ:CNTB) last posted its earnings results on Tuesday, May 12th. The company reported ($0.34) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.29) by ($0.05). The business had revenue of $0.02 million for the quarter. As a group, research analysts predict that Connect Biopharma will post -1 earnings per share for the current year.

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.