Connect Biopharma Holdings Limited Sponsored ADR (NASDAQ:CNTB) Receives Average Recommendation of “Moderate Buy” from Brokerages

Shares of Connect Biopharma Holdings Limited Sponsored ADR (NASDAQ:CNTB) have been assigned an average rating of “Moderate Buy” from the eight ratings firms that are covering the firm, MarketBeat Ratings reports. One equities research analyst has rated the stock with a sell recommendation and seven have given a buy recommendation to the company. The average 12-month target price among brokerages that have issued a report on the stock in the last year is $7.2857.

A number of equities research analysts have recently weighed in on CNTB shares. Canaccord Genuity Group assumed coverage on shares of Connect Biopharma in a research note on Tuesday, May 26th. They set a “buy” rating and a $6.00 target price on the stock. Piper Sandler started coverage on shares of Connect Biopharma in a research note on Friday, June 26th. They issued an “overweight” rating and a $7.00 price target for the company. Weiss Ratings lowered shares of Connect Biopharma from a “sell (d)” rating to a “sell (d-)” rating in a report on Tuesday, June 30th. Cantor Fitzgerald assumed coverage on Connect Biopharma in a research report on Thursday, May 21st. They set an “overweight” rating and a $4.00 price objective on the stock. Finally, HC Wainwright reiterated a “buy” rating and set a $7.00 target price on shares of Connect Biopharma in a report on Thursday, June 25th.

Insider Buying and Selling at Connect Biopharma

In other news, Director James Huang purchased 150,000 shares of the company’s stock in a transaction that occurred on Friday, May 29th. The shares were bought at an average cost of $2.48 per share, for a total transaction of $372,000.00. Following the completion of the transaction, the director directly owned 13,310,000 shares of the company’s stock, valued at $33,008,800. This trade represents a 1.14% increase in their position. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 22.60% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Connect Biopharma

Several institutional investors and hedge funds have recently added to or reduced their stakes in CNTB. Perceptive Advisors LLC purchased a new stake in shares of Connect Biopharma in the 4th quarter worth about $2,235,000. ADAR1 Capital Management LLC purchased a new position in Connect Biopharma during the 1st quarter valued at about $1,945,000. Knott David M Jr bought a new stake in Connect Biopharma during the fourth quarter worth about $564,000. Richmond Brothers Inc. bought a new stake in Connect Biopharma during the fourth quarter worth about $489,000. Finally, Jane Street Group LLC purchased a new stake in Connect Biopharma in the fourth quarter worth about $232,000. Hedge funds and other institutional investors own 58.72% of the company’s stock.

Connect Biopharma Stock Performance

Shares of CNTB stock opened at $2.20 on Friday. The firm has a market capitalization of $138.51 million, a price-to-earnings ratio of -1.91 and a beta of -0.23. The stock has a fifty day moving average of $2.20 and a 200 day moving average of $2.48. Connect Biopharma has a 52 week low of $1.23 and a 52 week high of $3.82. The company has a quick ratio of 3.23, a current ratio of 3.23 and a debt-to-equity ratio of 0.01.

Connect Biopharma (NASDAQ:CNTB) last issued its quarterly earnings data 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. As a group, research analysts expect that Connect Biopharma will post -1.11 earnings per share for the current year.

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.