Connect Biopharma (NASDAQ:CNTB) Upgraded to Hold at Wall Street Zen

Wall Street Zen upgraded shares of Connect Biopharma (NASDAQ:CNTB) from a sell rating to a hold rating in a research report sent to investors on Saturday.

Several other research firms have also recently issued reports on CNTB. Canaccord Genuity Group set a $7.00 target price on shares of Connect Biopharma in a research note on Friday. Cantor Fitzgerald initiated coverage on shares of Connect Biopharma in a research report on Thursday, May 21st. They set an “overweight” rating and a $4.00 price target for the company. HC Wainwright reaffirmed a “buy” rating and issued a $7.00 price target on shares of Connect Biopharma in a report on Thursday, June 25th. Piper Sandler started coverage on Connect Biopharma in a research report on Friday, June 26th. They issued an “overweight” rating and a $7.00 price objective on the stock. Finally, Oppenheimer initiated coverage on Connect Biopharma in a research note on Thursday, July 9th. They set an “outperform” rating and a $8.00 price objective for the company. Seven analysts have rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, Connect Biopharma currently has a consensus rating of “Moderate Buy” and a consensus price target of $7.43.

Connect Biopharma Stock Up 0.4%

CNTB stock opened at $2.55 on Friday. The stock has a 50-day simple moving average of $2.21 and a two-hundred day simple moving average of $2.48. Connect Biopharma has a twelve month low of $1.23 and a twelve month high of $3.82. The firm has a market capitalization of $160.55 million, a PE ratio of -2.14 and a beta of -0.23. The company has a quick ratio of 3.23, a current ratio of 2.37 and a debt-to-equity ratio of 0.01.

Connect Biopharma (NASDAQ:CNTB) last announced its quarterly earnings results on Wednesday, August 12th. The company reported ($0.27) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.31) by $0.04. The firm had revenue of $2.75 million during the quarter, compared to analysts’ expectations of $0.74 million. On average, equities analysts predict that Connect Biopharma will post -1.08 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, Director James Huang bought 150,000 shares of the company’s stock in a transaction on Friday, May 29th. The stock was acquired 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 in the company, valued at $33,008,800. This trade represents a 1.14% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 22.60% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Connect Biopharma

A number of institutional investors have recently made changes to their positions in the stock. XTX Topco Ltd purchased a new stake in shares of Connect Biopharma during the 2nd quarter valued at $29,000. SmartHarvest Portfolios LLC bought a new position in Connect Biopharma in the fourth quarter valued at $36,000. Bank of America Corp DE bought a new position in Connect Biopharma in the first quarter valued at $41,000. HRT Financial LP raised its position 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 purchasing an additional 6,328 shares in the last quarter. Finally, Persistent Asset Partners Ltd purchased a new stake in Connect Biopharma during the fourth quarter valued at about $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.