BTIG Research Cuts Connect Biopharma (NASDAQ:CNTB) Price Target to $5.00

Connect Biopharma (NASDAQ:CNTB) had its price objective cut by investment analysts at BTIG Research to $5.00 in a research note issued to investors on Wednesday, Benzinga reports. The brokerage presently has a “buy” rating on the stock. BTIG Research’s price target would indicate a potential upside of 352.49% from the company’s previous close.

CNTB has been the topic of a number of other reports. HC Wainwright restated a “buy” rating and issued a $7.00 target price on shares of Connect Biopharma in a report on Monday, September 14th. Weiss Ratings upgraded shares of Connect Biopharma from a “sell (e+)” rating to a “sell (d-)” rating in a report on Thursday, September 24th. Oppenheimer reduced their target price on shares of Connect Biopharma to $5.00 and set an “outperform” rating on the stock in a report on Tuesday, September 22nd. Piper Sandler assumed coverage on shares of Connect Biopharma in a report on Friday, June 26th. They issued an “overweight” rating and a $7.00 target price on the stock. Finally, Wall Street Zen upgraded shares of Connect Biopharma from a “sell” rating to a “hold” rating in a report on Saturday, August 15th. Seven analysts have rated the stock with a Buy rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $6.14.

Connect Biopharma Price Performance

Shares of Connect Biopharma stock traded up $0.11 during trading hours on Wednesday, reaching $1.11. The company’s stock had a trading volume of 160,690,163 shares, compared to its average volume of 1,358,450. The firm has a 50 day moving average price of $1.97 and a 200-day moving average price of $2.31. Connect Biopharma has a one year low of $0.98 and a one year high of $3.82. The company has a debt-to-equity ratio of 0.01, a current ratio of 2.37 and a quick ratio of 2.37. The stock has a market cap of $69.59 million, a P/E ratio of -0.93 and a beta of -0.23.

Connect Biopharma (NASDAQ:CNTB) last posted its earnings results on Wednesday, August 12th. The company reported ($0.27) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.31) by $0.04. The business had revenue of $2.75 million during the quarter, compared to the consensus estimate of $0.74 million. On average, analysts predict that Connect Biopharma will post -1.1 EPS for the current year.

Institutional Investors Weigh In On Connect Biopharma

Several large investors have recently added to or reduced their stakes in the stock. Bank of America Corp DE purchased a new stake in Connect Biopharma in the 1st quarter valued at about $41,000. Simplify Asset Management Inc. purchased a new stake in Connect Biopharma in the 1st quarter valued at about $135,000. Richmond Brothers Inc. purchased a new stake in Connect Biopharma in the 4th quarter valued at about $489,000. Knott David M Jr boosted its position in Connect Biopharma by 93.9% in the 1st quarter. Knott David M Jr now owns 387,835 shares of the company’s stock valued at $1,016,000 after buying an additional 187,835 shares during the period. Finally, ADAR1 Capital Management LLC purchased a new stake in Connect Biopharma in the 1st quarter valued at about $1,945,000. 58.72% of the stock is owned by hedge funds and other institutional investors.

Connect Biopharma News Summary

Here are the key news stories impacting Connect Biopharma this week:

• Positive Sentiment: The global Seabreeze STAT study found that rademikibart, used as an add-on to standard treatment, reduced treatment failures through one month by 81% versus placebo, with statistical significance (p=0.0122). The data support further development of the drug in COPD. Connect Biopharma Phase 2 COPD Data
• Positive Sentiment: Connect Biopharma plans to discuss the results with the FDA and advance rademikibart toward a Phase 3 COPD program. The potential expansion of the drug beyond its existing development areas increases the company’s commercial opportunity if later-stage trials succeed. Connect Biopharma Advances Rademikibart Toward Phase 3
• Positive Sentiment: Multiple reports characterized the Phase 2 COPD findings as positive, driving increased investor interest and a sharp increase in CNTB shares. The company also discussed the topline findings and next steps in an investor transcript. Connect Biopharma Stock Rises After COPD Results
• Neutral Sentiment: BTIG Research lowered its price target to $5.00 but maintained a Buy rating, implying substantial potential upside based on the reported $1.20 reference price. The lower target is a cautionary adjustment, while the continued Buy rating remains supportive.
• Negative Sentiment: The results are preliminary and from a Phase 2 study. Connect Biopharma must obtain regulatory alignment, complete Phase 3 testing and demonstrate safety and efficacy before rademikibart could reach the COPD market.

Connect Biopharma Company Profile

Connect Biopharma Holdings Limited (NASDAQ:CNTB) is a clinical-stage biopharmaceutical company focused on developing therapies for chronic inflammatory and immune-mediated diseases. The company’s research is based on insights into T-cell biology and aims to address conditions with significant unmet medical needs, including inflammatory bowel disease and dermatological disorders.

Connect Biopharma’s pipeline has included CBP-201, an antibody targeting the interleukin-4 receptor alpha pathway, and CBP-307, an oral sphingosine-1-phosphate receptor modulator.