HC Wainwright Reaffirms Buy Rating for Connect Biopharma (NASDAQ:CNTB)

Connect Biopharma (NASDAQ:CNTB)‘s stock had its “buy” rating restated by equities research analysts at HC Wainwright in a report released on Friday, Benzinga reports.

Other equities research analysts also recently issued reports about the stock. Wall Street Zen upgraded shares of Connect Biopharma from a “sell” rating to a “hold” rating in a research note on Saturday, August 15th. Canaccord Genuity Group lowered their target price on shares of Connect Biopharma from $7.00 to $6.00 and set a “buy” rating for the company in a research note on Wednesday, September 16th. BTIG Research lowered their target price on shares of Connect Biopharma to $5.00 and set a “buy” rating for the company in a research note on Wednesday. Weiss Ratings upgraded shares of Connect Biopharma from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Thursday, September 24th. Finally, Piper Sandler initiated coverage on shares of Connect Biopharma in a report on Friday, June 26th. They issued an “overweight” rating and a $7.00 price target for the company. Seven research analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $6.14.

Connect Biopharma Price Performance

NASDAQ CNTB opened at $1.08 on Friday. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.37 and a current ratio of 2.37. The firm’s 50 day moving average price is $1.92 and its 200-day moving average price is $2.29. Connect Biopharma has a 52-week low of $0.94 and a 52-week high of $3.82. The company has a market cap of $67.69 million, a PE ratio of -0.88 and a beta of -0.15.

Connect Biopharma (NASDAQ:CNTB) last released its quarterly earnings data on Wednesday, August 12th. The company reported ($0.27) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.31) by $0.04. The business had revenue of $2.75 million for the quarter, compared to the consensus estimate of $0.74 million. Sell-side analysts forecast that Connect Biopharma will post -1.1 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the business. Bank of America Corp DE purchased a new position in shares of Connect Biopharma during the first quarter worth $41,000. ADAR1 Capital Management LLC purchased a new position in shares of Connect Biopharma during the first quarter worth $1,945,000. Knott David M Jr raised its holdings in shares of Connect Biopharma by 93.9% during the first quarter. Knott David M Jr now owns 387,835 shares of the company’s stock worth $1,016,000 after purchasing an additional 187,835 shares during the last quarter. Simplify Asset Management Inc. acquired a new stake in Connect Biopharma during the first quarter valued at $135,000. Finally, Richmond Brothers Inc. acquired a new stake in Connect Biopharma during the fourth quarter valued at $489,000. Hedge funds and other institutional investors own 58.72% of the company’s stock.

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.