Connect Biopharma (NASDAQ:CNTB) Posts Quarterly Earnings Results, Misses Estimates By $0.05 EPS

Connect Biopharma (NASDAQ:CNTB) released its quarterly earnings data on Tuesday. The company reported ($0.34) earnings per share for the quarter, missing the consensus estimate of ($0.29) by ($0.05), Zacks reports.

Connect Biopharma Trading Up 12.4%

Shares of Connect Biopharma stock traded up $0.29 during trading on Tuesday, hitting $2.63. The stock had a trading volume of 183,889 shares, compared to its average volume of 198,240. The firm’s fifty day simple moving average is $2.73 and its 200-day simple moving average is $2.50. The stock has a market cap of $148.70 million, a PE ratio of -2.62 and a beta of -0.21. The company has a debt-to-equity ratio of 0.01, a current ratio of 3.74 and a quick ratio of 3.74. Connect Biopharma has a 12 month low of $0.70 and a 12 month high of $3.82.

Insider Activity

In related news, Director James Huang purchased 1,160,000 shares of Connect Biopharma stock in a transaction that occurred on Tuesday, March 31st. The shares were bought at an average price of $3.45 per share, with a total value of $4,002,000.00. Following the purchase, the director directly owned 13,160,000 shares of the company’s stock, valued at approximately $45,402,000. This represents a 9.67% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 22.60% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the stock. SmartHarvest Portfolios LLC purchased a new position in Connect Biopharma during the 4th quarter valued at about $36,000. HRT Financial LP increased its position in Connect Biopharma by 60.5% during the 4th 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 during the period. Persistent Asset Partners Ltd purchased a new position in Connect Biopharma during the 4th quarter valued at about $76,000. XTX Topco Ltd purchased a new position in Connect Biopharma during the 2nd quarter valued at about $29,000. Finally, Royal Bank of Canada purchased a new position in Connect Biopharma during the 4th quarter valued at about $114,000. Hedge funds and other institutional investors own 58.72% of the company’s stock.

Wall Street Analysts Forecast Growth

CNTB has been the subject of a number of analyst reports. Weiss Ratings reissued a “sell (d)” rating on shares of Connect Biopharma in a research note on Monday, May 4th. BTIG Research restated a “buy” rating and set a $10.00 target price on shares of Connect Biopharma in a research report on Tuesday, March 31st. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $8.67.

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.