Connect Biopharma (NASDAQ:CNTB) Upgraded 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.

CNTB has been the subject of a number of other reports. Weiss Ratings cut Connect Biopharma from a “sell (d)” rating to a “sell (d-)” rating in a report on Tuesday, June 30th. Cantor Fitzgerald began coverage on Connect Biopharma in a research report on Thursday, May 21st. They issued an “overweight” rating and a $4.00 price target on the stock. Oppenheimer began 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. HC Wainwright reissued a “buy” rating and set a $7.00 price objective on shares of Connect Biopharma in a report on Thursday, June 25th. Finally, 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 target price on the stock. Seven research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. According to MarketBeat.com, Connect Biopharma currently has an average rating of “Moderate Buy” and a consensus target price of $7.43.

Connect Biopharma Trading Down 2.4%

Shares of Connect Biopharma stock opened at $2.49 on Friday. Connect Biopharma has a 52-week low of $1.23 and a 52-week high of $3.82. The firm has a market capitalization of $156.77 million, a PE ratio of -2.09 and a beta of -0.23. 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 company’s fifty day moving average price is $2.22 and its two-hundred day moving average price is $2.48.

Connect Biopharma (NASDAQ:CNTB) last issued its earnings results on Wednesday, August 12th. The company reported ($0.27) earnings per share for the quarter, beating the consensus estimate of ($0.31) by $0.04. The business had revenue of $2.75 million for the quarter, compared to analyst estimates of $0.74 million. On average, analysts expect that Connect Biopharma will post -1.08 EPS for the current year.

Insider Activity

In other news, Director James Huang bought 150,000 shares of the business’s stock in a transaction dated Friday, May 29th. The stock was bought at an average price of $2.48 per share, for a total transaction of $372,000.00. Following the completion of the purchase, the director owned 13,310,000 shares of the company’s stock, valued at approximately $33,008,800. The trade was a 1.14% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 22.60% of the company’s stock.

Institutional Investors Weigh In On Connect Biopharma

A number of large investors have recently bought and sold shares of CNTB. ADAR1 Capital Management LLC acquired a new stake in Connect Biopharma during the 1st quarter valued at $1,945,000. Jane Street Group LLC acquired a new position in Connect Biopharma in the fourth quarter worth $232,000. Marshall Wace LLP increased its stake in shares of Connect Biopharma by 121.2% in the fourth quarter. Marshall Wace LLP now owns 128,368 shares of the company’s stock valued at $362,000 after buying an additional 70,337 shares in the last quarter. Perceptive Advisors LLC bought a new position in shares of Connect Biopharma in the fourth quarter valued at about $2,235,000. Finally, Knott David M Jr bought a new position in shares of Connect Biopharma in the fourth quarter valued at about $564,000. 58.72% of the stock is currently owned by institutional investors.

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.