Connect Biopharma Holdings Limited Sponsored ADR (NASDAQ:CNTB) Receives $8.67 Average Price Target from Analysts

Connect Biopharma Holdings Limited Sponsored ADR (NASDAQ:CNTB) has earned an average rating of “Moderate Buy” from the five research firms that are covering the firm, Marketbeat.com reports. One equities research analyst has rated the stock with a sell rating, three have assigned a buy rating and one has issued a strong buy rating on the company. The average 12-month target price among brokerages that have covered the stock in the last year is $8.6667.

A number of research firms have recently issued reports on CNTB. BTIG Research reiterated a “buy” rating and issued a $10.00 price objective on shares of Connect Biopharma in a report on Thursday, November 13th. Wall Street Zen upgraded Connect Biopharma to a “hold” rating in a research report on Saturday, December 20th. Lake Street Capital started coverage on Connect Biopharma in a research note on Monday, December 1st. They issued a “buy” rating and a $9.00 target price for the company. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Connect Biopharma in a research report on Wednesday, October 8th.

Hedge Funds Weigh In On Connect Biopharma

A number of large investors have recently added to or reduced their stakes in CNTB. XTX Topco Ltd purchased a new stake in Connect Biopharma during the second quarter valued at about $29,000. Koa Wealth Management LLC bought a new stake in shares of Connect Biopharma in the 2nd quarter valued at about $49,000. Finally, AlphaCore Capital LLC bought a new stake in shares of Connect Biopharma in the 2nd quarter valued at about $78,000. Hedge funds and other institutional investors own 58.72% of the company’s stock.

Connect Biopharma Trading Up 6.4%

Shares of CNTB opened at $2.66 on Tuesday. Connect Biopharma has a 1-year low of $0.51 and a 1-year high of $3.28. The company has a market capitalization of $148.69 million, a P/E ratio of -3.64 and a beta of -0.19. The company has a debt-to-equity ratio of 0.01, a current ratio of 5.48 and a quick ratio of 5.48. The firm’s 50 day simple moving average is $2.52 and its 200 day simple moving average is $2.02.

Connect Biopharma (NASDAQ:CNTB) last announced its earnings results on Wednesday, November 12th. The company reported ($0.31) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.24) by ($0.07). Sell-side analysts forecast that Connect Biopharma will post -0.22 earnings per share for the current fiscal year.

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.