Connect Biopharma (NASDAQ:CNTB) Director James Huang Purchases 150,000 Shares

Connect Biopharma Holdings Limited Sponsored ADR (NASDAQ:CNTB) Director James Huang acquired 150,000 shares of Connect Biopharma stock in a transaction on Friday, May 29th. The shares were bought at an average cost of $2.48 per share, with a total value of $372,000.00. Following the completion of the purchase, the director owned 13,310,000 shares in the company, valued at $33,008,800. The trade was a 1.14% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which can be accessed through this link.

James Huang also recently made the following trade(s):

• On Tuesday, March 31st, James Huang acquired 1,160,000 shares of Connect Biopharma stock. The shares were bought at an average cost of $3.45 per share, with a total value of $4,002,000.00.

Connect Biopharma Stock Down 8.1%

CNTB opened at $2.15 on Wednesday. The business has a 50 day moving average price of $2.65 and a two-hundred day moving average price of $2.58. The company has a quick ratio of 3.23, a current ratio of 3.23 and a debt-to-equity ratio of 0.01. The company has a market cap of $135.36 million, a PE ratio of -1.87 and a beta of -0.22. Connect Biopharma Holdings Limited Sponsored ADR has a 52 week low of $0.73 and a 52 week high of $3.82.

Connect Biopharma (NASDAQ:CNTB) last issued its earnings results on Tuesday, May 12th. The company reported ($0.34) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.29) by ($0.05). The firm had revenue of $0.02 million during the quarter. As a group, research analysts anticipate that Connect Biopharma Holdings Limited Sponsored ADR will post -1 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the company. HRT Financial LP increased its position in shares of Connect Biopharma by 60.5% in the fourth quarter. HRT Financial LP now owns 16,785 shares of the company’s stock valued at $47,000 after buying an additional 6,328 shares in the last quarter. SmartHarvest Portfolios LLC purchased a new position in shares of Connect Biopharma in the fourth quarter valued at $36,000. Bank of America Corp DE purchased a new position in shares of Connect Biopharma in the first quarter valued at $41,000. Persistent Asset Partners Ltd purchased a new position in shares of Connect Biopharma in the fourth quarter valued at $76,000. Finally, XTX Topco Ltd purchased a new position in shares of Connect Biopharma in the second quarter valued at $29,000. Hedge funds and other institutional investors own 58.72% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on CNTB shares. Cantor Fitzgerald started coverage on Connect Biopharma in a research note on Thursday, May 21st. They set an “overweight” rating and a $4.00 target price for the company. Canaccord Genuity Group started coverage on Connect Biopharma in a research note on Tuesday, May 26th. They set a “buy” rating and a $6.00 target price for the company. BTIG Research reissued a “buy” rating and set a $10.00 target price on shares of Connect Biopharma in a research note on Tuesday, March 31st. Wall Street Zen downgraded Connect Biopharma from a “hold” rating to a “sell” rating in a research note on Saturday, May 16th. Finally, Weiss Ratings reissued a “sell (d)” rating on shares of Connect Biopharma in a research note on Monday, May 4th. One research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $7.20.

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.