Connect Biopharma (NASDAQ:CNTB) Releases Quarterly Earnings Results, Beats Expectations By $0.05 EPS

Connect Biopharma (NASDAQ:CNTB) issued its earnings results on Wednesday. The company reported ($0.27) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.32) by $0.05, Zacks reports.

Connect Biopharma Stock Performance

Shares of NASDAQ CNTB traded up $0.09 during midday trading on Wednesday, hitting $2.33. 371,963 shares of the company’s stock traded hands, compared to its average volume of 283,595. The firm has a fifty day moving average of $2.20 and a 200 day moving average of $2.48. The company has a debt-to-equity ratio of 0.01, a quick ratio of 3.23 and a current ratio of 3.23. The stock has a market capitalization of $146.71 million, a price-to-earnings ratio of -2.03 and a beta of -0.23. Connect Biopharma has a 1 year low of $1.23 and a 1 year high of $3.82.

Wall Street Analyst Weigh In

Several equities analysts have commented on the stock. Piper Sandler began coverage on shares of Connect Biopharma in a research report on Friday, June 26th. They set an “overweight” rating and a $7.00 target price on the stock. Canaccord Genuity Group assumed coverage on shares of Connect Biopharma in a research note on Tuesday, May 26th. They set a “buy” rating and a $6.00 price target on the stock. Cantor Fitzgerald assumed coverage on Connect Biopharma in a report on Thursday, May 21st. They set an “overweight” rating and a $4.00 target price for the company. Oppenheimer initiated coverage on Connect Biopharma in a research report on Thursday, July 9th. They set an “outperform” rating and a $8.00 target price for the company. Finally, HC Wainwright restated a “buy” rating and set a $7.00 price objective on shares of Connect Biopharma in a research report on Thursday, June 25th. Seven analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Connect Biopharma presently has a consensus rating of “Moderate Buy” and a consensus target price of $7.29.

Insider Activity at Connect Biopharma

In other news, Director James Huang acquired 150,000 shares of Connect Biopharma stock in a transaction on Friday, May 29th. The shares were acquired at an average price of $2.48 per share, with a total value of $372,000.00. Following the purchase, the director directly owned 13,310,000 shares in the company, valued at $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. Corporate insiders own 22.60% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the stock. Perceptive Advisors LLC acquired a new position in Connect Biopharma in the 4th quarter valued at $2,235,000. Knott David M Jr purchased a new stake in Connect Biopharma during the fourth quarter worth about $564,000. Jane Street Group LLC acquired a new stake in shares of Connect Biopharma in the fourth quarter valued at $232,000. OMERS ADMINISTRATION Corp purchased a new position in Connect Biopharma in the fourth quarter worth approximately $228,000. Finally, Marshall Wace LLP boosted its position in shares of Connect Biopharma by 121.2% during the 4th quarter. Marshall Wace LLP now owns 128,368 shares of the company’s stock worth $362,000 after acquiring an additional 70,337 shares in the last quarter. Hedge funds and other institutional investors own 58.72% of the company’s stock.

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.