Connect Biopharma (NASDAQ:CNTB) Stock Price Down 3.8% – What’s Next?

Connect Biopharma Holdings Limited Sponsored ADR (NASDAQ:CNTB)’s share price fell 3.8% during mid-day trading on Tuesday . The stock traded as low as $1.50 and last traded at $1.54. 57,570 shares changed hands during mid-day trading, a decline of 36% from the average session volume of 89,936 shares. The stock had previously closed at $1.60.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on CNTB. Wall Street Zen raised shares of Connect Biopharma to a “hold” rating in a research report on Friday, August 22nd. HC Wainwright reissued a “buy” rating and issued a $7.00 price objective on shares of Connect Biopharma in a research report on Wednesday, August 13th. Weiss Ratings reissued a “sell (d-)” rating on shares of Connect Biopharma in a research report on Wednesday, October 8th. Finally, Northland Capmk raised shares of Connect Biopharma to a “strong-buy” rating in a research report on Tuesday, July 22nd. One analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $7.00.

Connect Biopharma Price Performance

The firm’s 50-day moving average price is $1.71 and its two-hundred day moving average price is $1.38. The stock has a market cap of $85.81 million, a PE ratio of -3.67 and a beta of -0.15. The company has a current ratio of 7.24, a quick ratio of 7.24 and a debt-to-equity ratio of 0.01.

Institutional Investors Weigh In On Connect Biopharma

Several hedge funds have recently modified their holdings of CNTB. Koa Wealth Management LLC purchased a new stake in shares of Connect Biopharma in the 2nd quarter worth approximately $49,000. AlphaCore Capital LLC purchased a new stake in Connect Biopharma during the second quarter valued at approximately $78,000. Finally, XTX Topco Ltd purchased a new stake in Connect Biopharma during the second quarter valued at approximately $29,000. Hedge funds and other institutional investors own 58.72% of the company’s stock.

Connect Biopharma Company Profile

Connect Biopharma Holdings Limited, a clinical-stage biopharmaceutical company, engages in the development of therapies for the treatment of T cell-driven inflammatory diseases. The company is building a pipeline of small molecules and antibodies using functional T cell assays to screen and discover potent product candidates against validated immune targets.