Connect Biopharma (NASDAQ:CNTB) Stock Rating Reaffirmed as Buy by HC Wainwright

Connect Biopharma (NASDAQ:CNTB)‘s stock had its “buy” rating reiterated by equities researchers at HC Wainwright in a report issued on Wednesday, Benzinga reports.

A number of other equities analysts also recently issued reports on CNTB. Weiss Ratings downgraded Connect Biopharma from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Wednesday, October 21st. Oppenheimer lowered their target price on Connect Biopharma to $5.00 and set an “outperform” rating on the stock in a report on Tuesday, September 22nd. Leerink Partners initiated coverage on Connect Biopharma in a report on Monday, October 12th. They set an “outperform” rating and a $4.00 target price on the stock. BTIG Research decreased their price objective on Connect Biopharma to $5.00 and set a “buy” rating on the stock in a report on Wednesday, September 30th. Finally, Canaccord Genuity Group decreased their price objective on Connect Biopharma from $7.00 to $6.00 and set a “buy” rating on the stock in a report on Wednesday, September 16th. Eight investment analysts have rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $5.88.

Connect Biopharma Stock Performance

NASDAQ:CNTB opened at $0.84 on Wednesday. The stock has a 50-day simple moving average of $1.45 and a 200-day simple moving average of $2.21. The stock has a market cap of $53.06 million, a P/E ratio of -0.71 and a beta of -0.16. Connect Biopharma has a 1 year low of $0.73 and a 1 year high of $3.82.

Connect Biopharma (NASDAQ:CNTB) last released its quarterly earnings data on Wednesday, August 12th. The company reported ($0.27) earnings per share (EPS) for the quarter, topping 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, equities research analysts predict that Connect Biopharma will post -1.09 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. ADAR1 Capital Management LLC purchased a new position in Connect Biopharma in the first quarter valued at about $1,945,000. Knott David M Jr raised its position in Connect Biopharma by 93.9% in the first quarter. Knott David M Jr now owns 387,835 shares of the company’s stock valued at $1,016,000 after purchasing an additional 187,835 shares during the period. Simplify Asset Management Inc. purchased a new position in Connect Biopharma in the first quarter valued at about $135,000. Finally, Bank of America Corp DE purchased a new position in Connect Biopharma in the first quarter valued at about $41,000. 58.72% of the stock is owned by hedge funds and other institutional investors.

Connect Biopharma Company Profile

Connect Biopharma Holdings Limited is a clinical-stage biopharmaceutical company focused on developing therapies for inflammatory diseases driven by T-cell activity. The company’s research programs target conditions in immunology, including inflammatory bowel disease, atopic dermatitis and other immune-mediated disorders.

Its pipeline has included rademikibart, formerly known as CBP-201, an investigational monoclonal antibody designed to block the interleukin-4 receptor alpha pathway, and ropsacitinib, formerly known as CBP-307, an investigational oral TYK2 inhibitor.