Connect Biopharma (NASDAQ:CNTB) Upgraded to Hold at Wall Street Zen

Wall Street Zen upgraded shares of Connect Biopharma (NASDAQ:CNTB) to a hold rating in a report released on Saturday morning.

Other analysts have also issued research reports about the company. Lake Street Capital began 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. BTIG Research restated a “buy” rating and issued a $10.00 price objective on shares of Connect Biopharma in a report on Thursday, November 13th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Connect Biopharma in a research note on Wednesday, October 8th. One investment analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Connect Biopharma has an average rating of “Moderate Buy” and an average price target of $8.67.

Connect Biopharma Stock Down 1.3%

CNTB stock opened at $2.27 on Friday. The stock’s 50 day moving average is $2.14 and its 200-day moving average is $1.78. Connect Biopharma has a twelve month low of $0.51 and a twelve month high of $3.28. The company has a quick ratio of 5.48, a current ratio of 5.48 and a debt-to-equity ratio of 0.01. The firm has a market capitalization of $126.89 million, a PE ratio of -3.11 and a beta of -0.19.

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

Institutional Trading of Connect Biopharma

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

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.