Connect Biopharma’s (CNTB) Buy Rating Reaffirmed at HC Wainwright

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

A number of other analysts have also weighed in on CNTB. Wall Street Zen upgraded Connect Biopharma from a “sell” rating to a “hold” rating in a research note on Saturday, August 15th. Canaccord Genuity Group lowered their target price on Connect Biopharma from $7.00 to $6.00 and set a “buy” rating for the company in a research note on Wednesday, September 16th. BTIG Research lowered their target price on Connect Biopharma to $5.00 and set a “buy” rating for the company in a research note on Wednesday, September 30th. Leerink Partners started coverage on Connect Biopharma in a research note on Monday, October 12th. They issued an “outperform” rating and a $4.00 target price for the company. Finally, Weiss Ratings lowered Connect Biopharma from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Wednesday, October 21st. Eight investment analysts have rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, Connect Biopharma currently has an average rating of “Moderate Buy” and a consensus price target of $5.88.

Connect Biopharma Stock Performance

Shares of NASDAQ CNTB traded down $0.00 during midday trading on Wednesday, reaching $0.84. 18,671 shares of the company traded hands, compared to its average volume of 1,413,572. The firm has a market cap of $53.02 million, a PE ratio of -0.71 and a beta of -0.16. The stock’s 50-day simple moving average is $1.45 and its 200-day simple moving average is $2.21. Connect Biopharma has a 12 month low of $0.73 and a 12 month high of $3.82.

Connect Biopharma (NASDAQ:CNTB) last issued its quarterly earnings data on Wednesday, August 12th. The company reported ($0.27) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.31) by $0.04. The company had revenue of $2.75 million for the quarter, compared to the consensus estimate of $0.74 million. On average, equities research analysts expect that Connect Biopharma will post -1.09 EPS for the current year.

Institutional Trading of Connect Biopharma

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. ADAR1 Capital Management LLC acquired a new stake in Connect Biopharma in the first quarter worth about $1,945,000. Knott David M Jr increased 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 worth $1,016,000 after purchasing an additional 187,835 shares during the period. Simplify Asset Management Inc. acquired a new stake in Connect Biopharma in the first quarter worth about $135,000. Finally, Bank of America Corp DE acquired a new stake in Connect Biopharma in the first quarter worth about $41,000. 58.72% of the stock is currently owned by institutional investors and hedge funds.

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.