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

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

CNTB has been the subject of several other research reports. Wall Street Zen raised Connect Biopharma from a “sell” rating to a “hold” rating in a research report on Saturday, August 15th. Weiss Ratings cut Connect Biopharma from a “sell (d-)” rating to a “sell (e+)” rating in a report on Wednesday, October 21st. Oppenheimer reduced their price objective on Connect Biopharma to $5.00 and set an “outperform” rating on the stock in a research report on Tuesday, September 22nd. BTIG Research dropped their price objective on Connect Biopharma to $5.00 and set a “buy” rating for the company in a research report on Wednesday, September 30th. Finally, Leerink Partners initiated coverage on shares of Connect Biopharma in a research note on Monday, October 12th. They issued an “outperform” rating and a $4.00 target price for the company. Eight equities research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $5.88.

Connect Biopharma Trading Down 0.8%

Shares of CNTB opened at $0.84 on Wednesday. Connect Biopharma has a 12-month low of $0.73 and a 12-month high of $3.82. The stock has a market cap of $53.06 million, a P/E ratio of -0.71 and a beta of -0.16. The company has a 50-day moving average of $1.45 and a two-hundred day moving average of $2.21.

Connect Biopharma (NASDAQ:CNTB) last released its quarterly earnings results on Wednesday, August 12th. The company reported ($0.27) EPS for the quarter, beating the consensus estimate of ($0.31) by $0.04. The business had revenue of $2.75 million during the quarter, compared to analyst estimates of $0.74 million. As a group, analysts forecast that Connect Biopharma will post -1.09 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the business. ADAR1 Capital Management LLC purchased a new stake in Connect Biopharma in the first quarter valued at approximately $1,945,000. Knott David M Jr lifted its stake in shares of Connect Biopharma by 93.9% in the 1st 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 in the last quarter. Simplify Asset Management Inc. acquired a new position in shares of Connect Biopharma in the 1st quarter valued at about $135,000. Finally, Bank of America Corp DE purchased a new stake in shares of Connect Biopharma during the 1st quarter worth about $41,000. Hedge funds and other institutional investors own 58.72% of the company’s stock.

About Connect Biopharma

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.