HC Wainwright Initiates Coverage on Connect Biopharma (NASDAQ:CNTB)

HC Wainwright started coverage on shares of Connect Biopharma (NASDAQ:CNTB) in a research note published on Thursday, MarketBeat reports. The brokerage issued a buy rating and a $7.00 price target on the stock.

Connect Biopharma Stock Up 11.8%

CNTB opened at $0.95 on Thursday. Connect Biopharma has a fifty-two week low of $0.51 and a fifty-two week high of $1.73. The company has a fifty day moving average of $0.77 and a two-hundred day moving average of $0.89.

Connect Biopharma (NASDAQ:CNTB) last released its quarterly earnings data on Thursday, May 15th. The company reported ($0.19) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.26) by $0.07. Sell-side analysts predict that Connect Biopharma will post -0.22 earnings per share for the current fiscal year.

Institutional Trading of Connect Biopharma

An institutional investor recently raised its position in Connect Biopharma stock. Callan Capital LLC lifted its stake in shares of Connect Biopharma Holdings Limited (NASDAQ:CNTB) by 91.3% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 80,000 shares of the company’s stock after purchasing an additional 38,177 shares during the period. Callan Capital LLC owned about 0.14% of Connect Biopharma worth $110,000 as of its most recent filing with the Securities & Exchange Commission. 58.72% of the stock is currently owned by institutional investors.

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.