HC Wainwright Reaffirms Buy Rating for Connect Biopharma (NASDAQ:CNTB)

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

CNTB has been the subject of several other reports. Wall Street Zen raised Connect Biopharma from a “sell” rating to a “hold” rating in a report on Saturday, August 15th. Leerink Partners assumed coverage on shares of Connect Biopharma in a report on Monday, October 12th. They issued an “outperform” rating and a $4.00 price objective for the company. BTIG Research dropped their target price on shares of Connect Biopharma to $5.00 and set a “buy” rating for the company in a report on Wednesday, September 30th. Canaccord Genuity Group decreased their target price on shares of Connect Biopharma from $7.00 to $6.00 and set a “buy” rating on the stock in a research report on Wednesday, September 16th. Finally, Oppenheimer dropped their price objective on Connect Biopharma to $5.00 and set an “outperform” rating for the company in a report on Tuesday, September 22nd. Eight investment analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $5.88.

Connect Biopharma Stock Down 0.2%

Shares of CNTB traded down $0.00 during mid-day trading on Wednesday, hitting $0.84. 32,489 shares of the company’s stock were exchanged, compared to its average volume of 1,413,621. Connect Biopharma has a 52 week low of $0.73 and a 52 week high of $3.82. The stock’s 50-day simple moving average is $1.45 and its 200-day simple moving average is $2.21. The firm has a market cap of $52.96 million, a price-to-earnings ratio of -0.71 and a beta of -0.16.

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

Hedge Funds Weigh In On Connect Biopharma

Hedge funds and other institutional investors have recently modified their holdings of the business. ADAR1 Capital Management LLC bought a new position in shares of Connect Biopharma during the first quarter valued at approximately $1,945,000. Knott David M Jr boosted its stake 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 acquiring an additional 187,835 shares in the last quarter. Simplify Asset Management Inc. acquired a new stake in Connect Biopharma in the first quarter valued at approximately $135,000. Finally, Bank of America Corp DE acquired a new stake in Connect Biopharma in the first quarter valued at approximately $41,000. 58.72% of the stock is currently owned by 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.