Connect Biopharma (NASDAQ:CNTB) Posts Quarterly Earnings Results, Beats Expectations By $0.04 EPS

Connect Biopharma (NASDAQ:CNTB) posted its earnings results on Wednesday. The company reported ($0.27) earnings per share for the quarter, beating the consensus estimate of ($0.31) by $0.04, Zacks reports. The firm had revenue of $2.75 million during the quarter, compared to analysts’ expectations of $0.74 million.

Connect Biopharma Price Performance

Shares of CNTB opened at $2.44 on Thursday. The company has a debt-to-equity ratio of 0.01, a quick ratio of 3.23 and a current ratio of 3.23. Connect Biopharma has a fifty-two week low of $1.23 and a fifty-two week high of $3.82. The firm has a 50-day simple moving average of $2.20 and a 200-day simple moving average of $2.48. The company has a market capitalization of $153.62 million, a price-to-earnings ratio of -2.12 and a beta of -0.23.

Analyst Ratings Changes

CNTB has been the topic of several research analyst reports. HC Wainwright reaffirmed a “buy” rating and set a $7.00 price target on shares of Connect Biopharma in a research report on Thursday, June 25th. Piper Sandler assumed coverage on Connect Biopharma in a report on Friday, June 26th. They issued an “overweight” rating and a $7.00 price objective for the company. Wall Street Zen lowered shares of Connect Biopharma from a “hold” rating to a “sell” rating in a research report on Sunday, June 28th. Weiss Ratings lowered shares of Connect Biopharma from a “sell (d)” rating to a “sell (d-)” rating in a research report on Tuesday, June 30th. Finally, Oppenheimer initiated coverage on shares of Connect Biopharma in a report on Thursday, July 9th. They issued an “outperform” rating and a $8.00 target price on the stock. Seven 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 company currently has an average rating of “Moderate Buy” and an average price target of $7.29.

Insider Transactions at Connect Biopharma

In related news, Director James Huang acquired 150,000 shares of Connect Biopharma stock in a transaction on Friday, May 29th. The stock was purchased at an average cost of $2.48 per share, with a total value of $372,000.00. Following the purchase, the director directly owned 13,310,000 shares in the company, valued at approximately $33,008,800. The trade was a 1.14% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 22.60% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the stock. HRT Financial LP grew its position in Connect Biopharma by 60.5% in the 4th quarter. HRT Financial LP now owns 16,785 shares of the company’s stock valued at $47,000 after buying an additional 6,328 shares during the last quarter. SmartHarvest Portfolios LLC purchased a new position in Connect Biopharma during the 4th quarter worth $36,000. Persistent Asset Partners Ltd acquired a new stake in shares of Connect Biopharma in the 4th quarter worth $76,000. XTX Topco Ltd purchased a new stake in shares of Connect Biopharma in the second quarter valued at about $29,000. Finally, Royal Bank of Canada purchased a new stake in shares of Connect Biopharma in the fourth quarter valued at about $114,000. 58.72% of the stock is currently owned by hedge funds and other institutional investors.

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.