BTIG Research Cuts Connect Biopharma (NASDAQ:CNTB) Price Target to $5.00

Connect Biopharma (NASDAQ:CNTB) had its price target decreased by stock analysts at BTIG Research to $5.00 in a report issued on Wednesday, Marketbeat.com reports. The firm presently has a “buy” rating on the stock. BTIG Research’s price objective would indicate a potential upside of 354.55% from the stock’s current price.

A number of other brokerages also recently issued reports on CNTB. Wall Street Zen upgraded shares of Connect Biopharma from a “sell” rating to a “hold” rating in a research report on Saturday, August 15th. Weiss Ratings upgraded shares of Connect Biopharma from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Thursday, September 24th. HC Wainwright restated a “buy” rating and issued a $7.00 price target on shares of Connect Biopharma in a research report on Monday, September 14th. Oppenheimer dropped their price target on shares of Connect Biopharma to $5.00 and set an “outperform” rating on the stock in a research report on Tuesday, September 22nd. Finally, Piper Sandler initiated coverage on shares of Connect Biopharma in a research report on Friday, June 26th. They issued an “overweight” rating and a $7.00 price target on the stock. Seven research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, Connect Biopharma presently has a consensus rating of “Moderate Buy” and a consensus price target of $6.14.

Connect Biopharma Trading Up 10.9%

CNTB traded up $0.11 during trading on Wednesday, reaching $1.10. 164,843,755 shares of the company’s stock were exchanged, compared to its average volume of 1,387,518. Connect Biopharma has a one year low of $0.98 and a one year high of $3.82. The company has a current ratio of 2.37, a quick ratio of 2.37 and a debt-to-equity ratio of 0.01. The stock has a market capitalization of $69.27 million, a PE ratio of -0.92 and a beta of -0.23. The firm has a fifty day moving average price of $1.97 and a two-hundred day moving average price of $2.31.

Connect Biopharma (NASDAQ:CNTB) last posted its earnings results 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 business had revenue of $2.75 million for the quarter, compared to the consensus estimate of $0.74 million. As a group, equities research analysts forecast that Connect Biopharma will post -1.1 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of the stock. Bank of America Corp DE acquired a new position in shares of Connect Biopharma during the 1st quarter valued at $41,000. Simplify Asset Management Inc. acquired a new position in shares of Connect Biopharma during the 1st quarter valued at $135,000. Richmond Brothers Inc. acquired a new position in shares of Connect Biopharma during the 4th quarter valued at $489,000. Knott David M Jr lifted its position in shares of Connect Biopharma by 93.9% during the 1st 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 during the period. Finally, ADAR1 Capital Management LLC acquired a new position in shares of Connect Biopharma during the 1st quarter valued at $1,945,000. Institutional investors and hedge funds own 58.72% of the company’s stock.

Key Stories Impacting Connect Biopharma

Here are the key news stories impacting Connect Biopharma this week:

• Positive Sentiment: Rademikibart significantly reduced treatment failure through one month by 81% compared with placebo in the global Phase 2 Seabreeze STAT study of adults with COPD exacerbations and type 2 inflammation. The result was statistically significant, with a p-value of 0.0122, strengthening the case for further development. Connect Biopharma Phase 2 COPD topline data
• Positive Sentiment: Connect Biopharma said it intends to engage the FDA regarding the design and advancement of a Phase 3 COPD program. Progress toward a late-stage trial can improve investor expectations for rademikibart’s regulatory and commercial potential. Connect Biopharma advances rademikibart toward Phase 3
• Positive Sentiment: Investors responded favorably to the data, with reports describing a sharp increase in CNTB shares and exceptionally heavy trading volume. The market reaction suggests the COPD results materially improved sentiment toward the company’s pipeline. Connect Biopharma stock rises after positive Phase 2 results
• Positive Sentiment: BTIG Research maintained a “Buy” rating and set a $5.00 price target, implying substantial potential upside from the prevailing share price, although the target was lowered. BTIG Research price target update
• Neutral Sentiment: The company’s management discussed the topline findings and next development steps, but the results remain preliminary and additional regulatory, clinical, and funding milestones will be required before a Phase 3 program can begin. Connect Biopharma Seabreeze STAT study transcript

About Connect Biopharma

Connect Biopharma Holdings Limited (NASDAQ:CNTB) is a clinical-stage biopharmaceutical company focused on developing therapies for chronic inflammatory and immune-mediated diseases. The company’s research is based on insights into T-cell biology and aims to address conditions with significant unmet medical needs, including inflammatory bowel disease and dermatological disorders.

Connect Biopharma’s pipeline has included CBP-201, an antibody targeting the interleukin-4 receptor alpha pathway, and CBP-307, an oral sphingosine-1-phosphate receptor modulator.