Connect Biopharma (NASDAQ:CNTB) Stock Rating Reaffirmed as Buy by HC Wainwright

Connect Biopharma (NASDAQ:CNTB)‘s stock had its “buy” rating reiterated by HC Wainwright in a research report issued to clients and investors on Friday, Benzinga reports.

Several other brokerages have also issued reports on CNTB. BTIG Research lowered their price target on shares of Connect Biopharma to $5.00 and set a “buy” rating on the stock in a research note on Wednesday. Canaccord Genuity Group decreased their price objective on shares of Connect Biopharma from $7.00 to $6.00 and set a “buy” rating for the company in a research report on Wednesday, September 16th. Wall Street Zen raised shares of Connect Biopharma from a “sell” rating to a “hold” rating in a research report on Saturday, August 15th. Weiss Ratings raised shares of Connect Biopharma from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Thursday, September 24th. Finally, Piper Sandler assumed coverage on shares of Connect Biopharma in a research report on Friday, June 26th. They issued an “overweight” rating and a $7.00 price objective for the company. Seven investment analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, Connect Biopharma currently has an average rating of “Moderate Buy” and a consensus target price of $6.14.

Connect Biopharma Stock Down 5.4%

CNTB stock traded down $0.05 during midday trading on Friday, hitting $0.93. The company’s stock had a trading volume of 4,168,706 shares, compared to its average volume of 1,442,043. The company has a debt-to-equity ratio of 0.01, a current ratio of 2.37 and a quick ratio of 2.37. Connect Biopharma has a twelve month low of $0.89 and a twelve month high of $3.82. The company’s fifty day moving average price is $1.92 and its 200 day moving average price is $2.29. The stock has a market capitalization of $58.37 million, a P/E ratio of -0.78 and a beta of -0.15.

Connect Biopharma (NASDAQ:CNTB) last issued its quarterly earnings results on Wednesday, August 12th. The company reported ($0.27) earnings per share (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, equities research analysts predict that Connect Biopharma will post -1.1 EPS for the current year.

Institutional Trading of Connect Biopharma

Hedge funds and other institutional investors have recently modified their holdings of the stock. Bank of America Corp DE bought a new stake in shares of Connect Biopharma during the 1st quarter worth about $41,000. Simplify Asset Management Inc. bought a new stake in shares of Connect Biopharma during the 1st quarter worth about $135,000. Richmond Brothers Inc. bought a new stake in shares of Connect Biopharma during the 4th quarter worth about $489,000. Knott David M Jr boosted its holdings 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 worth $1,016,000 after buying an additional 187,835 shares during the period. Finally, ADAR1 Capital Management LLC bought a new stake in shares of Connect Biopharma during the 1st quarter worth about $1,945,000. Institutional investors own 58.72% of the company’s stock.

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.