Connect Biopharma (NASDAQ:CNTB) Earns “Buy” Rating from HC Wainwright

Connect Biopharma (NASDAQ:CNTB)‘s stock had its “buy” rating reissued by research analysts at HC Wainwright in a research note issued on Friday, Benzinga reports.

CNTB has been the topic of a number of other reports. Oppenheimer reduced their price objective on shares of Connect Biopharma to $5.00 and set an “outperform” rating on the stock in a research note on Tuesday, September 22nd. Piper Sandler started coverage on Connect Biopharma in a research report on Friday, June 26th. They issued an “overweight” rating and a $7.00 price objective for the company. Canaccord Genuity Group cut their target price on Connect Biopharma from $7.00 to $6.00 and set a “buy” rating on the stock in a research report on Wednesday, September 16th. Wall Street Zen raised Connect Biopharma from a “sell” rating to a “hold” rating in a research note on Saturday, August 15th. Finally, BTIG Research lowered their price objective on shares of Connect Biopharma to $5.00 and set a “buy” rating for the company in a research note on Wednesday. Seven research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, Connect Biopharma presently has an average rating of “Moderate Buy” and an average price target of $6.14.

Connect Biopharma Trading Down 7.5%

Shares of NASDAQ CNTB traded down $0.07 during trading on Friday, reaching $0.91. The company had a trading volume of 3,111,690 shares, compared to its average volume of 1,435,471. The stock has a market cap of $57.05 million, a P/E ratio of -0.76 and a beta of -0.15. The company’s fifty day moving average price is $1.92 and its 200-day moving average price is $2.29. The company has a quick ratio of 2.37, a current ratio of 2.37 and a debt-to-equity ratio of 0.01. Connect Biopharma has a 12 month low of $0.92 and a 12 month high of $3.82.

Connect Biopharma (NASDAQ:CNTB) last posted its quarterly earnings data on Wednesday, August 12th. The company reported ($0.27) EPS for the quarter, topping analysts’ consensus estimates of ($0.31) by $0.04. The company had revenue of $2.75 million during the quarter, compared to analyst estimates of $0.74 million. As a group, research analysts expect that Connect Biopharma will post -1.1 earnings per share for the current year.

Institutional Investors Weigh In On Connect Biopharma

Hedge funds and other institutional investors have recently made changes to their positions in the business. Bank of America Corp DE bought a new position in Connect Biopharma in the 1st quarter valued at about $41,000. Simplify Asset Management Inc. bought a new stake in Connect Biopharma during the 1st quarter worth approximately $135,000. Richmond Brothers Inc. purchased a new stake in shares of Connect Biopharma in the fourth quarter worth approximately $489,000. Knott David M Jr lifted its holdings in shares of 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 purchasing an additional 187,835 shares in the last quarter. Finally, ADAR1 Capital Management LLC bought a new position in shares of Connect Biopharma in the first quarter valued at approximately $1,945,000. 58.72% of the stock is owned by institutional investors.

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.