Connect Biopharma (NASDAQ:CNTB) Receives “Buy” Rating from BTIG Research

Connect Biopharma (NASDAQ:CNTB)‘s stock had its “buy” rating restated by BTIG Research in a note issued to investors on Tuesday,Benzinga reports. They presently have a $10.00 price objective on the stock. BTIG Research’s price target suggests a potential upside of 244.83% from the company’s current price.

Several other equities analysts have also recently commented on the stock. Wall Street Zen raised shares of Connect Biopharma to a “hold” rating in a research report on Saturday, December 20th. Lake Street Capital started coverage on Connect Biopharma in a research note on Monday, December 1st. They issued a “buy” rating and a $9.00 price objective on the stock. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Connect Biopharma in a report on Wednesday, January 21st. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, Connect Biopharma presently has a consensus rating of “Moderate Buy” and an average target price of $8.67.

Connect Biopharma Trading Down 15.9%

NASDAQ CNTB opened at $2.90 on Tuesday. The company has a debt-to-equity ratio of 0.01, a quick ratio of 5.48 and a current ratio of 5.48. The firm has a market cap of $162.11 million, a price-to-earnings ratio of -3.97 and a beta of -0.20. The firm has a 50 day simple moving average of $2.68 and a 200-day simple moving average of $2.30. Connect Biopharma has a one year low of $0.51 and a one year high of $3.82.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. HRT Financial LP raised its holdings in shares of 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 purchasing an additional 6,328 shares in the last quarter. Royal Bank of Canada purchased a new stake in shares of Connect Biopharma during the 4th quarter worth $114,000. OMERS ADMINISTRATION Corp acquired a new position in shares of Connect Biopharma during the fourth quarter worth $228,000. Jane Street Group LLC purchased a new position in Connect Biopharma in the fourth quarter valued at $232,000. Finally, Marshall Wace LLP increased its holdings in Connect Biopharma by 121.2% in the fourth quarter. Marshall Wace LLP now owns 128,368 shares of the company’s stock valued at $362,000 after buying an additional 70,337 shares during the last quarter. Institutional investors and hedge funds own 58.72% of the company’s stock.

Connect Biopharma Company Profile

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.