Connect Biopharma (NASDAQ:CNTB) Upgraded to “Strong-Buy” at Cantor Fitzgerald

Cantor Fitzgerald upgraded shares of Connect Biopharma (NASDAQ:CNTB) to a strong-buy rating in a report published on Thursday morning,Zacks.com reports.

A number of other brokerages have also issued reports on CNTB. Wall Street Zen cut Connect Biopharma from a “hold” rating to a “sell” rating in a report on Saturday, May 16th. Weiss Ratings restated a “sell (d)” rating on shares of Connect Biopharma in a report on Monday, May 4th. Finally, BTIG Research restated a “buy” rating and issued a $10.00 price target on shares of Connect Biopharma in a report on Tuesday, March 31st. Two analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus target price of $7.50.

Connect Biopharma Price Performance

Shares of NASDAQ CNTB opened at $2.36 on Thursday. The company has a debt-to-equity ratio of 0.01, a current ratio of 3.23 and a quick ratio of 3.23. The stock has a fifty day moving average price of $2.71 and a 200 day moving average price of $2.54. Connect Biopharma has a 1-year low of $0.72 and a 1-year high of $3.82. The company has a market cap of $148.59 million, a PE ratio of -2.05 and a beta of -0.21.

Connect Biopharma (NASDAQ:CNTB) last released its quarterly earnings data on Tuesday, May 12th. The company reported ($0.34) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.29) by ($0.05). The business had revenue of $0.02 million during the quarter. Sell-side analysts forecast that Connect Biopharma will post -0.96 EPS for the current year.

Insider Buying and Selling at Connect Biopharma

In other news, Director James Huang acquired 1,160,000 shares of Connect Biopharma stock in a transaction dated Tuesday, March 31st. The shares were acquired at an average cost of $3.45 per share, with a total value of $4,002,000.00. Following the purchase, the director directly owned 13,160,000 shares of the company’s stock, valued at approximately $45,402,000. This trade represents a 9.67% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 22.60% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Connect Biopharma

Several hedge funds and other institutional investors have recently bought and sold shares of CNTB. XTX Topco Ltd acquired a new position in Connect Biopharma during the 2nd quarter worth approximately $29,000. SmartHarvest Portfolios LLC acquired a new position in shares of Connect Biopharma in the 4th quarter valued at approximately $36,000. Richmond Brothers Inc. acquired a new position in shares of Connect Biopharma in the 4th quarter valued at approximately $489,000. Knott David M Jr acquired a new position in shares of Connect Biopharma in the 4th quarter valued at approximately $564,000. Finally, HRT Financial LP raised its position 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. 58.72% of the stock is owned by institutional investors and hedge funds.

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.