Connect Biopharma (NASDAQ:CNTB) Upgraded to Strong-Buy at Canaccord Genuity Group

Connect Biopharma (NASDAQ:CNTB) was upgraded by equities research analysts at Canaccord Genuity Group to a “strong-buy” rating in a note issued to investors on Tuesday,Zacks.com reports.

Several other research analysts have also issued reports on the stock. BTIG Research reiterated a “buy” rating and issued a $10.00 target price on shares of Connect Biopharma in a research report on Tuesday, March 31st. Cantor Fitzgerald began coverage on shares of Connect Biopharma in a research report on Thursday, May 21st. They issued an “overweight” rating and a $4.00 target price for the company. Weiss Ratings reiterated a “sell (d)” rating on shares of Connect Biopharma in a research report on Monday, May 4th. Finally, Wall Street Zen lowered shares of Connect Biopharma from a “hold” rating to a “sell” rating in a research report on Saturday, May 16th. Two research analysts have rated the stock with a Strong Buy rating, four have issued a Buy rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus target price of $7.20.

Connect Biopharma Stock Performance

Connect Biopharma stock opened at $2.40 on Tuesday. The stock has a market cap of $151.10 million, a P/E ratio of -2.09 and a beta of -0.21. Connect Biopharma has a fifty-two week low of $0.73 and a fifty-two week high of $3.82. The firm’s fifty day moving average price is $2.68 and its 200-day moving average price is $2.56. The company has a debt-to-equity ratio of 0.01, a quick ratio of 3.23 and a current ratio of 3.23.

Connect Biopharma (NASDAQ:CNTB) last released its quarterly earnings results on Tuesday, May 12th. The company reported ($0.34) earnings per share for the quarter, missing the consensus estimate of ($0.29) by ($0.05). The firm had revenue of $0.02 million for the quarter. Equities research analysts forecast that Connect Biopharma will post -1 earnings per share for the current fiscal year.

Insider Transactions at Connect Biopharma

In other Connect Biopharma news, Director James Huang purchased 1,160,000 shares of the business’s stock in a transaction on Tuesday, March 31st. The stock was acquired at an average cost of $3.45 per share, for a total transaction of $4,002,000.00. Following the completion of the transaction, the director directly owned 13,160,000 shares in the company, valued at approximately $45,402,000. This represents a 9.67% increase in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Company insiders own 22.60% of the company’s stock.

Institutional Trading of Connect Biopharma

Several institutional investors have recently added to or reduced their stakes in CNTB. XTX Topco Ltd purchased a new stake in Connect Biopharma during the second quarter valued at about $29,000. SmartHarvest Portfolios LLC purchased a new stake in Connect Biopharma during the fourth quarter valued at about $36,000. Richmond Brothers Inc. purchased a new stake in Connect Biopharma during the fourth quarter valued at about $489,000. Knott David M Jr purchased a new stake in Connect Biopharma during the fourth quarter valued at about $564,000. Finally, HRT Financial LP boosted its position in Connect Biopharma by 60.5% during the fourth quarter. HRT Financial LP now owns 16,785 shares of the company’s stock valued at $47,000 after buying an additional 6,328 shares during the period. 58.72% of the stock is currently owned by hedge funds and other institutional investors.

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.