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

Connect Biopharma (NASDAQ:CNTB)‘s stock had its “buy” rating reaffirmed by equities researchers at HC Wainwright in a report issued on Thursday,Benzinga reports. They currently have a $7.00 target price on the stock. HC Wainwright’s target price would indicate a potential upside of 230.19% from the stock’s previous close.

Other equities analysts have also issued research reports about the stock. BTIG Research reissued a “buy” rating and issued a $10.00 price target on shares of Connect Biopharma in a report on Tuesday, March 31st. Canaccord Genuity Group initiated coverage on Connect Biopharma in a research note on Tuesday, May 26th. They issued a “buy” rating and a $6.00 target price on the stock. Weiss Ratings restated a “sell (d)” rating on shares of Connect Biopharma in a research report on Monday, May 4th. Wall Street Zen raised Connect Biopharma from a “sell” rating to a “hold” rating in a research note on Saturday, June 20th. Finally, Cantor Fitzgerald initiated coverage on Connect Biopharma in a report on Thursday, May 21st. They issued an “overweight” rating and a $4.00 price objective for the company. One equities research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $7.20.

Connect Biopharma Stock Up 1.4%

Shares of NASDAQ CNTB opened at $2.12 on Thursday. The company has a current ratio of 3.23, a quick ratio of 3.23 and a debt-to-equity ratio of 0.01. The business has a 50-day moving average of $2.37 and a 200-day moving average of $2.52. The firm has a market capitalization of $133.48 million, a price-to-earnings ratio of -1.84 and a beta of -0.22. Connect Biopharma has a 12 month low of $0.91 and a 12 month high of $3.82.

Connect Biopharma (NASDAQ:CNTB) last announced its earnings results on Tuesday, May 12th. The company reported ($0.34) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.29) by ($0.05). The company had revenue of $0.02 million for the quarter. Sell-side analysts expect that Connect Biopharma will post -1 earnings per share for the current fiscal year.

Insider Buying and Selling at Connect Biopharma

In other Connect Biopharma news, Director James Huang acquired 150,000 shares of the stock in a transaction dated Friday, May 29th. The stock was purchased at an average cost of $2.48 per share, for a total transaction of $372,000.00. Following the acquisition, the director owned 13,310,000 shares in the company, valued at $33,008,800. The trade was a 1.14% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 22.60% of the company’s stock.

Hedge Funds Weigh In On Connect Biopharma

A number of large investors have recently added to or reduced their stakes in CNTB. XTX Topco Ltd bought a new stake in Connect Biopharma in the second quarter worth $29,000. SmartHarvest Portfolios LLC purchased a new position in shares of Connect Biopharma in the fourth quarter worth about $36,000. Richmond Brothers Inc. purchased a new position in shares of Connect Biopharma in the fourth quarter worth about $489,000. Knott David M Jr bought a new stake in shares of Connect Biopharma in the 4th quarter valued at about $564,000. Finally, HRT Financial LP lifted its stake 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 acquiring an additional 6,328 shares during the last quarter. Hedge funds and other institutional investors own 58.72% of the company’s stock.

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.