Connect Biopharma Holdings Limited Sponsored ADR (NASDAQ:CNTB) Stock Has Consensus Price Target of $6.86

Shares of Connect Biopharma Holdings Limited Sponsored ADR (NASDAQ:CNTB) have earned an average rating of “Moderate Buy” from the eight brokerages that are currently covering the stock, Marketbeat reports. One research analyst has rated the stock with a sell recommendation and seven have given a buy recommendation to the company. The average 12 month target price among brokers that have updated their coverage on the stock in the last year is $6.86.

A number of research analysts recently commented on the company. Weiss Ratings raised Connect Biopharma from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Thursday, September 24th. BTIG Research restated a “buy” rating on shares of Connect Biopharma in a research report on Tuesday, September 15th. HC Wainwright reissued a “buy” rating and issued a $7.00 price objective on shares of Connect Biopharma in a research note on Monday, September 14th. Piper Sandler started coverage on shares of Connect Biopharma in a research report on Friday, June 26th. They set an “overweight” rating and a $7.00 price objective for the company. Finally, Wall Street Zen raised Connect Biopharma from a “sell” rating to a “hold” rating in a report on Saturday, August 15th.

Connect Biopharma Trading Down 8.1%

Shares of NASDAQ:CNTB opened at $0.99 on Friday. The business’s 50 day simple moving average is $1.97 and its 200 day simple moving average is $2.31. Connect Biopharma has a 1 year low of $0.98 and a 1 year high of $3.82. The company has a debt-to-equity ratio of 0.01, a current ratio of 2.37 and a quick ratio of 2.37. The company has a market capitalization of $62.47 million, a P/E ratio of -0.83 and a beta of -0.23.

Connect Biopharma (NASDAQ:CNTB) last released its earnings results on Wednesday, August 12th. The company reported ($0.27) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.31) by $0.04. The company had revenue of $2.75 million for the quarter, compared to the consensus estimate of $0.74 million. On average, research analysts anticipate that Connect Biopharma will post -1.1 EPS for the current fiscal year.

Institutional Trading of Connect Biopharma

Several large investors have recently bought and sold shares of CNTB. ADAR1 Capital Management LLC acquired a new position in Connect Biopharma during the first quarter worth about $1,945,000. Knott David M Jr grew its stake in shares of Connect Biopharma by 93.9% during the first quarter. Knott David M Jr now owns 387,835 shares of the company’s stock worth $1,016,000 after buying an additional 187,835 shares during the last quarter. Richmond Brothers Inc. acquired a new stake in shares of Connect Biopharma during the 4th quarter valued at $489,000. Simplify Asset Management Inc. bought a new stake in Connect Biopharma during the 1st quarter worth $135,000. Finally, Bank of America Corp DE bought a new position in Connect Biopharma in the first quarter valued at about $41,000. 58.72% of the stock is owned by institutional investors and hedge funds.

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.