Connect Biopharma (NASDAQ:CNTB) Stock Rating Lowered by Wall Street Zen

Connect Biopharma (NASDAQ:CNTB) was downgraded by investment analysts at Wall Street Zen from a “hold” rating to a “sell” rating in a research note issued to investors on Saturday, Wall Street Zen reports.

Several other research analysts have also weighed in on the stock. Canaccord Genuity Group dropped their price objective on shares of Connect Biopharma from $7.00 to $6.00 and set a “buy” rating on the stock in a research note on Wednesday, September 16th. HC Wainwright reissued a “buy” rating on shares of Connect Biopharma in a research report on Wednesday, October 28th. BTIG Research decreased their price target on shares of Connect Biopharma to $5.00 and set a “buy” rating on the stock in a research note on Wednesday, September 30th. Oppenheimer dropped their price objective on Connect Biopharma to $5.00 and set an “outperform” rating for the company in a research report on Tuesday, September 22nd. Finally, Weiss Ratings lowered Connect Biopharma from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Wednesday, October 21st. Eight analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $5.88.

Connect Biopharma Price Performance

Shares of NASDAQ CNTB opened at $0.80 on Friday. The company has a debt-to-equity ratio of 0.01, a current ratio of 2.37 and a quick ratio of 2.37. Connect Biopharma has a 1-year low of $0.73 and a 1-year high of $3.82. The stock’s 50-day moving average is $1.36 and its two-hundred day moving average is $2.19. The company has a market cap of $50.51 million, a price-to-earnings ratio of -0.67 and a beta of 0.06.

Connect Biopharma (NASDAQ:CNTB) last released its quarterly earnings data on Wednesday, August 12th. The company reported ($0.27) EPS for the quarter, topping analysts’ consensus estimates of ($0.31) by $0.04. The company had revenue of $2.75 million for the quarter, compared to analysts’ expectations of $0.74 million. Analysts forecast that Connect Biopharma will post -1.09 EPS for the current fiscal year.

Institutional Trading of Connect Biopharma

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

Connect Biopharma Company Profile

Connect Biopharma Holdings Limited is a clinical-stage biopharmaceutical company focused on developing therapies for inflammatory diseases driven by T-cell activity. The company’s research programs target conditions in immunology, including inflammatory bowel disease, atopic dermatitis and other immune-mediated disorders.

Its pipeline has included rademikibart, formerly known as CBP-201, an investigational monoclonal antibody designed to block the interleukin-4 receptor alpha pathway, and ropsacitinib, formerly known as CBP-307, an investigational oral TYK2 inhibitor.