Lake Street Capital Initiates Coverage on Connect Biopharma (NASDAQ:CNTB)

Lake Street Capital assumed coverage on shares of Connect Biopharma (NASDAQ:CNTB) in a note issued to investors on Monday, MarketBeat reports. The brokerage set a “buy” rating and a $9.00 price target on the stock. Lake Street Capital’s price target suggests a potential upside of 238.35% from the company’s current price.

Other equities research analysts also recently issued reports about the company. HC Wainwright restated a “buy” rating and set a $7.00 price target on shares of Connect Biopharma in a research note on Wednesday, August 13th. Wall Street Zen upgraded shares of Connect Biopharma to a “hold” rating in a research report on Friday, August 22nd. BTIG Research reaffirmed a “buy” rating and set a $10.00 target price on shares of Connect Biopharma in a report on Thursday, November 13th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Connect Biopharma in a research note on Wednesday, October 8th. One investment analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, Connect Biopharma has an average rating of “Moderate Buy” and an average target price of $8.67.

Connect Biopharma Trading Down 4.0%

NASDAQ:CNTB opened at $2.66 on Monday. The company has a 50 day simple moving average of $1.94 and a two-hundred day simple moving average of $1.64. The company has a market cap of $148.69 million, a PE ratio of -3.64 and a beta of -0.19. The company has a current ratio of 5.48, a quick ratio of 5.48 and a debt-to-equity ratio of 0.01. Connect Biopharma has a 12 month low of $0.51 and a 12 month high of $3.28.

Connect Biopharma (NASDAQ:CNTB) last released its quarterly earnings results on Wednesday, November 12th. The company reported ($0.31) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.24) by ($0.07). Research analysts forecast that Connect Biopharma will post -0.22 earnings per share for the current year.

Institutional Trading of Connect Biopharma

A number of hedge funds and other institutional investors have recently modified their holdings of the company. AlphaCore Capital LLC purchased a new position in shares of Connect Biopharma during the 2nd quarter valued at $78,000. Koa Wealth Management LLC purchased a new position in shares of Connect Biopharma in the second quarter valued at about $49,000. Finally, XTX Topco Ltd purchased a new position in shares of Connect Biopharma in the second quarter valued at about $29,000. 58.72% of the stock is owned by hedge funds and other institutional investors.

Connect Biopharma Company Profile

Connect Biopharma Holdings Limited, a clinical-stage biopharmaceutical company, engages in the development of therapies for the treatment of T cell-driven inflammatory diseases. The company is building a pipeline of small molecules and antibodies using functional T cell assays to screen and discover potent product candidates against validated immune targets.