Connect Biopharma (NASDAQ:CNTB) Raised to “Hold” at Wall Street Zen

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

Several other equities analysts have also recently weighed in on CNTB. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Connect Biopharma in a research note on Wednesday, October 8th. Lake Street Capital began coverage on shares of Connect Biopharma in a report on Monday, December 1st. They set a “buy” rating and a $9.00 price target for the company. Finally, BTIG Research reiterated a “buy” rating and issued a $10.00 price objective on shares of Connect Biopharma in a research note on Thursday, November 13th. One analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $8.67.

Connect Biopharma Price Performance

CNTB opened at $2.27 on Friday. The firm has a market capitalization of $126.89 million, a P/E ratio of -3.11 and a beta of -0.19. The stock has a fifty day moving average of $2.14 and a 200-day moving average of $1.79. The company has a quick ratio of 5.48, a current 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 issued its quarterly earnings results on Wednesday, November 12th. The company reported ($0.31) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.24) by ($0.07). Equities analysts forecast that Connect Biopharma will post -0.22 EPS for the current fiscal year.

Institutional Trading of Connect Biopharma

A number of institutional investors have recently added to or reduced their stakes in the business. XTX Topco Ltd bought a new stake in Connect Biopharma in the second quarter worth approximately $29,000. Koa Wealth Management LLC acquired a new stake in shares of Connect Biopharma in the 2nd quarter valued at $49,000. Finally, AlphaCore Capital LLC bought a new stake in Connect Biopharma in the second quarter worth $78,000. 58.72% of the stock is currently owned by institutional investors and hedge funds.

Connect Biopharma Company Profile

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.