Connect Biopharma’s (CNTB) “Buy” Rating Reiterated at BTIG Research

Connect Biopharma (NASDAQ:CNTB)‘s stock had its “buy” rating reaffirmed by investment analysts at BTIG Research in a research report issued to clients and investors on Tuesday,Benzinga reports. They presently have a $10.00 price target on the stock. BTIG Research’s price objective suggests a potential upside of 244.83% from the company’s previous close.

Several other analysts also recently weighed in on CNTB. Wall Street Zen upgraded shares of Connect Biopharma to a “hold” rating in a research report on Saturday, December 20th. Weiss Ratings restated a “sell (d-)” rating on shares of Connect Biopharma in a report on Wednesday, January 21st. Finally, Lake Street Capital assumed coverage on shares of Connect Biopharma in a research note on Monday, December 1st. They set a “buy” rating and a $9.00 price target on the stock. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $8.67.

Connect Biopharma Stock Performance

Shares of CNTB opened at $2.90 on Tuesday. The company has a market capitalization of $162.11 million, a price-to-earnings ratio of -3.97 and a beta of -0.20. Connect Biopharma has a 52-week low of $0.51 and a 52-week high of $3.82. The company has a quick ratio of 5.48, a current ratio of 5.48 and a debt-to-equity ratio of 0.01. The stock has a 50 day moving average price of $2.68 and a 200 day moving average price of $2.30.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in CNTB. Perceptive Advisors LLC purchased a new stake in Connect Biopharma in the fourth quarter valued at approximately $2,235,000. Knott David M Jr acquired a new position in shares of Connect Biopharma in the 4th quarter valued at $564,000. Richmond Brothers Inc. acquired a new position in shares of Connect Biopharma in the 4th quarter valued at $489,000. Marshall Wace LLP raised its position in Connect Biopharma by 121.2% in the 4th quarter. Marshall Wace LLP now owns 128,368 shares of the company’s stock valued at $362,000 after purchasing an additional 70,337 shares during the last quarter. Finally, Jane Street Group LLC purchased a new stake in Connect Biopharma in the 4th quarter valued at $232,000. Institutional investors and hedge funds own 58.72% of the company’s stock.

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.