Connect Biopharma (NASDAQ:CNTB) Raised to Strong-Buy at Canaccord Genuity Group

Connect Biopharma (NASDAQ:CNTB) was upgraded by Canaccord Genuity Group to a “strong-buy” rating in a research note issued on Tuesday,Zacks.com reports.

A number of other analysts also recently issued reports on CNTB. BTIG Research reaffirmed a “buy” rating and set a $10.00 price objective on shares of Connect Biopharma in a report on Tuesday, March 31st. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Connect Biopharma in a report on Monday, May 4th. Wall Street Zen downgraded shares of Connect Biopharma from a “hold” rating to a “sell” rating in a report on Saturday, May 16th. Finally, Cantor Fitzgerald began coverage on shares of Connect Biopharma in a report on Thursday, May 21st. They set an “overweight” rating and a $4.00 price objective for the company. Two equities research analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, Connect Biopharma presently has a consensus rating of “Buy” and a consensus target price of $7.20.

Connect Biopharma Stock Performance

NASDAQ CNTB opened at $2.40 on Tuesday. Connect Biopharma has a 52-week low of $0.73 and a 52-week high of $3.82. The company has a debt-to-equity ratio of 0.01, a quick ratio of 3.23 and a current ratio of 3.23. The company has a market capitalization of $151.10 million, a P/E ratio of -2.09 and a beta of -0.21. The company has a fifty day moving average of $2.68 and a 200-day moving average of $2.56.

Connect Biopharma (NASDAQ:CNTB) last posted its quarterly earnings data on Tuesday, May 12th. The company reported ($0.34) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.29) by ($0.05). The firm had revenue of $0.02 million for the quarter. As a group, equities research analysts predict that Connect Biopharma will post -1 EPS for the current fiscal year.

Insider Buying and Selling

In other Connect Biopharma news, Director James Huang bought 1,160,000 shares of the firm’s stock in a transaction that occurred on Tuesday, March 31st. The shares were bought at an average price of $3.45 per share, for a total transaction of $4,002,000.00. Following the transaction, the director directly owned 13,160,000 shares in the company, valued at $45,402,000. This trade represents a 9.67% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 22.60% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Connect Biopharma

A number of large investors have recently added to or reduced their stakes in the business. Bank of America Corp DE purchased a new position in Connect Biopharma in the 1st quarter worth $41,000. ADAR1 Capital Management LLC purchased a new position in Connect Biopharma in the 1st quarter worth $1,945,000. Knott David M Jr raised its position in Connect Biopharma by 93.9% in the 1st quarter. Knott David M Jr now owns 387,835 shares of the company’s stock worth $1,016,000 after purchasing an additional 187,835 shares during the period. Simplify Asset Management Inc. purchased a new position in Connect Biopharma in the 1st quarter worth $135,000. Finally, Perceptive Advisors LLC purchased a new position in Connect Biopharma in the 4th quarter worth $2,235,000. Hedge funds and other institutional investors 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.