Analysts Set Connect Biopharma Holdings Limited Sponsored ADR (NASDAQ:CNTB) Price Target at $8.67

Connect Biopharma Holdings Limited Sponsored ADR (NASDAQ:CNTB) has earned a consensus rating of “Moderate Buy” from the five brokerages that are presently covering the firm, Marketbeat.com reports. One research analyst has rated the stock with a sell rating, three have assigned a buy rating and one has assigned a strong buy rating to the company. The average 12 month target price among brokers that have updated their coverage on the stock in the last year is $8.6667.

A number of equities analysts have issued reports on CNTB shares. Wall Street Zen upgraded Connect Biopharma to a “hold” rating in a report on Saturday, December 20th. BTIG Research reiterated a “buy” rating and issued a $10.00 price objective on shares of Connect Biopharma in a report on Tuesday, March 31st. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Connect Biopharma in a report on Wednesday, January 21st.

Insider Transactions at Connect Biopharma

In other news, Director James Huang acquired 1,160,000 shares of the firm’s stock in a transaction on Tuesday, March 31st. The stock was acquired at an average price of $3.45 per share, for a total transaction of $4,002,000.00. Following the completion of the acquisition, the director 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 22.60% of the company’s stock.

Hedge Funds Weigh In On Connect Biopharma

Institutional investors and hedge funds have recently modified their holdings of the stock. XTX Topco Ltd bought a new position in shares of Connect Biopharma during the second quarter valued at $29,000. SmartHarvest Portfolios LLC bought a new position in shares of Connect Biopharma during the fourth quarter valued at $36,000. HRT Financial LP increased its holdings in shares of Connect Biopharma by 60.5% during the fourth quarter. HRT Financial LP now owns 16,785 shares of the company’s stock valued at $47,000 after acquiring an additional 6,328 shares in the last quarter. Persistent Asset Partners Ltd bought a new position in shares of Connect Biopharma during the fourth quarter valued at $76,000. Finally, Royal Bank of Canada bought a new position in shares of Connect Biopharma during the fourth quarter valued at $114,000. 58.72% of the stock is currently owned by institutional investors.

Connect Biopharma Price Performance

CNTB opened at $2.82 on Friday. The stock has a fifty day simple moving average of $2.72 and a two-hundred day simple moving average of $2.35. The company has a current ratio of 5.48, a quick ratio of 5.48 and a debt-to-equity ratio of 0.01. The company has a market cap of $159.39 million, a price-to-earnings ratio of -2.82 and a beta of -0.21. Connect Biopharma has a 12-month low of $0.60 and a 12-month high of $3.82.

Connect Biopharma (NASDAQ:CNTB) last posted its quarterly earnings data on Tuesday, March 31st. The company reported ($0.27) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.30) by $0.03. The firm had revenue of ($0.05) million during the quarter, compared to the consensus estimate of $0.00 million. Research analysts predict that Connect Biopharma will post -0.22 earnings per share for the current fiscal year.

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.