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

Canaccord Genuity Group upgraded shares of Connect Biopharma (NASDAQ:CNTB) to a strong-buy rating in a research report released on Tuesday morning,Zacks.com reports.

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

Connect Biopharma Price Performance

Shares of CNTB stock opened at $2.40 on Tuesday. The stock has a 50 day moving average of $2.68 and a two-hundred day moving average of $2.56. The company has a current ratio of 3.23, a quick ratio of 3.23 and a debt-to-equity ratio of 0.01. Connect Biopharma has a 12 month low of $0.73 and a 12 month high of $3.82. The company has a market capitalization of $151.10 million, a P/E ratio of -2.09 and a beta of -0.21.

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

Insiders Place Their Bets

In other Connect Biopharma news, Director James Huang purchased 1,160,000 shares of the company’s stock in a transaction that occurred on Tuesday, March 31st. The stock was purchased at an average cost of $3.45 per share, with a total value of $4,002,000.00. Following the acquisition, the director directly owned 13,160,000 shares of the company’s stock, valued at approximately $45,402,000. This trade represents a 9.67% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this link. 22.60% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Connect Biopharma

A number of hedge funds and other institutional investors have recently bought and sold shares of CNTB. Perceptive Advisors LLC acquired a new stake in Connect Biopharma during the 4th quarter valued at $2,235,000. ADAR1 Capital Management LLC acquired a new stake in Connect Biopharma during the 1st quarter valued at $1,945,000. Knott David M Jr acquired a new stake in Connect Biopharma during the 4th quarter valued at $564,000. Richmond Brothers Inc. acquired a new stake in Connect Biopharma during the 4th quarter valued at $489,000. Finally, Jane Street Group LLC acquired a new stake in Connect Biopharma during the 4th quarter valued at $232,000. 58.72% of the stock is owned by institutional investors and hedge funds.

About Connect Biopharma

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.