Connect Biopharma Holdings Limited Sponsored ADR (NASDAQ:CNTB) Given Average Rating of “Moderate Buy” by Brokerages

Shares of Connect Biopharma Holdings Limited Sponsored ADR (NASDAQ:CNTB) have been given an average recommendation of “Moderate Buy” by the nine ratings firms that are covering the firm, Marketbeat.com reports. One equities research analyst has rated the stock with a sell recommendation, seven have given a buy recommendation and one has issued a strong buy recommendation on the company. The average twelve-month target price among analysts that have covered the stock in the last year is $7.2857.

CNTB has been the subject of several analyst reports. Canaccord Genuity Group initiated coverage on shares of Connect Biopharma in a report on Tuesday, May 26th. They issued a “buy” rating and a $6.00 target price for the company. Cantor Fitzgerald initiated coverage on shares of Connect Biopharma in a report on Thursday, May 21st. They set an “overweight” rating and a $4.00 price target on the stock. Weiss Ratings lowered shares of Connect Biopharma from a “sell (d)” rating to a “sell (d-)” rating in a research report on Tuesday, June 30th. Oppenheimer started coverage on shares of Connect Biopharma in a research note on Thursday, July 9th. They issued an “outperform” rating and a $8.00 price objective for the company. Finally, HC Wainwright restated a “buy” rating and set a $7.00 target price on shares of Connect Biopharma in a research report on Thursday, June 25th.

Connect Biopharma Stock Down 10.0%

Shares of CNTB opened at $2.26 on Tuesday. The company has a market cap of $142.29 million, a PE ratio of -1.97 and a beta of -0.23. The business has a fifty day moving average of $2.29 and a 200 day moving average of $2.52. Connect Biopharma has a 52-week low of $1.23 and a 52-week high of $3.82. The company has a quick ratio of 3.23, a current ratio of 3.23 and a debt-to-equity ratio of 0.01.

Connect Biopharma (NASDAQ:CNTB) last posted its quarterly earnings data on Tuesday, May 12th. The company reported ($0.34) EPS for the quarter, missing the consensus estimate of ($0.29) by ($0.05). The business had revenue of $0.02 million for the quarter. On average, sell-side analysts expect that Connect Biopharma will post -1.11 EPS for the current year.

Insider Activity

In other Connect Biopharma news, Director James Huang purchased 150,000 shares of the firm’s stock in a transaction that occurred on Friday, May 29th. The stock was purchased at an average cost of $2.48 per share, with a total value of $372,000.00. Following the purchase, the director owned 13,310,000 shares of the company’s stock, valued at approximately $33,008,800. The trade was a 1.14% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 22.60% of the company’s stock.

Institutional Trading of Connect Biopharma

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Perceptive Advisors LLC bought a new stake in shares of Connect Biopharma during the fourth quarter worth $2,235,000. ADAR1 Capital Management LLC purchased a new stake in shares of Connect Biopharma during the first quarter valued at $1,945,000. Knott David M Jr grew its holdings in shares of Connect Biopharma by 93.9% in the first 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 last quarter. Richmond Brothers Inc. purchased a new position in Connect Biopharma in the 4th quarter worth about $489,000. Finally, Marshall Wace LLP increased its stake in Connect Biopharma by 121.2% in the 4th quarter. Marshall Wace LLP now owns 128,368 shares of the company’s stock worth $362,000 after buying an additional 70,337 shares during the period. 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.