Connect Biopharma (NASDAQ:CNTB) Given “Buy” Rating at BTIG Research

Connect Biopharma (NASDAQ:CNTB)‘s stock had its “buy” rating reaffirmed by equities research analysts at BTIG Research in a research report issued to clients and investors on Tuesday, Benzinga reports.

CNTB has been the topic of a number of other research reports. Piper Sandler started coverage on Connect Biopharma in a report on Friday, June 26th. They set an “overweight” rating and a $7.00 price objective on the stock. Oppenheimer started coverage on Connect Biopharma in a report on Thursday, July 9th. They issued an “outperform” rating and a $8.00 price target for the company. Canaccord Genuity Group set a $7.00 target price on Connect Biopharma in a report on Friday, August 14th. HC Wainwright reaffirmed a “buy” rating on shares of Connect Biopharma in a research note on Monday. Finally, Cantor Fitzgerald began coverage on Connect Biopharma in a research note on Thursday, May 21st. They set an “overweight” rating and a $4.00 target price for the company. Seven research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $7.43.

Connect Biopharma Stock Performance

CNTB stock traded down $0.59 during trading on Tuesday, hitting $1.14. The company had a trading volume of 8,221,330 shares, compared to its average volume of 426,696. The firm has a 50-day moving average price of $2.23 and a 200-day moving average price of $2.42. The company has a quick ratio of 2.37, a current ratio of 2.37 and a debt-to-equity ratio of 0.01. The firm has a market cap of $71.48 million, a PE ratio of -0.95 and a beta of -0.23. Connect Biopharma has a 1-year low of $1.10 and a 1-year high of $3.82.

Connect Biopharma (NASDAQ:CNTB) last posted its quarterly earnings data on Wednesday, August 12th. The company reported ($0.27) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.31) by $0.04. The company had revenue of $2.75 million for the quarter, compared to analyst estimates of $0.74 million. On average, analysts expect that Connect Biopharma will post -1.1 earnings per share for the current year.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of CNTB. Bank of America Corp DE acquired a new stake in Connect Biopharma during the first quarter valued at $41,000. Simplify Asset Management Inc. acquired a new stake in shares of Connect Biopharma during the 1st quarter valued at about $135,000. Richmond Brothers Inc. acquired a new position in Connect Biopharma in the fourth quarter worth approximately $489,000. Knott David M Jr raised its position in Connect Biopharma by 93.9% during the first quarter. Knott David M Jr now owns 387,835 shares of the company’s stock valued at $1,016,000 after acquiring an additional 187,835 shares in the last quarter. Finally, ADAR1 Capital Management LLC bought a new position in shares of Connect Biopharma during the 1st quarter valued at $1,945,000. 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.