Connect Biopharma’s (CNTB) Buy Rating Reiterated at BTIG Research

BTIG Research reaffirmed their buy rating on shares of Connect Biopharma (NASDAQ:CNTB) in a report published on Tuesday morning,Benzinga reports.

CNTB has been the topic of a number of other research reports. Oppenheimer initiated coverage on Connect Biopharma in a research report on Thursday, July 9th. They set an “outperform” rating and a $8.00 price target on the stock. Cantor Fitzgerald started coverage on Connect Biopharma in a research report on Thursday, May 21st. They issued an “overweight” rating and a $4.00 price objective for the company. Piper Sandler assumed coverage on Connect Biopharma in a research note on Friday, June 26th. They set an “overweight” rating and a $7.00 target price for the company. Canaccord Genuity Group set a $7.00 target price on Connect Biopharma in a research note on Friday, August 14th. Finally, HC Wainwright restated a “buy” rating and set a $7.00 target price on shares of Connect Biopharma in a report on Monday. Seven analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $7.29.

Connect Biopharma Price Performance

Shares of CNTB stock opened at $1.29 on Tuesday. The company has a quick ratio of 2.37, a current ratio of 2.37 and a debt-to-equity ratio of 0.01. Connect Biopharma has a 12-month low of $1.06 and a 12-month high of $3.82. The firm has a fifty day moving average of $2.16 and a 200-day moving average of $2.39. The firm has a market capitalization of $81.23 million, a price-to-earnings ratio of -1.08 and a beta of -0.23.

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

Institutional Trading of Connect Biopharma

Several hedge funds and other institutional investors have recently modified their holdings of CNTB. ADAR1 Capital Management LLC acquired a new position in Connect Biopharma during the 1st quarter worth approximately $1,945,000. Knott David M Jr grew its stake in shares of Connect Biopharma by 93.9% during the 1st quarter. Knott David M Jr now owns 387,835 shares of the company’s stock worth $1,016,000 after acquiring an additional 187,835 shares in the last quarter. Richmond Brothers Inc. acquired a new stake in shares of Connect Biopharma in the fourth quarter valued at approximately $489,000. Simplify Asset Management Inc. acquired a new stake in shares of Connect Biopharma in the first quarter valued at approximately $135,000. Finally, Bank of America Corp DE bought a new stake in shares of Connect Biopharma in the first quarter worth $41,000. Institutional investors and hedge funds own 58.72% of the company’s stock.

Connect Biopharma Company Profile

Connect Biopharma Holdings Limited (NASDAQ:CNTB) is a clinical-stage biopharmaceutical company focused on developing therapies for chronic inflammatory and immune-mediated diseases. The company’s research is based on insights into T-cell biology and aims to address conditions with significant unmet medical needs, including inflammatory bowel disease and dermatological disorders.

Connect Biopharma’s pipeline has included CBP-201, an antibody targeting the interleukin-4 receptor alpha pathway, and CBP-307, an oral sphingosine-1-phosphate receptor modulator.