Connect Biopharma (NASDAQ:CNTB) Cut to Sell at Wall Street Zen

Wall Street Zen cut shares of Connect Biopharma (NASDAQ:CNTB) from a hold rating to a sell rating in a research note issued to investors on Saturday morning,Wall Street Zen reports.

A number of other research firms have also issued reports on CNTB. Oppenheimer lowered their price target on Connect Biopharma to $5.00 and set an “outperform” rating on the stock in a report on Tuesday, September 22nd. HC Wainwright reaffirmed a “buy” rating on shares of Connect Biopharma in a research note on Wednesday, October 28th. Leerink Partners began coverage on Connect Biopharma in a research note on Monday, October 12th. They set an “outperform” rating and a $4.00 price objective for the company. Weiss Ratings cut Connect Biopharma from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Wednesday, October 21st. Finally, Canaccord Genuity Group lowered their target price on Connect Biopharma from $7.00 to $6.00 and set a “buy” rating on the stock in a research note on Wednesday, September 16th. Eight research analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $5.88.

Connect Biopharma Stock Down 3.1%

Shares of NASDAQ:CNTB opened at $0.78 on Friday. The stock has a market cap of $48.94 million, a P/E ratio of -0.65 and a beta of -0.16. The firm has a fifty day moving average price of $1.33 and a 200 day moving average price of $2.18. The company has a debt-to-equity ratio of 0.01, a current ratio of 2.37 and a quick ratio of 2.37. Connect Biopharma has a 1-year low of $0.73 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) EPS for the quarter, beating analysts’ consensus estimates of ($0.31) by $0.04. The business had revenue of $2.75 million during the quarter, compared to analyst estimates of $0.74 million. Sell-side analysts predict that Connect Biopharma will post -1.09 EPS for the current year.

Institutional Trading of Connect Biopharma

Hedge funds have recently made changes to their positions in the company. Bank of America Corp DE acquired a new stake in shares of Connect Biopharma in the 1st quarter worth $41,000. Simplify Asset Management Inc. purchased a new stake in shares of Connect Biopharma in the first quarter valued at about $135,000. Knott David M Jr increased its stake in shares of Connect Biopharma by 93.9% during the first 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 during the period. Finally, ADAR1 Capital Management LLC acquired a new position in shares of Connect Biopharma during the first quarter worth about $1,945,000. Institutional investors and hedge funds own 58.72% of the company’s stock.

About Connect Biopharma

Connect Biopharma Holdings Limited is a clinical-stage biopharmaceutical company focused on developing therapies for inflammatory diseases driven by T-cell activity. The company’s research programs target conditions in immunology, including inflammatory bowel disease, atopic dermatitis and other immune-mediated disorders.

Its pipeline has included rademikibart, formerly known as CBP-201, an investigational monoclonal antibody designed to block the interleukin-4 receptor alpha pathway, and ropsacitinib, formerly known as CBP-307, an investigational oral TYK2 inhibitor.