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

Key Points

• BTIG Research reaffirmed a “Buy” rating on Connect Biopharma, while analysts’ consensus is “Moderate Buy” with an average price target of $7.43.
• Connect Biopharma shares fell $0.59 to $1.14 in Tuesday trading, near the company’s 52-week low of $1.10, with trading volume substantially above average.
• The company exceeded quarterly expectations, reporting a loss of $0.27 per share versus the $0.31 consensus estimate and revenue of $2.75 million versus $0.74 million expected; institutional investors own 58.72% of the stock.

Connect Biopharma (NASDAQ:CNTB - Get Free Report)'s stock had its "buy" rating reissued by equities research analysts at BTIG Research in a report issued on Tuesday, Benzinga reports.

Other equities research analysts have also issued research reports about the stock. Canaccord Genuity Group set a $7.00 price target on shares of Connect Biopharma in a report on Friday, August 14th. Oppenheimer began coverage on shares of Connect Biopharma in a research note on Thursday, July 9th. They set an "outperform" rating and a $8.00 target price for the company. Piper Sandler started coverage on shares of Connect Biopharma in a research note on Friday, June 26th. They issued an "overweight" rating and a $7.00 price target on the stock. Weiss Ratings cut shares of Connect Biopharma from a "sell (d-)" rating to a "sell (e+)" rating in a research note on Thursday, September 3rd. Finally, HC Wainwright reissued a "buy" rating on shares of Connect Biopharma in a research note on Monday. Seven analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, Connect Biopharma presently has an average rating of "Moderate Buy" and a consensus target price of $7.43.

Connect Biopharma Price Performance

Shares of CNTB stock traded down $0.59 during mid-day trading on Tuesday, hitting $1.14. 8,221,330 shares of the stock were exchanged, compared to its average volume of 426,696. Connect Biopharma has a 52-week low of $1.10 and a 52-week high of $3.82. 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 company has a market cap of $71.48 million, a PE ratio of -0.95 and a beta of -0.23. The firm has a fifty day moving average of $2.23 and a 200 day moving average of $2.42.

Connect Biopharma (NASDAQ:CNTB - Get Free Report) last released its quarterly earnings results 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 business had revenue of $2.75 million during the quarter, compared to analyst estimates of $0.74 million. Research analysts anticipate that Connect Biopharma will post -1.1 earnings per share for the current year.

Institutional Investors Weigh In On Connect Biopharma

Several hedge funds and other institutional investors have recently bought and sold shares of CNTB. ADAR1 Capital Management LLC acquired a new position in Connect Biopharma in the first quarter valued at $1,945,000. Knott David M Jr boosted its position in shares of Connect Biopharma by 93.9% in the 1st quarter. Knott David M Jr now owns 387,835 shares of the company's stock valued at $1,016,000 after purchasing an additional 187,835 shares during the period. Richmond Brothers Inc. purchased a new position in Connect Biopharma during the 4th quarter worth approximately $489,000. Simplify Asset Management Inc. acquired a new position in Connect Biopharma during the first quarter worth approximately $135,000. Finally, Bank of America Corp DE purchased a new stake in Connect Biopharma in the first quarter valued at approximately $41,000. 58.72% of the stock is currently 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.

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