BTIG Research Cuts Connect Biopharma (NASDAQ:CNTB) Price Target to $5.00

Key Points

• BTIG Research lowered Connect Biopharma’s price target to $5.00 while maintaining a “buy” rating, implying roughly 305% upside from the stock’s prior close.
• Analyst sentiment remains broadly positive: seven analysts rate the stock a Buy and one rates it a Sell, producing a “Moderate Buy” consensus and an average price target of $6.14.
• Shares traded at $1.24, near the lower end of their 52-week range, while the company reported a quarterly loss of $0.27 per share but beat analyst estimates and exceeded revenue expectations.

Connect Biopharma (NASDAQ:CNTB - Get Free Report) had its target price dropped by BTIG Research to $5.00 in a report issued on Wednesday, Benzinga reports. The firm presently has a "buy" rating on the stock. BTIG Research's price target would suggest a potential upside of 304.86% from the stock's previous close.

A number of other equities analysts have also issued reports on the stock. Oppenheimer lowered their target price on shares of Connect Biopharma to $5.00 and set an "outperform" rating on the stock in a research report on Tuesday, September 22nd. Wall Street Zen upgraded shares of Connect Biopharma from a "sell" rating to a "hold" rating in a research report on Saturday, August 15th. HC Wainwright restated a "buy" rating and set a $7.00 target price on shares of Connect Biopharma in a research report on Monday, September 14th. Weiss Ratings upgraded shares of Connect Biopharma from a "sell (e+)" rating to a "sell (d-)" rating in a research report on Thursday, September 24th. Finally, Piper Sandler assumed coverage on shares of Connect Biopharma in a research report on Friday, June 26th. They set an "overweight" rating and a $7.00 target price on the stock. Seven research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, Connect Biopharma has an average rating of "Moderate Buy" and an average price target of $6.14.

Connect Biopharma Stock Performance

Shares of CNTB traded up $0.24 during mid-day trading on Wednesday, reaching $1.24. 155,390,352 shares of the company's stock were exchanged, compared to its average volume of 1,334,026. The company has a debt-to-equity ratio of 0.01, a current ratio of 2.37 and a quick ratio of 2.37. The stock has a market capitalization of $77.77 million, a PE ratio of -1.04 and a beta of -0.23. The business's fifty day simple moving average is $1.97 and its 200-day simple moving average is $2.31. Connect Biopharma has a 52-week low of $0.98 and a 52-week high of $3.82.

Connect Biopharma (NASDAQ:CNTB - Get Free Report) last announced its earnings results on Wednesday, August 12th. The company reported ($0.27) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.31) by $0.04. The business had revenue of $2.75 million for the quarter, compared to analysts' expectations of $0.74 million. On average, equities research analysts expect that Connect Biopharma will post -1.1 earnings per share for the current year.

Hedge Funds Weigh In On Connect Biopharma

Hedge funds and other institutional investors have recently bought and sold shares of the company. Bank of America Corp DE purchased a new position in Connect Biopharma in the 1st quarter valued at $41,000. Simplify Asset Management Inc. purchased a new position in Connect Biopharma in the 1st quarter valued at $135,000. Richmond Brothers Inc. purchased a new position in Connect Biopharma in the 4th quarter valued at $489,000. Knott David M Jr grew its position in 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 buying an additional 187,835 shares during the last quarter. Finally, ADAR1 Capital Management LLC acquired a new stake in Connect Biopharma in the first quarter valued at $1,945,000. 58.72% of the stock is currently owned by hedge funds and other institutional investors.

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.