Connect Biopharma (NASDAQ:CNTB) Price Target Cut to $6.00 by Analysts at Canaccord Genuity Group

Key Points

• Canaccord Genuity lowered Connect Biopharma’s price target to $6.00 from $7.00 while maintaining a “buy” rating, implying substantial upside from the stock’s $1.22 price. Analysts overall have a “Moderate Buy” consensus and an average target of $7.29.
• Connect Biopharma reported a quarterly loss of $0.27 per share, beating expectations by $0.04, while revenue of $2.75 million exceeded the $0.74 million consensus estimate.
• The stock rose 3.8% but remains near its 12-month low, with a market capitalization of approximately $76.5 million. Institutional investors and hedge funds own about 58.7% of the company.

Connect Biopharma (NASDAQ:CNTB - Get Free Report) had its price target reduced by analysts at Canaccord Genuity Group from $7.00 to $6.00 in a report released on Wednesday, Benzinga reports. The firm presently has a "buy" rating on the stock. Canaccord Genuity Group's price target points to a potential upside of 393.83% from the company's current price.

Several other equities analysts have also issued reports on the stock. Weiss Ratings lowered shares of Connect Biopharma from a "sell (d-)" rating to a "sell (e+)" rating in a report on Thursday, September 3rd. HC Wainwright reaffirmed a "buy" rating on shares of Connect Biopharma in a research report on Monday. Cantor Fitzgerald assumed coverage on Connect Biopharma in a research note on Thursday, May 21st. They set an "overweight" rating and a $4.00 price objective for the company. BTIG Research reissued a "buy" rating on shares of Connect Biopharma in a report on Tuesday. Finally, Wall Street Zen upgraded Connect Biopharma from a "sell" rating to a "hold" rating in a report on Saturday, August 15th. Seven equities research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $7.29.

Connect Biopharma Trading Up 3.8%

NASDAQ CNTB opened at $1.22 on Wednesday. The firm has a market capitalization of $76.51 million, a PE ratio of -1.03 and a beta of -0.23. The stock's 50 day moving average is $2.21 and its 200 day moving average is $2.41. Connect Biopharma has a twelve month low of $1.06 and a twelve month 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.

Connect Biopharma (NASDAQ:CNTB - Get Free Report) last announced its quarterly earnings data on Wednesday, August 12th. The company reported ($0.27) EPS for the quarter, beating the consensus estimate of ($0.31) by $0.04. The firm had revenue of $2.75 million for the quarter, compared to analysts' expectations of $0.74 million. Research analysts forecast that Connect Biopharma will post -1.1 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Connect Biopharma

Hedge funds have recently bought and sold shares of the business. Bank of America Corp DE purchased a new position in shares of Connect Biopharma during the first quarter valued at approximately $41,000. Simplify Asset Management Inc. bought a new stake in shares of Connect Biopharma during the 1st quarter valued at $135,000. Richmond Brothers Inc. purchased a new stake in shares of Connect Biopharma in the 4th quarter worth $489,000. Knott David M Jr lifted 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 purchasing an additional 187,835 shares in the last quarter. Finally, ADAR1 Capital Management LLC bought a new stake in Connect Biopharma during the first quarter valued at about $1,945,000. Hedge funds and other institutional investors own 58.72% of the company's stock.

Trending Headlines about Connect Biopharma

Here are the key news stories impacting Connect Biopharma this week:

• Positive Sentiment: Rademikibart reduced the rate of treatment failure at 28 days by 66% versus placebo and produced a rapid, statistically significant improvement in lung function by Day 7. The treatment was also reportedly well tolerated, supporting the drug’s potential in asthma patients with Type 2 inflammation. Connect Biopharma Phase 2 topline data
• Positive Sentiment: Connect Biopharma plans to review additional data from its Seabreeze STAT COPD study later this month and then seek alignment with the U.S. Food and Drug Administration on a potential Phase 3 program. Management discussed the results with investors in a follow-up conference call. Rademikibart Phase 2 results discussion
• Neutral Sentiment: BTIG Research and H.C. Wainwright reaffirmed “buy” ratings, indicating that some analysts continue to see value in rademikibart’s longer-term prospects despite the trial uncertainty. H.C. Wainwright buy rating
• Negative Sentiment: The Phase 2 study missed statistical significance on its primary endpoint. That result overshadowed the positive lung-function and treatment-failure data, raising concerns about the evidence needed to support late-stage development and contributing to selling pressure in CNTB shares. Rademikibart Phase 2 endpoint results

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.

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