Connect Biopharma (NASDAQ:CNTB) Stock Moved Down to "Sell" by Wall Street Zen

Key Points

• Wall Street Zen downgraded Connect Biopharma to “Sell” from “Hold,” despite broader analyst sentiment remaining “Moderate Buy,” with eight Buy ratings and one Sell rating.
• CNTB shares fell 4.0% to open at $0.80, near their 52-week low of $0.73; the stock’s 50-day and 200-day moving averages were $1.36 and $2.19, respectively.
• Connect Biopharma reported a quarterly loss of $0.27 per share, beating estimates by $0.04, while revenue of $2.75 million exceeded expectations of $0.74 million. Institutional investors own approximately 58.72% of the company.

Connect Biopharma (NASDAQ:CNTB - Get Free Report) was downgraded by equities researchers at Wall Street Zen from a "hold" rating to a "sell" rating in a research note issued on Saturday, Wall Street Zen reports.

CNTB has been the topic of several other research reports. Leerink Partners initiated coverage on shares of Connect Biopharma in a research note on Monday, October 12th. They set an "outperform" rating and a $4.00 price target on the stock. Oppenheimer decreased their price objective on shares of Connect Biopharma to $5.00 and set an "outperform" rating for the company in a research report on Tuesday, September 22nd. BTIG Research lowered their target price on Connect Biopharma to $5.00 and set a "buy" rating for the company in a research note on Wednesday, September 30th. Canaccord Genuity Group lowered their target price on Connect Biopharma from $7.00 to $6.00 and set a "buy" rating for the company in a research note on Wednesday, September 16th. Finally, Weiss Ratings lowered Connect Biopharma from a "sell (d-)" rating to a "sell (e+)" rating in a research report on Wednesday, October 21st. Eight research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, Connect Biopharma has an average rating of "Moderate Buy" and an average price target of $5.88.

Connect Biopharma Trading Down 4.0%

CNTB opened at $0.80 on Friday. The firm has a market capitalization of $50.52 million, a P/E ratio of -0.67 and a beta of -0.16. The firm's 50 day moving average is $1.36 and its 200-day moving average is $2.19. Connect Biopharma has a 52-week low of $0.73 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.

Connect Biopharma (NASDAQ:CNTB - Get Free Report) last announced its earnings results on Wednesday, August 12th. The company reported ($0.27) earnings per share for the quarter, beating the consensus estimate of ($0.31) by $0.04. The firm had revenue of $2.75 million during the quarter, compared to analysts' expectations of $0.74 million. Analysts expect that Connect Biopharma will post -1.09 EPS for the current fiscal year.

Institutional Trading of Connect Biopharma

Hedge funds have recently made changes to their positions in the stock. ADAR1 Capital Management LLC acquired a new stake in Connect Biopharma in the first quarter valued at $1,945,000. Knott David M Jr boosted its stake in Connect Biopharma by 93.9% during the 1st quarter. Knott David M Jr now owns 387,835 shares of the company's stock valued at $1,016,000 after acquiring an additional 187,835 shares during the last quarter. Simplify Asset Management Inc. bought a new position in Connect Biopharma during the 1st quarter valued at $135,000. Finally, Bank of America Corp DE acquired a new position in Connect Biopharma during the 1st quarter worth $41,000. 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.

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