HC Wainwright Reaffirms "Buy" Rating for Connect Biopharma (NASDAQ:CNTB)

Key Points

• HC Wainwright reaffirmed its “Buy” rating on Connect Biopharma, while analysts overall maintain a “Moderate Buy” consensus with an average price target of $5.88.
• Connect Biopharma shares traded at $0.84, near their 52-week low of $0.73 and well below the 50-day and 200-day moving averages of $1.42 and $2.20, respectively.
• The company reported a quarterly loss of $0.27 per share, beating estimates by $0.04, and revenue of $2.75 million versus the $0.74 million consensus estimate; institutional investors own 58.72% of the stock.

Connect Biopharma (NASDAQ:CNTB - Get Free Report)'s stock had its "buy" rating restated by equities researchers at HC Wainwright in a research note issued on Wednesday, Benzinga reports.

Several other research firms also recently weighed in on CNTB. Weiss Ratings downgraded shares of Connect Biopharma from a "sell (d-)" rating to a "sell (e+)" rating in a report on Wednesday, October 21st. Wall Street Zen raised shares of Connect Biopharma from a "sell" rating to a "hold" rating in a report on Saturday, August 15th. Canaccord Genuity Group cut their price target on shares of Connect Biopharma from $7.00 to $6.00 and set a "buy" rating for the company in a report on Wednesday, September 16th. Leerink Partners initiated coverage on shares of Connect Biopharma in a report on Monday, October 12th. They issued an "outperform" rating and a $4.00 price target for the company. Finally, Oppenheimer cut their price target on shares of Connect Biopharma to $5.00 and set an "outperform" rating for the company in a report on Tuesday, September 22nd. Eight research analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $5.88.

Connect Biopharma Stock Performance

Shares of CNTB traded down $0.01 during midday trading on Wednesday, hitting $0.84. 248,447 shares of the stock traded hands, compared to its average volume of 1,409,380. Connect Biopharma has a 1-year low of $0.73 and a 1-year high of $3.82. The firm has a market capitalization of $52.61 million, a PE ratio of -0.70 and a beta of -0.16. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.37 and a current ratio of 2.37. The business's 50 day moving average price is $1.42 and its two-hundred day moving average price is $2.20.

Connect Biopharma (NASDAQ:CNTB - Get Free Report) last announced its quarterly earnings results on Wednesday, August 12th. The company reported ($0.27) earnings per share (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 analyst estimates of $0.74 million. Equities research analysts predict that Connect Biopharma will post -1.09 EPS for the current fiscal year.

Institutional Trading of Connect Biopharma

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Bank of America Corp DE bought a new position in Connect Biopharma in the first quarter valued at about $41,000. ADAR1 Capital Management LLC bought a new position in Connect Biopharma in the first quarter valued at about $1,945,000. Knott David M Jr boosted its holdings in Connect Biopharma by 93.9% in the first 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. Finally, Simplify Asset Management Inc. bought a new position in Connect Biopharma in the first quarter valued at about $135,000. 58.72% of the stock is currently owned by institutional investors and hedge funds.

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.