Connect Biopharma (NASDAQ:CNTB) Stock Rating Reaffirmed as Outperform by Leerink Partners

Key Points

• Leerink Partners reaffirmed its “Outperform” rating on Connect Biopharma and set a $4.00 price target, implying 359.77% potential upside from the prior close.
• Analyst sentiment remains broadly positive: eight analysts rate the stock a Buy and one rates it a Sell, producing a consensus “Moderate Buy” rating and an average price target of $5.88.
• Connect Biopharma’s shares opened at $0.87, near their 52-week low of $0.85, while the company reported a quarterly loss of $0.27 per share—better than expectations—and $2.75 million in revenue.

Connect Biopharma (NASDAQ:CNTB - Get Free Report)'s stock had its "outperform" rating restated by investment analysts at Leerink Partners in a report issued on Monday, Benzinga reports. They presently have a $4.00 price target on the stock. Leerink Partners' target price suggests a potential upside of 359.77% from the stock's previous close.

Other equities analysts have also issued reports about the company. Wall Street Zen raised Connect Biopharma from a "sell" rating to a "hold" rating in a report on Saturday, August 15th. Oppenheimer decreased their price objective on Connect Biopharma to $5.00 and set an "outperform" rating on the stock in a research note on Tuesday, September 22nd. BTIG Research decreased their price objective on Connect Biopharma to $5.00 and set a "buy" rating on the stock in a research note on Wednesday, September 30th. Canaccord Genuity Group dropped their price objective on Connect Biopharma from $7.00 to $6.00 and set a "buy" rating on the stock in a report on Wednesday, September 16th. Finally, Piper Sandler started coverage on Connect Biopharma in a research note on Friday, June 26th. They issued an "overweight" rating and a $7.00 target price for the company. Eight research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $5.88.

Connect Biopharma Price Performance

Connect Biopharma stock opened at $0.87 on Monday. Connect Biopharma has a 1-year low of $0.85 and a 1-year high of $3.82. The firm has a market capitalization of $54.78 million, a price-to-earnings ratio of -0.73 and a beta of -0.16. The company has a current ratio of 2.37, a quick ratio of 2.37 and a debt-to-equity ratio of 0.01. The firm has a 50 day simple moving average of $1.78 and a 200 day simple moving average of $2.21.

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

Institutional Trading of Connect Biopharma

Large investors have recently modified their holdings of the business. Bank of America Corp DE bought a new stake in shares of Connect Biopharma during the 1st quarter valued at about $41,000. ADAR1 Capital Management LLC bought a new position in shares of Connect Biopharma in the first quarter worth approximately $1,945,000. Knott David M Jr increased its position in shares of Connect Biopharma by 93.9% in the first quarter. Knott David M Jr now owns 387,835 shares of the company's stock worth $1,016,000 after purchasing an additional 187,835 shares during the last quarter. Finally, Simplify Asset Management Inc. bought a new position in shares of Connect Biopharma in the first quarter worth approximately $135,000. Institutional investors own 58.72% of the company's stock.

Connect Biopharma Company Profile

Connect Biopharma Corp. is a clinical-stage biopharmaceutical company focused on developing therapies for chronic inflammatory diseases driven by T-cell activity. The company uses its drug-discovery platform to identify and advance small-molecule and antibody-based treatments intended to selectively regulate immune responses while limiting broader immunosuppression.

Its pipeline has included ropsacitinib, formerly known as CBP-307, an oral selective sphingosine-1-phosphate receptor 1 modulator investigated for inflammatory bowel diseases such as ulcerative colitis and Crohn's disease.

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