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

Connect Biopharma (NASDAQ:CNTB - Get Free Report)'s stock had its "buy" rating reiterated by analysts at HC Wainwright in a report released on Friday, Benzinga reports.

Several other research firms have also recently commented on CNTB. Piper Sandler initiated coverage on shares of Connect Biopharma in a research note on Friday, June 26th. They set an "overweight" rating and a $7.00 target price on the stock. BTIG Research reduced their price target on shares of Connect Biopharma to $5.00 and set a "buy" rating for the company in a research note on Wednesday. Wall Street Zen upgraded shares of Connect Biopharma from a "sell" rating to a "hold" rating in a report on Saturday, August 15th. Oppenheimer dropped their target price on Connect Biopharma to $5.00 and set an "outperform" rating on the stock in a report on Tuesday, September 22nd. Finally, Canaccord Genuity Group cut their target price on Connect Biopharma from $7.00 to $6.00 and set a "buy" rating for the company in a research report on Wednesday, September 16th. Seven research analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $6.14.

Connect Biopharma Trading Down 10.9%

Shares of CNTB stock opened at $0.98 on Friday. Connect Biopharma has a 1 year low of $0.94 and a 1 year high of $3.82. The firm has a market capitalization of $61.69 million, a PE ratio of -0.82 and a beta of -0.15. The stock has a fifty day moving average of $1.92 and a two-hundred day moving average of $2.29. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.37 and a current ratio of 2.37.

Connect Biopharma (NASDAQ:CNTB - Get Free Report) last issued its quarterly earnings results on Wednesday, August 12th. The company reported ($0.27) 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 analyst estimates of $0.74 million. As a group, research analysts expect that Connect Biopharma will post -1.1 EPS for the current year.

Hedge Funds Weigh In On Connect Biopharma

Several large investors have recently made changes to their positions in the business. ADAR1 Capital Management LLC acquired a new position in shares of Connect Biopharma in the 1st quarter worth approximately $1,945,000. Knott David M Jr lifted its stake 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 during the last quarter. Richmond Brothers Inc. bought a new stake in Connect Biopharma during the fourth quarter worth approximately $489,000. Simplify Asset Management Inc. bought a new stake in Connect Biopharma during the first quarter worth approximately $135,000. Finally, Bank of America Corp DE acquired a new position in Connect Biopharma in the first quarter worth approximately $41,000. Institutional investors own 58.72% of the company's stock.

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.