Connect Biopharma Holdings Limited Sponsored ADR (NASDAQ:CNTB) Given Average Rating of "Moderate Buy" by Analysts

Key Points

• Analysts maintain a “Moderate Buy” consensus on Connect Biopharma, with seven buy ratings and one sell rating. The average 12-month price target is $7.29, substantially above the stock’s reported $2.20 price.
• Director James Huang bought 150,000 shares for approximately $372,000, while insiders own 22.60% and institutional investors hold 58.72% of the company.
• Connect Biopharma reported a quarterly loss of $0.34 per share, missing the $0.29 consensus estimate, and analysts expect a full-year loss of $1.11 per share.

Connect Biopharma Holdings Limited Sponsored ADR (NASDAQ:CNTB - Get Free Report) has received a consensus rating of "Moderate Buy" from the eight research firms that are covering the company, MarketBeat Ratings reports. One investment analyst has rated the stock with a sell rating and seven have given a buy rating to the company. The average 12-month price target among analysts that have issued ratings on the stock in the last year is $7.2857.

Several research analysts have recently commented on CNTB shares. Piper Sandler started coverage on Connect Biopharma in a report on Friday, June 26th. They issued an "overweight" rating and a $7.00 price objective on the stock. HC Wainwright restated a "buy" rating and set a $7.00 price target on shares of Connect Biopharma in a research report on Thursday, June 25th. Oppenheimer assumed coverage on Connect Biopharma in a research note on Thursday, July 9th. They issued an "outperform" rating and a $8.00 price target on the stock. Cantor Fitzgerald initiated coverage on Connect Biopharma in a research report on Thursday, May 21st. They issued an "overweight" rating and a $4.00 price objective for the company. Finally, Wall Street Zen lowered Connect Biopharma from a "hold" rating to a "sell" rating in a research note on Sunday, June 28th.

Insider Activity at Connect Biopharma

In other news, Director James Huang purchased 150,000 shares of the stock in a transaction that occurred on Friday, May 29th. The stock was bought at an average cost of $2.48 per share, for a total transaction of $372,000.00. Following the acquisition, the director directly owned 13,310,000 shares of the company's stock, valued at $33,008,800. This represents a 1.14% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 22.60% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Connect Biopharma

Hedge funds have recently modified their holdings of the company. XTX Topco Ltd bought a new position in shares of Connect Biopharma during the second quarter valued at about $29,000. SmartHarvest Portfolios LLC bought a new stake in shares of Connect Biopharma in the fourth quarter worth about $36,000. Bank of America Corp DE bought a new stake in shares of Connect Biopharma in the first quarter worth about $41,000. HRT Financial LP increased its holdings in Connect Biopharma by 60.5% during the 4th quarter. HRT Financial LP now owns 16,785 shares of the company's stock valued at $47,000 after purchasing an additional 6,328 shares during the period. Finally, Persistent Asset Partners Ltd purchased a new position in Connect Biopharma during the 4th quarter valued at about $76,000. Hedge funds and other institutional investors own 58.72% of the company's stock.

Connect Biopharma Price Performance

CNTB stock opened at $2.20 on Friday. The company has a debt-to-equity ratio of 0.01, a quick ratio of 3.23 and a current ratio of 3.23. Connect Biopharma has a 52 week low of $1.23 and a 52 week high of $3.82. The firm's fifty day moving average is $2.20 and its 200 day moving average is $2.48. The firm has a market cap of $138.51 million, a P/E ratio of -1.91 and a beta of -0.23.

Connect Biopharma (NASDAQ:CNTB - Get Free Report) last issued its earnings results on Tuesday, May 12th. The company reported ($0.34) EPS for the quarter, missing analysts' consensus estimates of ($0.29) by ($0.05). The company had revenue of $0.02 million for the quarter. Research analysts predict that Connect Biopharma will post -1.11 earnings per share for the current year.

About Connect Biopharma

Connect Biopharma Holdings Ltd. is a clinical-stage biopharmaceutical company focused on the discovery and development of monoclonal antibody therapies for immune-mediated disorders. Headquartered in Singapore with a research and commercial presence in the United States, the company applies proprietary technology platforms to target novel pathways in inflammatory and autoimmune diseases.

The company's lead product candidate, CBP-201, is a fully human monoclonal antibody that antagonizes the interleukin-31 receptor, a key mediator of chronic pruritus in conditions such as atopic dermatitis and prurigo nodularis.

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