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

Key Points

• Connect Biopharma shares carry a consensus analyst rating of "Moderate Buy", based on nine covering firms: seven buy ratings, one strong buy, and one sell. The average 12-month price target is about $7.29.
• The stock was down 10% and opened at $2.26, well below the consensus price target. The company also reported a recent quarterly EPS miss, posting a loss of $0.34 per share versus expectations for a loss of $0.29.
• There was notable insider and institutional activity, including Director James Huang buying 150,000 shares in late May. Hedge funds and other institutional investors now own 58.72% of the stock.

Shares of Connect Biopharma Holdings Limited Sponsored ADR (NASDAQ:CNTB - Get Free Report) have been given a consensus rating of "Moderate Buy" by the nine ratings firms that are presently covering the firm, Marketbeat Ratings reports. One research analyst has rated the stock with a sell recommendation, seven have assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average 12 month price objective among brokers that have issued a report on the stock in the last year is $7.2857.

Several research firms have weighed in on CNTB. HC Wainwright restated a "buy" rating and set a $7.00 price target on shares of Connect Biopharma in a report on Thursday, June 25th. Wall Street Zen cut Connect Biopharma from a "hold" rating to a "sell" rating in a report on Sunday, June 28th. Canaccord Genuity Group initiated coverage on Connect Biopharma in a research report on Tuesday, May 26th. They set a "buy" rating and a $6.00 target price for the company. Piper Sandler initiated coverage on shares of Connect Biopharma in a report on Friday, June 26th. They issued an "overweight" rating and a $7.00 target price for the company. Finally, BTIG Research restated a "buy" rating and issued a $10.00 price target on shares of Connect Biopharma in a research report on Tuesday, March 31st.

Connect Biopharma Stock Down 10.0%

CNTB opened at $2.26 on Tuesday. The company has a market capitalization of $142.29 million, a PE ratio of -1.97 and a beta of -0.23. The firm has a 50-day simple moving average of $2.29 and a two-hundred day simple moving average of $2.52. The company has a quick ratio of 3.23, a current ratio of 3.23 and a debt-to-equity ratio of 0.01. Connect Biopharma has a 52 week low of $1.23 and a 52 week high of $3.82.

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

Insider Buying and Selling

In other Connect Biopharma news, Director James Huang acquired 150,000 shares of the company's stock in a transaction on Friday, May 29th. The stock was acquired at an average cost of $2.48 per share, with a total value of $372,000.00. Following the purchase, the director directly owned 13,310,000 shares of the company's stock, valued at approximately $33,008,800. This represents a 1.14% increase in their position. The purchase was disclosed in a document filed with the SEC, which is available through this hyperlink. 22.60% of the stock is owned by company insiders.

Institutional Trading of Connect Biopharma

Several hedge funds have recently made changes to their positions in the business. Perceptive Advisors LLC bought a new position in shares of Connect Biopharma in the 4th quarter valued at about $2,235,000. ADAR1 Capital Management LLC bought a new stake in Connect Biopharma during the first quarter worth approximately $1,945,000. Knott David M Jr increased 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 worth $1,016,000 after acquiring an additional 187,835 shares during the last quarter. Richmond Brothers Inc. purchased a new stake in Connect Biopharma during the fourth quarter valued at approximately $489,000. Finally, Marshall Wace LLP raised its position in Connect Biopharma by 121.2% during the fourth quarter. Marshall Wace LLP now owns 128,368 shares of the company's stock valued at $362,000 after purchasing an additional 70,337 shares during the period. 58.72% of the stock is currently owned by hedge funds and other institutional investors.

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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