Connect Biopharma (NASDAQ:CNTB) Earns Outperform Rating from Analysts at Oppenheimer

Key Points

• Oppenheimer initiated coverage on Connect Biopharma with an outperform rating and a $8.00 price target, implying roughly 223% upside from the prior close.
• The stock has seen mixed analyst views, but the overall consensus remains Moderate Buy with an average price target of $7.29.
• Connect Biopharma’s shares were trading around $2.47 and rose 11.4% in the session, while the company continues to report losses and recently missed earnings estimates.

Analysts at Oppenheimer initiated coverage on shares of Connect Biopharma (NASDAQ:CNTB - Get Free Report) in a note issued to investors on Thursday,Benzinga reports. The firm set an "outperform" rating and a $8.00 price target on the stock. Oppenheimer's target price would suggest a potential upside of 223.36% from the stock's previous close.

CNTB has been the topic of several other reports. Wall Street Zen lowered Connect Biopharma from a "hold" rating to a "sell" rating in a report on Sunday, June 28th. Canaccord Genuity Group began coverage on Connect Biopharma in a research report on Tuesday, May 26th. They issued a "buy" rating and a $6.00 price objective on the stock. Weiss Ratings lowered shares of Connect Biopharma from a "sell (d)" rating to a "sell (d-)" rating in a report on Tuesday, June 30th. Cantor Fitzgerald began coverage on shares of Connect Biopharma in a report on Thursday, May 21st. They set an "overweight" rating and a $4.00 target price for the company. Finally, Piper Sandler began coverage on shares of Connect Biopharma in a research note on Friday, June 26th. They issued an "overweight" rating and a $7.00 target price for the company. One equities research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $7.29.

Connect Biopharma Stock Up 11.4%

CNTB stock opened at $2.47 on Thursday. The company has a market capitalization of $155.76 million, a P/E ratio of -2.15 and a beta of -0.23. Connect Biopharma has a 12 month low of $1.09 and a 12 month high of $3.82. The firm's fifty day simple moving average is $2.29 and its 200-day simple moving average is $2.52. The company has a debt-to-equity ratio of 0.01, a current ratio of 3.23 and a quick ratio of 3.23.

Connect Biopharma (NASDAQ:CNTB - Get Free Report) last posted its earnings results on Tuesday, May 12th. The company reported ($0.34) earnings per share (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. As a group, equities research analysts forecast that Connect Biopharma will post -1.13 earnings per share for the current year.

Insider Activity at Connect Biopharma

In related news, Director James Huang bought 150,000 shares of the business's stock in a transaction dated Friday, May 29th. The stock was acquired at an average price of $2.48 per share, with a total value of $372,000.00. Following the completion of the purchase, the director directly owned 13,310,000 shares of the company's stock, valued at approximately $33,008,800. This trade represents a 1.14% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available through the SEC website. 22.60% of the stock is owned by corporate insiders.

Institutional Trading of Connect Biopharma

A number of institutional investors have recently made changes to their positions in CNTB. Perceptive Advisors LLC purchased a new stake in shares of Connect Biopharma during the fourth quarter worth approximately $2,235,000. ADAR1 Capital Management LLC acquired a new stake in Connect Biopharma during the 1st quarter worth $1,945,000. Knott David M Jr grew its holdings in shares of 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 buying an additional 187,835 shares in the last quarter. Richmond Brothers Inc. acquired a new stake in Connect Biopharma in the 4th quarter valued at about $489,000. Finally, Marshall Wace LLP boosted its stake in Connect Biopharma by 121.2% during the fourth quarter. Marshall Wace LLP now owns 128,368 shares of the company's stock worth $362,000 after buying an additional 70,337 shares during the last quarter. 58.72% of the stock is owned by institutional investors and hedge funds.

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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