Connect Biopharma (NASDAQ:CNTB) Releases Quarterly Earnings Results, Beats Expectations By $0.05 EPS

Key Points

• Connect Biopharma beat earnings expectations, reporting a quarterly loss of $0.27 per share versus the consensus estimate of a $0.32 loss.
• Shares rose to $2.33 in midday trading, while the stock remains below its 200-day moving average and has traded between $1.23 and $3.82 over the past year.
• Analyst sentiment is broadly positive, with a “Moderate Buy” consensus rating and a $7.29 average price target; insiders own 22.6% of the company, and institutional investors own 58.72%.

Connect Biopharma (NASDAQ:CNTB - Get Free Report) issued its earnings results on Wednesday. The company reported ($0.27) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.32) by $0.05, Zacks reports.

Connect Biopharma Stock Performance

Shares of NASDAQ CNTB traded up $0.09 during midday trading on Wednesday, hitting $2.33. 371,963 shares of the company's stock traded hands, compared to its average volume of 283,595. The firm has a fifty day moving average of $2.20 and a 200 day moving average of $2.48. The company has a debt-to-equity ratio of 0.01, a quick ratio of 3.23 and a current ratio of 3.23. The stock has a market capitalization of $146.71 million, a price-to-earnings ratio of -2.03 and a beta of -0.23. Connect Biopharma has a 1 year low of $1.23 and a 1 year high of $3.82.

Wall Street Analyst Weigh In

Several equities analysts have commented on the stock. Piper Sandler began coverage on shares of Connect Biopharma in a research report on Friday, June 26th. They set an "overweight" rating and a $7.00 target price on the stock. Canaccord Genuity Group assumed coverage on shares of Connect Biopharma in a research note on Tuesday, May 26th. They set a "buy" rating and a $6.00 price target on the stock. Cantor Fitzgerald assumed coverage on Connect Biopharma in a report on Thursday, May 21st. They set an "overweight" rating and a $4.00 target price for the company. Oppenheimer initiated coverage on Connect Biopharma in a research report on Thursday, July 9th. They set an "outperform" rating and a $8.00 target price for the company. Finally, HC Wainwright restated a "buy" rating and set a $7.00 price objective on shares of Connect Biopharma in a research report on Thursday, June 25th. Seven analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Connect Biopharma presently has a consensus rating of "Moderate Buy" and a consensus target price of $7.29.

Insider Activity at Connect Biopharma

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

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the stock. Perceptive Advisors LLC acquired a new position in Connect Biopharma in the 4th quarter valued at $2,235,000. Knott David M Jr purchased a new stake in Connect Biopharma during the fourth quarter worth about $564,000. Jane Street Group LLC acquired a new stake in shares of Connect Biopharma in the fourth quarter valued at $232,000. OMERS ADMINISTRATION Corp purchased a new position in Connect Biopharma in the fourth quarter worth approximately $228,000. Finally, Marshall Wace LLP boosted its position in shares of Connect Biopharma by 121.2% during the 4th quarter. Marshall Wace LLP now owns 128,368 shares of the company's stock worth $362,000 after acquiring an additional 70,337 shares in the last quarter. Hedge funds and other institutional investors own 58.72% of the company's stock.

Connect Biopharma Company Profile

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source