Connect Biopharma (NASDAQ:CNTB) Stock Price Up 7.4% - Still a Buy?

Key Points

• Connect Biopharma's stock price rose by 7.4% on Monday, reaching a high of $1.63 and closing at $1.60, despite a significant decline in trading volume compared to average levels.
• Analysts have issued mixed ratings for the stock, with one firm issuing a "strong buy," another a "buy," and a third recommending a "sell," leading to an average rating of "Moderate Buy" and a target price of $7.00.
• Institutional ownership of Connect Biopharma is strong, with 58.72% of the stock owned by hedge funds and institutional investors, reflecting increasing interest in the company.

Connect Biopharma Holdings Limited Sponsored ADR (NASDAQ:CNTB - Get Free Report) was up 7.4% during trading on Monday . The company traded as high as $1.63 and last traded at $1.60. Approximately 31,065 shares changed hands during trading, a decline of 66% from the average daily volume of 91,203 shares. The stock had previously closed at $1.49.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on CNTB. Wall Street Zen raised shares of Connect Biopharma to a "hold" rating in a research note on Friday, August 22nd. HC Wainwright reiterated a "buy" rating and issued a $7.00 price target on shares of Connect Biopharma in a research note on Wednesday, August 13th. Northland Capmk upgraded Connect Biopharma to a "strong-buy" rating in a research report on Tuesday, July 22nd. Finally, Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Connect Biopharma in a research note on Saturday, September 27th. One investment analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $7.00.

Connect Biopharma Stock Performance

The company has a quick ratio of 7.24, a current ratio of 7.24 and a debt-to-equity ratio of 0.01. The business's fifty day simple moving average is $1.81 and its 200-day simple moving average is $1.26.

Hedge Funds Weigh In On Connect Biopharma

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. XTX Topco Ltd purchased a new position in Connect Biopharma during the 2nd quarter valued at approximately $29,000. AlphaCore Capital LLC bought a new position in shares of Connect Biopharma during the 2nd quarter valued at approximately $78,000. Finally, Koa Wealth Management LLC purchased a new position in shares of Connect Biopharma in the second quarter valued at $49,000. 58.72% of the stock is owned by institutional investors.

Connect Biopharma Company Profile

Connect Biopharma Holdings Limited, a clinical-stage biopharmaceutical company, engages in the development of therapies for the treatment of T cell-driven inflammatory diseases. The company is building a pipeline of small molecules and antibodies using functional T cell assays to screen and discover potent product candidates against validated immune targets.

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