Connect Biopharma (NASDAQ:CNTB) Upgraded by Wall Street Zen to Hold Rating

Key Points

• Wall Street Zen upgraded Connect Biopharma from “sell” to “hold,” while the broader analyst consensus remains “Moderate Buy,” with an average price target of $7.43.
• CNTB shares opened at $2.55, up 0.4%, and recently reported a quarterly loss of $0.27 per share—better than the expected $0.31 loss—alongside $2.75 million in revenue.
• Insiders own 22.6% of the company, and institutional investors hold 58.72%; director James Huang also purchased 150,000 shares for $372,000.

Connect Biopharma (NASDAQ:CNTB - Get Free Report) was upgraded by Wall Street Zen from a "sell" rating to a "hold" rating in a research note issued on Saturday.

Other equities research analysts have also issued research reports about the company. HC Wainwright restated a "buy" rating and set a $7.00 price target on shares of Connect Biopharma in a research note on Thursday, June 25th. Canaccord Genuity Group set a $7.00 price objective on shares of Connect Biopharma in a research report on Friday. Oppenheimer started coverage on shares of Connect Biopharma in a research note on Thursday, July 9th. They issued an "outperform" rating and a $8.00 target price for the company. Cantor Fitzgerald initiated coverage on shares of Connect Biopharma in a research report on Thursday, May 21st. They set an "overweight" rating and a $4.00 target price on the stock. Finally, Weiss Ratings lowered shares of Connect Biopharma from a "sell (d)" rating to a "sell (d-)" rating in a research note on Tuesday, June 30th. Seven research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $7.43.

Connect Biopharma Stock Up 0.4%

Shares of CNTB stock opened at $2.55 on Friday. Connect Biopharma has a 1-year low of $1.23 and a 1-year high of $3.82. The stock's fifty day moving average price is $2.21 and its 200 day moving average price is $2.48. The company has a debt-to-equity ratio of 0.01, a current ratio of 2.37 and a quick ratio of 3.23. The company has a market cap of $160.55 million, a price-to-earnings ratio of -2.14 and a beta of -0.23.

Connect Biopharma (NASDAQ:CNTB - Get Free Report) last announced its earnings results on Wednesday, August 12th. The company reported ($0.27) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.31) by $0.04. The business had revenue of $2.75 million for the quarter, compared to analyst estimates of $0.74 million. On average, research analysts expect that Connect Biopharma will post -1.11 earnings per share for the current fiscal year.

Insiders Place Their Bets

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

Institutional Investors Weigh In On Connect Biopharma

Institutional investors and hedge funds have recently modified their holdings of the company. ADAR1 Capital Management LLC purchased a new stake in Connect Biopharma in the first quarter valued at approximately $1,945,000. Jane Street Group LLC acquired a new stake in Connect Biopharma during the 4th quarter valued at approximately $232,000. Richmond Brothers Inc. acquired a new stake in Connect Biopharma during the 4th quarter valued at approximately $489,000. Simplify Asset Management Inc. acquired a new stake in Connect Biopharma during the 1st quarter valued at approximately $135,000. Finally, Perceptive Advisors LLC purchased a new stake in shares of Connect Biopharma in the 4th quarter valued at $2,235,000. Institutional investors and hedge funds 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