Connect Biopharma (NASDAQ:CNTB) Raised to Hold at Wall Street Zen

Key Points

• Connect Biopharma (NASDAQ:CNTB) has been upgraded to a "hold" rating by Wall Street Zen, indicating a shift in market sentiment towards the stock.
• Analysts have a mixed view, with Northland Capital giving a "strong-buy" rating and HC Wainwright maintaining a "buy" rating with a target price of $7.00.
• Institutional investors own 58.72% of Connect Biopharma, reflecting significant interest from larger financial entities in the company's potential growth.

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

A number of other research analysts have also recently commented on the company. HC Wainwright restated a "buy" rating and issued a $7.00 target price 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 note on Tuesday, July 22nd. One analyst has rated the stock with a Strong Buy rating and one has given a Buy rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Strong Buy" and a consensus price target of $7.00.

Connect Biopharma Stock Down 1.1%

Shares of CNTB traded down $0.02 on Friday, reaching $1.76. The stock had a trading volume of 130,937 shares, compared to its average volume of 134,502. The company has a current ratio of 7.24, a quick ratio of 7.24 and a debt-to-equity ratio of 0.01. The company has a 50-day simple moving average of $1.68 and a 200-day simple moving average of $1.10. Connect Biopharma has a 12-month low of $0.51 and a 12-month high of $2.86.

Institutional Trading of Connect Biopharma

Institutional investors and hedge funds have recently modified their holdings of the business. XTX Topco Ltd bought a new stake in shares of Connect Biopharma in the 2nd quarter worth $29,000. Koa Wealth Management LLC bought a new stake in shares of Connect Biopharma in the 2nd quarter worth $49,000. Finally, AlphaCore Capital LLC bought a new stake in shares of Connect Biopharma in the 2nd quarter worth $78,000. Institutional investors own 58.72% of the company's stock.

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.