Connect Biopharma Holdings Limited Sponsored ADR (NASDAQ:CNTB) Given Consensus Rating of "Moderate Buy" by Analysts

Key Points

• Analysts give Connect Biopharma a “Moderate Buy” consensus: Seven of eight analysts rate the stock a buy, while one recommends selling. The average 12-month price target is $7.43, well above the reported $2.36 share price.
• Connect Biopharma reported a quarterly loss of $0.27 per share, beating expectations for a $0.31 loss, while revenue of $2.75 million exceeded the $0.74 million consensus estimate.
• Institutional ownership stands at 58.72%: Several hedge funds recently initiated or increased positions, including ADAR1 Capital Management, Perceptive Advisors and Knott David M. Jr.

Connect Biopharma Holdings Limited Sponsored ADR (NASDAQ:CNTB - Get Free Report) has received a consensus recommendation of "Moderate Buy" from the eight research firms that are covering the stock, MarketBeat reports. One equities research analyst has rated the stock with a sell recommendation and seven have given a buy recommendation to the company. The average 1-year price target among brokers that have issued a report on the stock in the last year is $7.4286.

Several research analysts have weighed in on the stock. HC Wainwright reiterated a "buy" rating and issued a $7.00 price target on shares of Connect Biopharma in a research report on Thursday, June 25th. Wall Street Zen raised Connect Biopharma from a "sell" rating to a "hold" rating in a report on Saturday, August 15th. Weiss Ratings lowered Connect Biopharma from a "sell (d)" rating to a "sell (d-)" rating in a report on Tuesday, June 30th. Cantor Fitzgerald started coverage on Connect Biopharma in a research note on Thursday, May 21st. They issued an "overweight" rating and a $4.00 price objective on the stock. Finally, Canaccord Genuity Group set a $7.00 price objective on Connect Biopharma in a research note on Friday, August 14th.

Connect Biopharma Price Performance

NASDAQ CNTB opened at $2.36 on Wednesday. The company has a debt-to-equity ratio of 0.01, a current ratio of 2.37 and a quick ratio of 2.37. Connect Biopharma has a 1-year low of $1.23 and a 1-year high of $3.82. The stock has a market capitalization of $148.61 million, a price-to-earnings ratio of -1.98 and a beta of -0.23. The business's fifty day moving average price is $2.28 and its 200-day moving average price is $2.46.

Connect Biopharma (NASDAQ:CNTB - Get Free Report) last released its quarterly earnings results on Wednesday, August 12th. The company reported ($0.27) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.31) by $0.04. The firm had revenue of $2.75 million for the quarter, compared to the consensus estimate of $0.74 million. On average, equities analysts predict that Connect Biopharma will post -1.1 earnings per share for the current year.

Hedge Funds Weigh In On Connect Biopharma

Hedge funds have recently modified their holdings of the company. Bank of America Corp DE bought a new stake in shares of Connect Biopharma during the 1st quarter valued at $41,000. ADAR1 Capital Management LLC purchased a new position in shares of Connect Biopharma during the 1st quarter valued at $1,945,000. Knott David M Jr boosted its holdings in Connect Biopharma by 93.9% in the 1st 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 during the period. Simplify Asset Management Inc. purchased a new stake in Connect Biopharma in the 1st quarter worth $135,000. Finally, Perceptive Advisors LLC purchased a new stake in Connect Biopharma in the 4th quarter worth $2,235,000. 58.72% of the stock is currently owned by institutional investors.

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.

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