Connect Biopharma Holdings Limited Sponsored ADR (NASDAQ:CNTB) Stock Has Consensus Price Target of $5.88

Key Points

• Analyst sentiment is moderately bullish: Nine brokerages give Connect Biopharma a consensus “Moderate Buy” rating, with eight buys and one sell. The average 12-month price target is $5.88.
• The stock has declined sharply: CNTB opened at $0.80, near its 52-week low of $0.79, compared with a 52-week high of $3.82. Its market capitalization is approximately $50.3 million.
• Recent results exceeded expectations: Connect Biopharma reported quarterly revenue of $2.75 million and an adjusted loss of $0.27 per share, beating analyst estimates of $0.74 million in revenue and a $0.31-per-share loss.

Shares of Connect Biopharma Holdings Limited Sponsored ADR (NASDAQ:CNTB - Get Free Report) have earned a consensus rating of "Moderate Buy" from the nine brokerages that are covering the company, Marketbeat reports. One analyst has rated the stock with a sell recommendation and eight have issued a buy recommendation on the company. The average twelve-month target price among analysts that have updated their coverage on the stock in the last year is $5.88.

CNTB has been the topic of several research analyst reports. HC Wainwright restated a "buy" rating on shares of Connect Biopharma in a report on Thursday, October 8th. Oppenheimer cut their price target on Connect Biopharma to $5.00 and set an "outperform" rating for the company in a report on Tuesday, September 22nd. Weiss Ratings upgraded shares of Connect Biopharma from a "sell (e+)" rating to a "sell (d-)" rating in a research report on Thursday, September 24th. Wall Street Zen raised shares of Connect Biopharma from a "sell" rating to a "hold" rating in a report on Saturday, August 15th. Finally, Leerink Partners initiated coverage on shares of Connect Biopharma in a report on Monday, October 12th. They set an "outperform" rating and a $4.00 price objective on the stock.

Hedge Funds Weigh In On Connect Biopharma

Several large investors have recently bought and sold shares of CNTB. ADAR1 Capital Management LLC acquired a new stake in shares of Connect Biopharma in the 1st quarter valued at approximately $1,945,000. Knott David M Jr boosted its stake in Connect Biopharma by 93.9% during the 1st quarter. Knott David M Jr now owns 387,835 shares of the company's stock worth $1,016,000 after acquiring an additional 187,835 shares during the last quarter. Simplify Asset Management Inc. acquired a new position in Connect Biopharma during the first quarter valued at approximately $135,000. Finally, Bank of America Corp DE acquired a new position in Connect Biopharma during the first quarter valued at approximately $41,000. 58.72% of the stock is currently owned by institutional investors and hedge funds.

Connect Biopharma Trading Down 8.8%

Shares of CNTB stock opened at $0.80 on Thursday. Connect Biopharma has a 1 year low of $0.79 and a 1 year high of $3.82. The firm's fifty day simple moving average is $1.58 and its 200 day simple moving average is $2.08. The firm has a market capitalization of $50.26 million, a P/E ratio of -0.67 and a beta of -0.16. The company has a current ratio of 2.37, a quick ratio of 2.37 and a debt-to-equity ratio of 0.01.

Connect Biopharma (NASDAQ:CNTB - Get Free Report) last posted its quarterly earnings results on Wednesday, August 12th. The company reported ($0.27) earnings per share for the quarter, topping analysts' consensus estimates 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. As a group, sell-side analysts predict that Connect Biopharma will post -1.09 EPS for the current year.

Connect Biopharma Company Profile

Connect Biopharma Corp. is a clinical-stage biopharmaceutical company focused on developing therapies for chronic inflammatory diseases driven by T-cell activity. The company uses its drug-discovery platform to identify and advance small-molecule and antibody-based treatments intended to selectively regulate immune responses while limiting broader immunosuppression.

Its pipeline has included ropsacitinib, formerly known as CBP-307, an oral selective sphingosine-1-phosphate receptor 1 modulator investigated for inflammatory bowel diseases such as ulcerative colitis and Crohn's disease.

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.