Connect Biopharma Holdings Limited Sponsored ADR (NASDAQ:CNTB) Stock Has Consensus Price Target of $6.86 According to Brokerages

Key Points

• Analyst sentiment is moderately bullish: Eight analysts rate Connect Biopharma a consensus “Moderate Buy,” with seven buy ratings and one sell rating. The average 12-month price target is $6.86, well above the stock’s reported $1.08 price.
• Institutional ownership is significant: Hedge funds and other institutional investors own 58.72% of CNTB, with several investors recently initiating or increasing positions.
• The company remains financially challenged but exceeded quarterly estimates: Connect Biopharma reported a quarterly loss of $0.27 per share versus the expected $0.31 loss and revenue of $2.75 million versus the $0.74 million consensus estimate. Analysts expect a full-year loss of approximately $1.10 per share.

Connect Biopharma Holdings Limited Sponsored ADR (NASDAQ:CNTB - Get Free Report) has been given a consensus rating of "Moderate Buy" by the eight analysts that are presently covering the company, MarketBeat Ratings reports. One research analyst has rated the stock with a sell rating and seven have given a buy rating to the company. The average 1 year price target among brokerages that have issued ratings on the stock in the last year is $6.86.

Several brokerages have recently commented on CNTB. Piper Sandler began coverage on Connect Biopharma in a report on Friday, June 26th. They set an "overweight" rating and a $7.00 price objective for the company. Oppenheimer dropped their target price on shares of Connect Biopharma to $5.00 and set an "outperform" rating for the company in a research report on Tuesday. Canaccord Genuity Group cut their price target on shares of Connect Biopharma from $7.00 to $6.00 and set a "buy" rating for the company in a research note on Wednesday, September 16th. Weiss Ratings raised shares of Connect Biopharma from a "sell (e+)" rating to a "sell (d-)" rating in a report on Thursday. Finally, HC Wainwright restated a "buy" rating and set a $7.00 price objective on shares of Connect Biopharma in a research report on Monday, September 14th.

Institutional Investors Weigh In On Connect Biopharma

Large investors have recently added to or reduced their stakes in the company. Bank of America Corp DE purchased a new position in shares of Connect Biopharma in the 1st quarter worth about $41,000. ADAR1 Capital Management LLC purchased a new position in shares of Connect Biopharma during the 1st quarter valued at about $1,945,000. Knott David M Jr lifted its position 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 last quarter. Simplify Asset Management Inc. bought a new stake in Connect Biopharma in the 1st quarter worth approximately $135,000. Finally, Richmond Brothers Inc. bought a new stake in Connect Biopharma in the 4th quarter worth approximately $489,000. Hedge funds and other institutional investors own 58.72% of the company's stock.

Connect Biopharma Price Performance

NASDAQ:CNTB opened at $1.08 on Friday. Connect Biopharma has a 52-week low of $1.06 and a 52-week high of $3.82. The stock has a fifty day moving average of $2.02 and a 200 day moving average of $2.34. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.37 and a current ratio of 2.37. The firm has a market capitalization of $68.01 million, a price-to-earnings ratio of -0.91 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 for the quarter, topping analysts' consensus estimates of ($0.31) by $0.04. The business had revenue of $2.75 million during the quarter, compared to the consensus estimate of $0.74 million. On average, research analysts expect that Connect Biopharma will post -1.1 EPS for the current fiscal year.

About Connect Biopharma

Connect Biopharma Holdings Limited NASDAQ: CNTB is a clinical-stage biopharmaceutical company focused on developing therapies for chronic inflammatory and immune-mediated diseases. The company's research is based on insights into T-cell biology and aims to address conditions with significant unmet medical needs, including inflammatory bowel disease and dermatological disorders.

Connect Biopharma's pipeline has included CBP-201, an antibody targeting the interleukin-4 receptor alpha pathway, and CBP-307, an oral sphingosine-1-phosphate receptor modulator.

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