ADAR1 Capital Management LLC Invests $1.95 Million in Connect Biopharma Holdings Limited Sponsored ADR $CNTB

Key Points

• ADAR1 Capital Management acquired 742,400 Connect Biopharma shares worth approximately $1.95 million, taking a 1.18% stake. Institutional investors collectively own 58.72% of the company.
• Connect Biopharma reported a quarterly loss of $0.34 per share, missing analyst expectations of a $0.29 loss, while analysts expect a full-year loss of $1.11 per share.
• Analyst sentiment is broadly positive, with seven Buy ratings and one Sell rating; the consensus target price is $7.29 versus the stock’s reported price of $2.08.

ADAR1 Capital Management LLC acquired a new stake in Connect Biopharma Holdings Limited Sponsored ADR (NASDAQ:CNTB - Free Report) in the 1st quarter, according to its most recent filing with the SEC. The fund acquired 742,400 shares of the company's stock, valued at approximately $1,945,000. ADAR1 Capital Management LLC owned 1.18% of Connect Biopharma as of its most recent filing with the SEC.

Other large investors have also bought and sold shares of the company. Perceptive Advisors LLC acquired a new stake in Connect Biopharma during the 4th quarter worth approximately $2,235,000. Knott David M Jr raised its holdings in shares of Connect Biopharma by 93.9% during the first 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 period. Richmond Brothers Inc. bought a new stake in Connect Biopharma in the 4th quarter valued at $489,000. Marshall Wace LLP lifted its position in Connect Biopharma by 121.2% in the 4th quarter. Marshall Wace LLP now owns 128,368 shares of the company's stock valued at $362,000 after acquiring an additional 70,337 shares in the last quarter. Finally, Jane Street Group LLC bought a new stake in Connect Biopharma in the 4th quarter valued at $232,000. 58.72% of the stock is owned by institutional investors.

Connect Biopharma Stock Performance

NASDAQ:CNTB opened at $2.08 on Wednesday. The stock has a 50 day simple moving average of $2.25 and a 200 day simple moving average of $2.49. The stock has a market cap of $130.96 million, a P/E ratio of -1.81 and a beta of -0.23. Connect Biopharma Holdings Limited Sponsored ADR has a 1-year low of $1.23 and a 1-year high of $3.82. The company has a current ratio of 3.23, a quick ratio of 3.23 and a debt-to-equity ratio of 0.01.

Connect Biopharma (NASDAQ:CNTB - Get Free Report) last posted its earnings results on Tuesday, May 12th. The company reported ($0.34) earnings per share for the quarter, missing analysts' consensus estimates of ($0.29) by ($0.05). The firm had revenue of $0.02 million during the quarter. Research analysts anticipate that Connect Biopharma Holdings Limited Sponsored ADR will post -1.11 earnings per share for the current year.

Insiders Place Their Bets

In other Connect Biopharma news, Director James Huang acquired 150,000 shares of the business's stock in a transaction on Friday, May 29th. The stock was purchased at an average price of $2.48 per share, with a total value of $372,000.00. Following the acquisition, the director directly owned 13,310,000 shares of the company's stock, valued at approximately $33,008,800. This trade represents a 1.14% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 22.60% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

CNTB has been the subject of several recent research reports. Canaccord Genuity Group initiated coverage on shares of Connect Biopharma in a report on Tuesday, May 26th. They set a "buy" rating and a $6.00 target price for the company. Weiss Ratings cut shares of Connect Biopharma from a "sell (d)" rating to a "sell (d-)" rating in a research report on Tuesday, June 30th. Cantor Fitzgerald began coverage on shares of Connect Biopharma in a research note on Thursday, May 21st. They set an "overweight" rating and a $4.00 price objective for the company. BTIG Research restated a "buy" rating and issued a $10.00 price objective on shares of Connect Biopharma in a report on Tuesday, March 31st. Finally, Piper Sandler initiated coverage on Connect Biopharma in a research report on Friday, June 26th. They issued an "overweight" rating and a $7.00 target price on the stock. Seven analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $7.29.

About Connect Biopharma

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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