BML Capital Management LLC Sells 858,613 Shares of Connect Biopharma Holdings Limited Sponsored ADR $CNTB

Key Points

• BML Capital sold 858,613 shares, cutting its stake in Connect Biopharma by 67.7% to 408,887 shares (about 0.73% of the company), with the position now representing 1.0% of BML's portfolio.
• Director James Huang acquired 1,160,000 shares at $3.45 on March 31, boosting his holdings to 13,160,000 shares (a 9.67% increase) and contributing to insiders owning 22.6% of the stock.
• Analysts have an average rating of "Moderate Buy" with a consensus price target of $8.67, versus the current share price of about $2.47 and a market cap near $140 million.

BML Capital Management LLC lowered its holdings in shares of Connect Biopharma Holdings Limited Sponsored ADR (NASDAQ:CNTB - Free Report) by 67.7% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 408,887 shares of the company's stock after selling 858,613 shares during the period. Connect Biopharma makes up 1.0% of BML Capital Management LLC's investment portfolio, making the stock its 12th largest holding. BML Capital Management LLC owned about 0.73% of Connect Biopharma worth $1,153,000 as of its most recent SEC filing.

Separately, XTX Topco Ltd bought a new stake in Connect Biopharma during the second quarter worth about $29,000. Institutional investors own 58.72% of the company's stock.

Connect Biopharma Trading Down 0.4%

Shares of NASDAQ CNTB opened at $2.47 on Wednesday. The firm's 50 day moving average price is $2.75 and its 200-day moving average price is $2.48. The company has a market cap of $139.60 million, a PE ratio of -2.47 and a beta of -0.21. Connect Biopharma Holdings Limited Sponsored ADR has a 52-week low of $0.70 and a 52-week high of $3.82. The company has a debt-to-equity ratio of 0.01, a quick ratio of 3.74 and a current ratio of 3.74.

Connect Biopharma (NASDAQ:CNTB - Get Free Report) last issued its earnings results on Tuesday, March 31st. The company reported ($0.27) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.30) by $0.03. The firm had revenue of ($0.05) million during the quarter, compared to the consensus estimate of $0.00 million. On average, equities research analysts expect that Connect Biopharma Holdings Limited Sponsored ADR will post -0.91 EPS for the current fiscal year.

Insider Buying and Selling at Connect Biopharma

In related news, Director James Huang acquired 1,160,000 shares of the firm's stock in a transaction dated Tuesday, March 31st. The stock was purchased at an average cost of $3.45 per share, with a total value of $4,002,000.00. Following the completion of the acquisition, the director directly owned 13,160,000 shares of the company's stock, valued at approximately $45,402,000. This trade represents a 9.67% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. 22.60% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on the stock. BTIG Research reiterated a "buy" rating and issued a $10.00 target price on shares of Connect Biopharma in a research note on Tuesday, March 31st. Weiss Ratings reiterated a "sell (d-)" rating on shares of Connect Biopharma in a research note on Wednesday, January 21st. One analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $8.67.

Connect Biopharma 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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