Wall Street Zen Upgrades Connect Biopharma (NASDAQ:CNTB) to “Hold”

Connect Biopharma (NASDAQ:CNTB) was upgraded by analysts at Wall Street Zen to a “hold” rating in a report issued on Saturday.

CNTB has been the topic of a number of other research reports. Weiss Ratings restated a “sell (d-)” rating on shares of Connect Biopharma in a report on Wednesday, October 8th. Lake Street Capital initiated coverage on shares of Connect Biopharma in a research report on Monday, December 1st. They set a “buy” rating and a $9.00 price objective on the stock. Finally, BTIG Research restated a “buy” rating and issued a $10.00 target price on shares of Connect Biopharma in a report on Thursday, November 13th. One analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $8.67.

Connect Biopharma Trading Down 1.3%

NASDAQ:CNTB opened at $2.27 on Friday. The stock has a fifty day simple moving average of $2.14 and a 200 day simple moving average of $1.77. The firm has a market capitalization of $126.89 million, a price-to-earnings ratio of -3.11 and a beta of -0.19. Connect Biopharma has a 1-year low of $0.51 and a 1-year high of $3.28. The company has a quick ratio of 5.48, a current ratio of 5.48 and a debt-to-equity ratio of 0.01.

Connect Biopharma (NASDAQ:CNTB) last posted its quarterly earnings data on Wednesday, November 12th. The company reported ($0.31) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.24) by ($0.07). Sell-side analysts forecast that Connect Biopharma will post -0.22 earnings per share for the current year.

Hedge Funds Weigh In On Connect Biopharma

Several institutional investors and hedge funds have recently modified their holdings of the stock. XTX Topco Ltd acquired a new position in shares of Connect Biopharma in the second quarter worth $29,000. Koa Wealth Management LLC acquired a new stake in Connect Biopharma during the second quarter valued at $49,000. Finally, AlphaCore Capital LLC purchased a new position in Connect Biopharma in the second quarter valued at about $78,000. 58.72% of the stock is currently owned by hedge funds and other institutional investors.

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.