BTIG Research Reiterates Buy Rating for Connect Biopharma (NASDAQ:CNTB)

Connect Biopharma (NASDAQ:CNTB)‘s stock had its “buy” rating reissued by analysts at BTIG Research in a note issued to investors on Tuesday,Benzinga reports. They presently have a $10.00 target price on the stock. BTIG Research’s target price would suggest a potential upside of 267.65% from the company’s current price.

Other equities analysts have also recently issued reports about the stock. Wall Street Zen raised shares of Connect Biopharma to a “hold” rating in a research note on Saturday, December 20th. Weiss Ratings restated a “sell (d-)” rating on shares of Connect Biopharma in a research report on Wednesday, January 21st. Finally, Lake Street Capital assumed coverage on shares of Connect Biopharma in a report on Monday, December 1st. They issued a “buy” rating and a $9.00 price target for the company. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $8.67.

Connect Biopharma Stock Up 3.8%

Shares of CNTB opened at $2.72 on Tuesday. The company has a debt-to-equity ratio of 0.01, a current ratio of 5.48 and a quick ratio of 5.48. The stock has a market capitalization of $152.05 million, a price-to-earnings ratio of -2.72 and a beta of -0.21. Connect Biopharma has a 1 year low of $0.51 and a 1 year high of $3.82. The business’s 50 day simple moving average is $2.70 and its 200-day simple moving average is $2.31.

Connect Biopharma (NASDAQ:CNTB) last posted its earnings results on Tuesday, March 31st. The company reported ($0.27) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.30) by $0.03. The business had revenue of ($0.05) million during the quarter, compared to analysts’ expectations of $0.00 million. As a group, equities analysts expect that Connect Biopharma will post -0.22 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Connect Biopharma

Several hedge funds and other institutional investors have recently modified their holdings of CNTB. Perceptive Advisors LLC purchased a new position in Connect Biopharma during the 4th quarter valued at $2,235,000. Millennium Management LLC purchased a new stake in Connect Biopharma in the fourth quarter worth $133,000. Royal Bank of Canada purchased a new stake in Connect Biopharma in the fourth quarter worth $114,000. Persistent Asset Partners Ltd bought a new stake in shares of Connect Biopharma during the fourth quarter worth $76,000. Finally, OMERS ADMINISTRATION Corp bought a new stake in shares of Connect Biopharma during the fourth quarter worth $228,000. 58.72% of the stock is currently owned by hedge funds and other institutional investors.

Connect Biopharma Company 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.