Connect Biopharma Holdings Limited Sponsored ADR (NASDAQ:CNTB) Receives Average Rating of “Buy” from Analysts

Connect Biopharma Holdings Limited Sponsored ADR (NASDAQ:CNTB) has been given an average rating of “Buy” by the six brokerages that are covering the firm, MarketBeat.com reports. One investment analyst has rated the stock with a sell rating, three have assigned a buy rating and two have given a strong buy rating to the company. The average 1 year price objective among analysts that have updated their coverage on the stock in the last year is $7.50.

A number of research firms have commented on CNTB. Wall Street Zen lowered shares of Connect Biopharma from a “hold” rating to a “sell” rating in a report on Saturday, May 16th. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Connect Biopharma in a report on Monday, May 4th. BTIG Research reaffirmed a “buy” rating and set a $10.00 target price on shares of Connect Biopharma in a report on Tuesday, March 31st. Finally, Cantor Fitzgerald began coverage on shares of Connect Biopharma in a report on Thursday. They set an “overweight” rating and a $4.00 target price for the company.

Insider Buying and Selling

In other Connect Biopharma news, Director James Huang bought 1,160,000 shares of the stock in a transaction on Tuesday, March 31st. The stock was purchased at an average price of $3.45 per share, with a total value of $4,002,000.00. Following the acquisition, the director owned 13,160,000 shares of the company’s stock, valued at approximately $45,402,000. The trade was a 9.67% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 22.60% of the company’s stock.

Hedge Funds Weigh In On Connect Biopharma

Institutional investors and hedge funds have recently made changes to their positions in the company. XTX Topco Ltd acquired a new position in shares of Connect Biopharma in the 2nd quarter valued at $29,000. SmartHarvest Portfolios LLC acquired a new position in shares of Connect Biopharma in the 4th quarter valued at $36,000. Bank of America Corp DE acquired a new position in shares of Connect Biopharma in the 1st quarter valued at $41,000. HRT Financial LP grew its holdings in shares of Connect Biopharma by 60.5% in the 4th quarter. HRT Financial LP now owns 16,785 shares of the company’s stock valued at $47,000 after buying an additional 6,328 shares during the period. Finally, Persistent Asset Partners Ltd acquired a new position in shares of Connect Biopharma in the 4th quarter valued at $76,000. Institutional investors and hedge funds own 58.72% of the company’s stock.

Connect Biopharma Stock Performance

Shares of Connect Biopharma stock opened at $2.35 on Monday. The company has a debt-to-equity ratio of 0.01, a current ratio of 3.23 and a quick ratio of 3.23. The firm has a market cap of $147.96 million, a P/E ratio of -2.04 and a beta of -0.21. The firm has a 50 day simple moving average of $2.70 and a 200 day simple moving average of $2.55. Connect Biopharma has a fifty-two week low of $0.72 and a fifty-two week high of $3.82.

Connect Biopharma (NASDAQ:CNTB) last released its earnings results on Tuesday, May 12th. The company reported ($0.34) EPS for the quarter, missing analysts’ consensus estimates of ($0.29) by ($0.05). The business had revenue of $0.02 million for the quarter. Sell-side analysts predict that Connect Biopharma will post -1 earnings per share for the current fiscal year.

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.