Connect Biopharma (NASDAQ:CNTB) Upgraded at Wall Street Zen

Connect Biopharma (NASDAQ:CNTB) was upgraded by stock analysts at Wall Street Zen from a “sell” rating to a “hold” rating in a research report issued to clients and investors on Saturday.

A number of other equities analysts have also recently weighed in on the stock. Cantor Fitzgerald initiated coverage on shares of Connect Biopharma in a research report on Thursday, May 21st. They issued an “overweight” rating and a $4.00 price objective for the company. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Connect Biopharma in a research report on Monday, May 4th. HC Wainwright reiterated a “buy” rating and issued a $7.00 price target on shares of Connect Biopharma in a research note on Thursday. BTIG Research reissued a “buy” rating and issued a $10.00 price target on shares of Connect Biopharma in a report on Tuesday, March 31st. Finally, Canaccord Genuity Group initiated coverage on Connect Biopharma in a report on Tuesday, May 26th. They issued a “buy” rating and a $6.00 price target for the company. One analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and one has assigned a Sell rating to the stock. According to MarketBeat, Connect Biopharma has a consensus rating of “Moderate Buy” and a consensus price target of $7.20.

Connect Biopharma Stock Performance

CNTB opened at $2.00 on Friday. The firm’s 50 day moving average is $2.41 and its 200-day moving average is $2.53. Connect Biopharma has a 52-week low of $0.91 and a 52-week high of $3.82. The company has a quick ratio of 3.23, a current ratio of 3.23 and a debt-to-equity ratio of 0.01. The firm has a market capitalization of $125.92 million, a P/E ratio of -1.74 and a beta of -0.22.

Connect Biopharma (NASDAQ:CNTB) last announced its earnings results on Tuesday, May 12th. The company reported ($0.34) earnings per share for the quarter, missing the consensus estimate of ($0.29) by ($0.05). The firm had revenue of $0.02 million for the quarter. Analysts expect that Connect Biopharma will post -1 EPS for the current fiscal year.

Insider Transactions at Connect Biopharma

In related news, Director James Huang acquired 150,000 shares of Connect Biopharma stock in a transaction on Friday, May 29th. The shares were purchased at an average cost of $2.48 per share, for a total transaction of $372,000.00. Following the purchase, the director directly owned 13,310,000 shares of the company’s stock, valued at $33,008,800. The trade was a 1.14% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 22.60% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Connect Biopharma

Several hedge funds and other institutional investors have recently modified their holdings of the stock. HRT Financial LP grew its stake in Connect Biopharma by 60.5% in the fourth quarter. HRT Financial LP now owns 16,785 shares of the company’s stock worth $47,000 after purchasing an additional 6,328 shares in the last quarter. SmartHarvest Portfolios LLC acquired a new stake in Connect Biopharma during the fourth quarter valued at approximately $36,000. Bank of America Corp DE acquired a new stake in Connect Biopharma during the first quarter valued at approximately $41,000. Persistent Asset Partners Ltd bought a new position in Connect Biopharma during the 4th quarter worth approximately $76,000. Finally, XTX Topco Ltd bought a new position in Connect Biopharma during the 2nd quarter worth approximately $29,000. Institutional investors own 58.72% of the company’s stock.

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.