Connect Biopharma (NASDAQ:CNTB) Now Covered by Oppenheimer

Oppenheimer initiated coverage on shares of Connect Biopharma (NASDAQ:CNTB) in a research report sent to investors on Thursday, MarketBeat reports. The brokerage issued an outperform rating and a $8.00 price objective on the stock.

Other equities analysts have also issued reports about the company. Wall Street Zen lowered Connect Biopharma from a “hold” rating to a “sell” rating in a research note on Sunday, June 28th. Cantor Fitzgerald began coverage on shares of Connect Biopharma in a research report on Thursday, May 21st. They set an “overweight” rating and a $4.00 price objective for the company. Piper Sandler started coverage on shares of Connect Biopharma in a research note on Friday, June 26th. They issued an “overweight” rating and a $7.00 price objective for the company. Canaccord Genuity Group assumed coverage on shares of Connect Biopharma in a research report on Tuesday, May 26th. They set a “buy” rating and a $6.00 target price on the stock. Finally, BTIG Research reissued a “buy” rating and set a $10.00 target price on shares of Connect Biopharma in a research note on Tuesday, March 31st. One analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and one has issued a Sell rating to the company. According to data from MarketBeat, Connect Biopharma currently has an average rating of “Moderate Buy” and an average target price of $7.29.

Connect Biopharma Stock Performance

Shares of CNTB opened at $2.66 on Thursday. The company has a current ratio of 3.23, a quick ratio of 3.23 and a debt-to-equity ratio of 0.01. The firm’s fifty day simple moving average is $2.29 and its two-hundred day simple moving average is $2.52. Connect Biopharma has a 12 month low of $1.09 and a 12 month high of $3.82. The stock has a market capitalization of $167.47 million, a P/E ratio of -2.31 and a beta of -0.23.

Connect Biopharma (NASDAQ:CNTB) last posted its quarterly earnings data 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 during the quarter. As a group, analysts predict that Connect Biopharma will post -1.13 EPS for the current year.

Insider Buying and Selling at Connect Biopharma

In related news, Director James Huang acquired 150,000 shares of the firm’s stock in a transaction on Friday, May 29th. The stock was purchased at an average cost of $2.48 per share, with a total value of $372,000.00. Following the acquisition, the director owned 13,310,000 shares of the company’s stock, valued at approximately $33,008,800. This trade represents a 1.14% increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 22.60% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Connect Biopharma

A number of hedge funds have recently bought and sold shares of CNTB. HRT Financial LP raised its holdings in shares of Connect Biopharma by 60.5% in the fourth quarter. HRT Financial LP now owns 16,785 shares of the company’s stock valued at $47,000 after purchasing an additional 6,328 shares during the last quarter. SmartHarvest Portfolios LLC bought a new stake in Connect Biopharma in the 4th quarter worth about $36,000. Bank of America Corp DE purchased a new stake in Connect Biopharma in the 1st quarter valued at about $41,000. Persistent Asset Partners Ltd bought a new position in shares of Connect Biopharma during the 4th quarter worth approximately $76,000. Finally, XTX Topco Ltd bought a new position in shares of Connect Biopharma during the 2nd quarter worth approximately $29,000. 58.72% of the stock is 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.