Connect Biopharma Holdings Limited Sponsored ADR (NASDAQ:CNTB) Receives Consensus Recommendation of “Moderate Buy” from Analysts

Shares of Connect Biopharma Holdings Limited Sponsored ADR (NASDAQ:CNTB) have received an average rating of “Moderate Buy” from the seven brokerages that are covering the stock, MarketBeat reports. One research analyst has rated the stock with a sell recommendation, five have given a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1-year target price among brokers that have issued ratings on the stock in the last year is $7.20.

A number of brokerages have weighed in on CNTB. Wall Street Zen cut shares of Connect Biopharma from a “hold” rating to a “sell” rating in a research report on Saturday, May 16th. Canaccord Genuity Group began coverage on shares of Connect Biopharma in a research report on Tuesday, May 26th. They set a “buy” rating and a $6.00 price target on the stock. HC Wainwright reaffirmed a “buy” rating and set a $7.00 price target on shares of Connect Biopharma in a research report on Thursday. BTIG Research reissued a “buy” rating and set a $10.00 target price on shares of Connect Biopharma in a research report on Tuesday, March 31st. Finally, Weiss Ratings reissued a “sell (d)” rating on shares of Connect Biopharma in a research report on Monday, May 4th.

Connect Biopharma Trading Down 3.8%

Shares of CNTB stock opened at $2.00 on Friday. The stock has a market cap of $125.92 million, a price-to-earnings ratio of -1.74 and a beta of -0.22. The company has a quick ratio of 3.23, a current ratio of 3.23 and a debt-to-equity ratio of 0.01. Connect Biopharma has a fifty-two week low of $0.91 and a fifty-two week high of $3.82. The firm’s 50 day moving average price is $2.42 and its two-hundred day moving average price is $2.54.

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

Insider Activity at Connect Biopharma

In other news, Director James Huang bought 1,160,000 shares of Connect Biopharma stock in a transaction dated Tuesday, March 31st. The shares were acquired at an average cost of $3.45 per share, with a total value of $4,002,000.00. Following the completion of the transaction, the director owned 13,160,000 shares in the company, valued at approximately $45,402,000. This trade represents a 9.67% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 22.60% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in CNTB. Perceptive Advisors LLC acquired a new position in shares of Connect Biopharma during the fourth quarter worth $2,235,000. ADAR1 Capital Management LLC acquired a new stake in Connect Biopharma in the first quarter valued at $1,945,000. Knott David M Jr acquired a new stake in Connect Biopharma in the fourth quarter valued at $564,000. Richmond Brothers Inc. acquired a new stake in Connect Biopharma in the fourth quarter valued at $489,000. Finally, Jane Street Group LLC acquired a new stake in Connect Biopharma in the fourth quarter valued at $232,000. 58.72% of the stock is owned by institutional investors and hedge funds.

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.