Connect Biopharma (NASDAQ:CNTB) Lowered to Sell Rating by Wall Street Zen

Connect Biopharma (NASDAQ:CNTB) was downgraded by analysts at Wall Street Zen from a “hold” rating to a “sell” rating in a report released on Sunday.

Other equities analysts have also recently issued reports about the stock. Piper Sandler assumed coverage on shares of Connect Biopharma in a research note on Friday. They set an “overweight” rating and a $7.00 target price for the company. Cantor Fitzgerald initiated coverage on shares of Connect Biopharma in a report on Thursday, May 21st. They set an “overweight” rating and a $4.00 price objective for the company. HC Wainwright restated a “buy” rating and set a $7.00 price target on shares of Connect Biopharma in a report on Thursday. Canaccord Genuity Group initiated coverage on Connect Biopharma in a report on Tuesday, May 26th. They set a “buy” rating and a $6.00 price objective on the stock. Finally, Weiss Ratings reiterated a “sell (d)” rating on shares of Connect Biopharma in a research report on Monday, May 4th. Two research analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Buy” and a consensus price target of $7.17.

Connect Biopharma Stock Up 6.5%

Shares of CNTB opened at $2.21 on Friday. The business’s 50 day moving average is $2.33 and its 200 day moving average is $2.52. The company has a current ratio of 3.23, a quick ratio of 3.23 and a debt-to-equity ratio of 0.01. Connect Biopharma has a 12-month low of $0.96 and a 12-month high of $3.82. The company has a market capitalization of $138.83 million, a PE ratio of -1.92 and a beta of -0.22.

Connect Biopharma (NASDAQ:CNTB) last posted its quarterly 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 business had revenue of $0.02 million during the quarter. Research analysts expect that Connect Biopharma will post -1 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, Director James Huang acquired 1,160,000 shares of the business’s stock in a transaction on Tuesday, March 31st. The shares were acquired at an average price of $3.45 per share, for a total transaction of $4,002,000.00. Following the completion of the transaction, the director directly 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 position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 22.60% of the stock is owned by insiders.

Hedge Funds Weigh In On Connect Biopharma

Several hedge funds have recently added to or reduced their stakes in CNTB. XTX Topco Ltd purchased a new stake in Connect Biopharma in the 2nd quarter worth about $29,000. SmartHarvest Portfolios LLC purchased a new stake in Connect Biopharma in the fourth quarter worth $36,000. Bank of America Corp DE purchased a new stake in Connect Biopharma in the first quarter worth $41,000. HRT Financial LP lifted its position in shares of Connect Biopharma by 60.5% during 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 during the last quarter. Finally, Persistent Asset Partners Ltd bought a new position in shares of Connect Biopharma in the fourth quarter worth about $76,000. 58.72% of the stock is currently owned by institutional investors.

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.