Connect Biopharma’s (CNTB) “Buy” Rating Reiterated at BTIG Research

BTIG Research reiterated their buy rating on shares of Connect Biopharma (NASDAQ:CNTB) in a research note published on Thursday morning,Benzinga reports. The brokerage currently has a $10.00 price target on the stock.

Other research analysts have also recently issued research reports about the company. Wall Street Zen upgraded Connect Biopharma to a “hold” rating in a research report on Friday, August 22nd. HC Wainwright restated a “buy” rating and issued a $7.00 price target on shares of Connect Biopharma in a research note on Wednesday, August 13th. Northland Capmk upgraded shares of Connect Biopharma to a “strong-buy” rating in a research note on Tuesday, July 22nd. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Connect Biopharma in a report on Wednesday, October 8th. One investment analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and one has given a Sell rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $8.50.

Connect Biopharma Stock Up 26.2%

Shares of CNTB opened at $2.12 on Thursday. The firm has a market cap of $118.52 million, a P/E ratio of -5.05 and a beta of -0.14. The company has a debt-to-equity ratio of 0.01, a quick ratio of 7.24 and a current ratio of 7.24. Connect Biopharma has a 52 week low of $0.51 and a 52 week high of $2.86. The firm’s 50-day simple moving average is $1.66 and its 200 day simple moving average is $1.46.

Connect Biopharma (NASDAQ:CNTB) last posted its earnings results on Wednesday, November 12th. The company reported ($0.31) EPS for the quarter, missing the consensus estimate of ($0.24) by ($0.07). On average, analysts forecast that Connect Biopharma will post -0.22 earnings per share for the current year.

Hedge Funds Weigh In On Connect Biopharma

Several hedge funds and other institutional investors have recently made changes to their positions in the company. AlphaCore Capital LLC acquired a new stake in shares of Connect Biopharma during the 2nd quarter worth approximately $78,000. Koa Wealth Management LLC acquired a new position in Connect Biopharma during the second quarter valued at approximately $49,000. Finally, XTX Topco Ltd bought a new stake in Connect Biopharma during the second quarter worth $29,000. 58.72% of the stock is currently owned by institutional investors and hedge funds.

About Connect Biopharma

Connect Biopharma Holdings Limited, a clinical-stage biopharmaceutical company, engages in the development of therapies for the treatment of T cell-driven inflammatory diseases. The company is building a pipeline of small molecules and antibodies using functional T cell assays to screen and discover potent product candidates against validated immune targets.