Connect Biopharma (NASDAQ:CNTB) Upgraded by Wall Street Zen to Hold Rating

Connect Biopharma (NASDAQ:CNTB) was upgraded by investment analysts at Wall Street Zen to a “hold” rating in a research note issued to investors on Saturday.

A number of other equities analysts have also issued reports on CNTB. Lake Street Capital began coverage on Connect Biopharma in a report on Monday, December 1st. They issued a “buy” rating and a $9.00 price objective for the company. BTIG Research reissued a “buy” rating and issued a $10.00 price target on shares of Connect Biopharma in a research note on Thursday, November 13th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Connect Biopharma in a report on Wednesday, October 8th. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $8.67.

Connect Biopharma Stock Down 1.3%

CNTB stock opened at $2.27 on Friday. The stock has a market cap of $126.89 million, a PE ratio of -3.11 and a beta of -0.19. The firm’s 50-day simple moving average is $2.14 and its 200 day simple moving average is $1.77. Connect Biopharma has a fifty-two week low of $0.51 and a fifty-two week high of $3.28. The company has a quick ratio of 5.48, a current ratio of 5.48 and a debt-to-equity ratio of 0.01.

Connect Biopharma (NASDAQ:CNTB) last posted its earnings results on Wednesday, November 12th. The company reported ($0.31) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.24) by ($0.07). As a group, sell-side analysts predict that Connect Biopharma will post -0.22 EPS for the current year.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. XTX Topco Ltd acquired a new position in Connect Biopharma during the second quarter worth about $29,000. Koa Wealth Management LLC acquired a new position in shares of Connect Biopharma in the 2nd quarter worth approximately $49,000. Finally, AlphaCore Capital LLC bought a new stake in shares of Connect Biopharma in the 2nd quarter worth approximately $78,000. 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.