Connect Biopharma (NASDAQ:CNTB) Shares Down 2.7% – What’s Next?

Connect Biopharma Holdings Limited Sponsored ADR (NASDAQ:CNTB) dropped 2.7% during mid-day trading on Friday . The stock traded as low as $2.15 and last traded at $2.16. Approximately 125,407 shares traded hands during mid-day trading, an increase of 39% from the average daily volume of 89,910 shares. The stock had previously closed at $2.22.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on CNTB. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Connect Biopharma in a research note on Wednesday, October 8th. BTIG Research reissued a “buy” rating and set a $10.00 target price on shares of Connect Biopharma in a report on Thursday, November 13th. Lake Street Capital initiated coverage on Connect Biopharma in a research report on Monday, December 1st. They issued a “buy” rating and a $9.00 target price on the stock. Finally, Wall Street Zen upgraded Connect Biopharma to a “hold” rating in a research report on Saturday, December 20th. One analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $8.67.

Connect Biopharma Stock Performance

The stock has a market cap of $120.74 million, a price-to-earnings ratio of -2.96 and a beta of -0.19. The company has a debt-to-equity ratio of 0.01, a current ratio of 5.48 and a quick ratio of 5.48. The firm has a fifty day moving average of $2.46 and a 200 day moving average of $1.99.

Connect Biopharma (NASDAQ:CNTB) last posted its quarterly 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). As a group, sell-side analysts forecast that Connect Biopharma Holdings Limited Sponsored ADR will post -0.22 EPS for the current year.

Hedge Funds Weigh In On Connect Biopharma

Several large investors have recently modified their holdings of the business. Koa Wealth Management LLC purchased a new stake in Connect Biopharma in the 2nd quarter valued at about $49,000. AlphaCore Capital LLC acquired a new position in shares of Connect Biopharma in the 2nd quarter worth approximately $78,000. Finally, XTX Topco Ltd purchased a new position in shares of Connect Biopharma during the 2nd quarter worth approximately $29,000. Institutional investors and hedge funds 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.