Connect Biopharma Holdings Limited Sponsored ADR (NASDAQ:CNTB) Receives Average Rating of “Moderate Buy” from Brokerages

Connect Biopharma Holdings Limited Sponsored ADR (NASDAQ:CNTB) has been given a consensus recommendation of “Moderate Buy” by the five brokerages that are currently covering the company, MarketBeat.com reports. One analyst has rated the stock with a sell recommendation, three have assigned a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1-year price objective among brokerages that have issued a report on the stock in the last year is $8.6667.

A number of analysts have recently weighed in on CNTB shares. Lake Street Capital assumed coverage on shares of Connect Biopharma in a research report on Monday, December 1st. They issued a “buy” rating and a $9.00 target price on the stock. Weiss Ratings restated a “sell (d-)” rating on shares of Connect Biopharma in a report on Wednesday, October 8th. Wall Street Zen raised shares of Connect Biopharma to a “hold” rating in a research note on Saturday, December 20th. Finally, BTIG Research reiterated a “buy” rating and set a $10.00 target price on shares of Connect Biopharma in a report on Thursday, November 13th.

Connect Biopharma Trading Down 2.7%

CNTB opened at $2.16 on Tuesday. 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 has a 52 week low of $0.51 and a 52 week high of $3.28. The stock has a market cap of $120.74 million, a PE ratio of -2.96 and a beta of -0.19. The business has a 50 day moving average of $2.47 and a 200-day moving average of $2.01.

Connect Biopharma (NASDAQ:CNTB) last issued its quarterly earnings results on Wednesday, November 12th. The company reported ($0.31) earnings per share for the quarter, missing the consensus estimate of ($0.24) by ($0.07). Equities research analysts predict that Connect Biopharma will post -0.22 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Connect Biopharma

Several hedge funds have recently added to or reduced their stakes in the stock. XTX Topco Ltd purchased a new stake in shares of Connect Biopharma in the second quarter worth $29,000. Koa Wealth Management LLC bought a new position in Connect Biopharma in the 2nd quarter worth about $49,000. Finally, AlphaCore Capital LLC bought a new position in Connect Biopharma in the 2nd quarter worth about $78,000. 58.72% of the stock is 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.