Brokerages Set Connect Biopharma Holdings Limited Sponsored ADR (NASDAQ:CNTB) Price Target at $7.29

Shares of Connect Biopharma Holdings Limited Sponsored ADR (NASDAQ:CNTB) have earned a consensus recommendation of “Moderate Buy” from the nine ratings firms that are covering the company, Marketbeat.com reports. One analyst has rated the stock with a sell rating, seven have given a buy rating and one has issued a strong buy rating on the company. The average 12-month target price among brokers that have issued a report on the stock in the last year is $7.2857.

A number of research analysts recently commented on CNTB shares. Canaccord Genuity Group started coverage on shares of Connect Biopharma in a research note on Tuesday, May 26th. They set a “buy” rating and a $6.00 price objective on the stock. Weiss Ratings downgraded Connect Biopharma from a “sell (d)” rating to a “sell (d-)” rating in a research report on Tuesday, June 30th. Cantor Fitzgerald assumed coverage on Connect Biopharma in a research note on Thursday, May 21st. They set an “overweight” rating and a $4.00 price target for the company. Wall Street Zen cut Connect Biopharma from a “hold” rating to a “sell” rating in a research report on Sunday, June 28th. Finally, BTIG Research reissued a “buy” rating and issued a $10.00 price objective on shares of Connect Biopharma in a research note on Tuesday, March 31st.

Connect Biopharma Price Performance

Shares of NASDAQ CNTB opened at $2.34 on Tuesday. Connect Biopharma has a fifty-two week low of $1.23 and a fifty-two week high of $3.82. The firm’s 50-day simple moving average is $2.28 and its 200 day simple moving average is $2.51. The company has a quick ratio of 3.23, a current ratio of 3.23 and a debt-to-equity ratio of 0.01. The stock has a market cap of $147.33 million, a P/E ratio of -2.03 and a beta of -0.23.

Connect Biopharma (NASDAQ:CNTB) last announced its earnings results on Tuesday, May 12th. The company reported ($0.34) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.29) by ($0.05). The company had revenue of $0.02 million for the quarter. Equities analysts expect that Connect Biopharma will post -1.11 EPS for the current year.

Insider Transactions at Connect Biopharma

In other news, Director James Huang bought 150,000 shares of the stock in a transaction that occurred on Friday, May 29th. The shares were purchased at an average cost of $2.48 per share, with a total value of $372,000.00. Following the completion of the acquisition, the director directly owned 13,310,000 shares in the company, valued at approximately $33,008,800. The trade was a 1.14% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 22.60% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Connect Biopharma

A number of institutional investors and hedge funds have recently bought and sold shares of CNTB. Bank of America Corp DE bought a new position in shares of Connect Biopharma during the 1st quarter valued at about $41,000. ADAR1 Capital Management LLC bought a new stake in shares of Connect Biopharma in the 1st quarter worth approximately $1,945,000. Knott David M Jr lifted its stake in Connect Biopharma by 93.9% during the first quarter. Knott David M Jr now owns 387,835 shares of the company’s stock valued at $1,016,000 after purchasing an additional 187,835 shares during the last quarter. Simplify Asset Management Inc. acquired a new stake in Connect Biopharma during the first quarter valued at approximately $135,000. Finally, Perceptive Advisors LLC bought a new stake in Connect Biopharma during the fourth quarter worth approximately $2,235,000. 58.72% of the stock is owned by institutional investors and hedge funds.

Connect Biopharma Company Profile

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.