Connect Biopharma (NASDAQ:CNTB) Director James Huang Acquires 1,160,000 Shares

Connect Biopharma Holdings Limited Sponsored ADR (NASDAQ:CNTB) Director James Huang purchased 1,160,000 shares of the business’s stock in a transaction that occurred on Tuesday, March 31st. The shares were bought at an average price of $3.45 per share, for a total transaction of $4,002,000.00. Following the completion of the purchase, the director directly owned 13,160,000 shares in the company, valued at $45,402,000. This represents a 9.67% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink.

Connect Biopharma Stock Performance

NASDAQ CNTB opened at $2.99 on Friday. The company has a fifty day moving average of $2.70 and a two-hundred day moving average of $2.32. The company has a market capitalization of $168.99 million, a PE ratio of -2.99 and a beta of -0.21. Connect Biopharma Holdings Limited Sponsored ADR has a 1 year low of $0.51 and a 1 year high of $3.82. The company has a debt-to-equity ratio of 0.01, a current ratio of 5.48 and a quick ratio of 5.48.

Connect Biopharma (NASDAQ:CNTB) last posted its earnings results on Tuesday, March 31st. The company reported ($0.27) EPS for the quarter, topping analysts’ consensus estimates of ($0.30) by $0.03. The firm had revenue of ($0.05) million for the quarter, compared to analyst estimates of $0.00 million. As a group, analysts expect that Connect Biopharma Holdings Limited Sponsored ADR will post -0.22 earnings per share for the current year.

Hedge Funds Weigh In On Connect Biopharma

Institutional investors have recently added to or reduced their stakes in the stock. HRT Financial LP raised its stake in Connect Biopharma by 60.5% during the 4th quarter. HRT Financial LP now owns 16,785 shares of the company’s stock valued at $47,000 after acquiring an additional 6,328 shares during the last quarter. SmartHarvest Portfolios LLC purchased a new position in shares of Connect Biopharma in the 4th quarter valued at approximately $36,000. Persistent Asset Partners Ltd acquired a new position in shares of Connect Biopharma in the fourth quarter valued at approximately $76,000. XTX Topco Ltd acquired a new position in shares of Connect Biopharma in the second quarter valued at approximately $29,000. Finally, Royal Bank of Canada purchased a new stake in shares of Connect Biopharma during the fourth quarter worth approximately $114,000. Institutional investors and hedge funds own 58.72% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the company. Wall Street Zen upgraded Connect Biopharma to a “hold” rating in a research note on Saturday, December 20th. BTIG Research restated a “buy” rating and set a $10.00 target price on shares of Connect Biopharma in a research report on Tuesday. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Connect Biopharma in a report on Wednesday, January 21st. 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’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $8.67.

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.