Connect Biopharma (NASDAQ:CNTB) Issues Earnings Results

Connect Biopharma (NASDAQ:CNTB) announced its quarterly earnings data on Tuesday. The company reported ($0.27) EPS for the quarter, beating analysts’ consensus estimates of ($0.30) by $0.03, Zacks reports.

Connect Biopharma Stock Performance

Shares of NASDAQ:CNTB traded up $0.13 on Wednesday, hitting $2.75. The company had a trading volume of 31,470 shares, compared to its average volume of 150,294. The stock has a market cap of $153.78 million, a price-to-earnings ratio of -3.79 and a beta of -0.20. The stock has a 50 day moving average price of $2.69 and a 200 day moving average price of $2.31. Connect Biopharma has a 1-year low of $0.51 and a 1-year high of $3.82. The company has a current ratio of 5.48, a quick ratio of 5.48 and a debt-to-equity ratio of 0.01.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of CNTB. SmartHarvest Portfolios LLC bought a new stake in shares of Connect Biopharma during the fourth quarter worth approximately $36,000. HRT Financial LP increased its stake in shares of Connect Biopharma by 60.5% during the fourth quarter. HRT Financial LP now owns 16,785 shares of the company’s stock worth $47,000 after purchasing an additional 6,328 shares during the period. Persistent Asset Partners Ltd acquired a new stake in Connect Biopharma during the 4th quarter worth approximately $76,000. XTX Topco Ltd acquired a new stake in Connect Biopharma during the 2nd quarter worth approximately $29,000. Finally, Royal Bank of Canada bought a new stake in Connect Biopharma in the 4th quarter valued at $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 recently issued reports on CNTB shares. BTIG Research reaffirmed a “buy” rating and issued a $10.00 target price on shares of Connect Biopharma in a report on Tuesday. Wall Street Zen raised Connect Biopharma to a “hold” rating in a research report on Saturday, December 20th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Connect Biopharma in a research note on Wednesday, January 21st. One investment 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. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price 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.