Connect Biopharma (NASDAQ:CNTB) Raised to “Strong-Buy” at Piper Sandler

Connect Biopharma (NASDAQ:CNTB) was upgraded by Piper Sandler to a “strong-buy” rating in a research note issued to investors on Friday,Zacks.com reports.

A number of other research analysts also recently commented on CNTB. BTIG Research reiterated a “buy” rating and issued a $10.00 price objective on shares of Connect Biopharma in a report on Tuesday, March 31st. HC Wainwright restated a “buy” rating and set a $7.00 target price on shares of Connect Biopharma in a research note on Thursday. Canaccord Genuity Group initiated coverage on Connect Biopharma in a report on Tuesday, May 26th. They issued a “buy” rating and a $6.00 price target for the company. Weiss Ratings reissued a “sell (d)” rating on shares of Connect Biopharma in a report on Monday, May 4th. Finally, Wall Street Zen upgraded shares of Connect Biopharma from a “sell” rating to a “hold” rating in a research report on Saturday, June 20th. Two investment analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus price target of $7.17.

Connect Biopharma Stock Performance

NASDAQ:CNTB opened at $2.21 on Friday. The firm has a market capitalization of $138.84 million, a PE ratio of -1.92 and a beta of -0.22. The business’s fifty day moving average price is $2.33 and its 200 day moving average price is $2.52. The company has a debt-to-equity ratio of 0.01, a current ratio of 3.23 and a quick ratio of 3.23. Connect Biopharma has a 12 month low of $0.96 and a 12 month high of $3.82.

Connect Biopharma (NASDAQ:CNTB) last posted its quarterly earnings results on Tuesday, May 12th. The company reported ($0.34) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.29) by ($0.05). The business had revenue of $0.02 million during the quarter. On average, sell-side analysts anticipate that Connect Biopharma will post -1 earnings per share for the current fiscal year.

Insider Buying and Selling at Connect Biopharma

In other news, Director James Huang acquired 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, for a total transaction of $372,000.00. Following the transaction, the director directly owned 13,310,000 shares in the company, valued at approximately $33,008,800. This represents a 1.14% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this link. 22.60% of the stock is currently owned by corporate insiders.

Institutional Trading of Connect Biopharma

Several hedge funds have recently made changes to their positions in the company. XTX Topco Ltd purchased a new stake in shares of Connect Biopharma in the second quarter valued at about $29,000. SmartHarvest Portfolios LLC purchased a new position in Connect Biopharma during the fourth quarter worth about $36,000. Richmond Brothers Inc. purchased a new position in Connect Biopharma during the fourth quarter worth about $489,000. Knott David M Jr acquired a new stake in Connect Biopharma in the fourth quarter valued at about $564,000. Finally, HRT Financial LP lifted its position in Connect Biopharma by 60.5% in the fourth quarter. HRT Financial LP now owns 16,785 shares of the company’s stock valued at $47,000 after purchasing an additional 6,328 shares during the period. 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.