Canaccord Genuity Group Cuts Connect Biopharma (NASDAQ:CNTB) Price Target to $6.00

Connect Biopharma (NASDAQ:CNTB) had its price objective dropped by equities research analysts at Canaccord Genuity Group from $7.00 to $6.00 in a research note issued to investors on Wednesday, Benzinga reports. The brokerage presently has a “buy” rating on the stock. Canaccord Genuity Group’s target price points to a potential upside of 393.83% from the company’s current price.

Other research analysts have also recently issued research reports about the stock. HC Wainwright reiterated a “buy” rating on shares of Connect Biopharma in a research report on Monday. BTIG Research reiterated a “buy” rating on shares of Connect Biopharma in a report on Tuesday. Cantor Fitzgerald started coverage on Connect Biopharma in a report on Thursday, May 21st. They set an “overweight” rating and a $4.00 price objective for the company. Weiss Ratings downgraded Connect Biopharma from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Thursday, September 3rd. Finally, Wall Street Zen raised shares of Connect Biopharma from a “sell” rating to a “hold” rating in a research note on Saturday, August 15th. Seven investment analysts have rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. According to MarketBeat, Connect Biopharma presently has a consensus rating of “Moderate Buy” and an average target price of $7.29.

Connect Biopharma Stock Performance

NASDAQ CNTB opened at $1.22 on Wednesday. The business has a 50 day simple moving average of $2.21 and a two-hundred day simple moving average of $2.41. Connect Biopharma has a 1-year low of $1.06 and a 1-year high of $3.82. The company has a debt-to-equity ratio of 0.01, a current ratio of 2.37 and a quick ratio of 2.37. The stock has a market capitalization of $76.51 million, a PE ratio of -1.03 and a beta of -0.23.

Connect Biopharma (NASDAQ:CNTB) last released its quarterly earnings results on Wednesday, August 12th. The company reported ($0.27) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.31) by $0.04. The business had revenue of $2.75 million for the quarter, compared to analysts’ expectations of $0.74 million. On average, research analysts predict that Connect Biopharma will post -1.1 EPS for the current fiscal year.

Institutional Trading of Connect Biopharma

A number of institutional investors have recently modified their holdings of CNTB. ADAR1 Capital Management LLC purchased a new position in Connect Biopharma during the 1st quarter worth $1,945,000. Knott David M Jr increased its stake in Connect Biopharma by 93.9% during the 1st 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 in the last quarter. Richmond Brothers Inc. purchased a new position in shares of Connect Biopharma in the fourth quarter worth $489,000. Simplify Asset Management Inc. purchased a new position in shares of Connect Biopharma in the first quarter worth $135,000. Finally, Bank of America Corp DE acquired a new stake in shares of Connect Biopharma during the first quarter worth $41,000. 58.72% of the stock is currently owned by institutional investors.

Key Headlines Impacting Connect Biopharma

Here are the key news stories impacting Connect Biopharma this week:

• Positive Sentiment: Rademikibart reduced the rate of treatment failure at 28 days by 66% versus placebo and produced a rapid, statistically significant improvement in lung function by Day 7. The treatment was also reportedly well tolerated, supporting the drug’s potential in asthma patients with Type 2 inflammation. Connect Biopharma Phase 2 topline data
• Positive Sentiment: Connect Biopharma plans to review additional data from its Seabreeze STAT COPD study later this month and then seek alignment with the U.S. Food and Drug Administration on a potential Phase 3 program. Management discussed the results with investors in a follow-up conference call. Rademikibart Phase 2 results discussion
• Neutral Sentiment: BTIG Research and H.C. Wainwright reaffirmed “buy” ratings, indicating that some analysts continue to see value in rademikibart’s longer-term prospects despite the trial uncertainty. H.C. Wainwright buy rating
• Negative Sentiment: The Phase 2 study missed statistical significance on its primary endpoint. That result overshadowed the positive lung-function and treatment-failure data, raising concerns about the evidence needed to support late-stage development and contributing to selling pressure in CNTB shares. Rademikibart Phase 2 endpoint results

Connect Biopharma Company Profile

Connect Biopharma Holdings Limited (NASDAQ:CNTB) is a clinical-stage biopharmaceutical company focused on developing therapies for chronic inflammatory and immune-mediated diseases. The company’s research is based on insights into T-cell biology and aims to address conditions with significant unmet medical needs, including inflammatory bowel disease and dermatological disorders.

Connect Biopharma’s pipeline has included CBP-201, an antibody targeting the interleukin-4 receptor alpha pathway, and CBP-307, an oral sphingosine-1-phosphate receptor modulator.