Connect Biopharma (NASDAQ:CNTB) Coverage Initiated by Analysts at Leerink Partners

Leerink Partners assumed coverage on shares of Connect Biopharma (NASDAQ:CNTB) in a research report released on Monday, Marketbeat.com reports. The brokerage issued an outperform rating and a $4.00 price objective on the stock.

Other research analysts have also issued research reports about the company. Wall Street Zen raised Connect Biopharma from a “sell” rating to a “hold” rating in a report on Saturday, August 15th. BTIG Research reduced their price objective on Connect Biopharma to $5.00 and set a “buy” rating on the stock in a research note on Wednesday, September 30th. Oppenheimer decreased their target price on shares of Connect Biopharma to $5.00 and set an “outperform” rating on the stock in a research note on Tuesday, September 22nd. Weiss Ratings upgraded Connect Biopharma from a “sell (e+)” rating to a “sell (d-)” rating in a report on Thursday, September 24th. Finally, Piper Sandler assumed coverage on shares of Connect Biopharma in a report on Friday, June 26th. They issued an “overweight” rating and a $7.00 price objective for the company. Eight analysts have rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $5.88.

Connect Biopharma Stock Up 4.1%

Shares of NASDAQ CNTB opened at $0.91 on Monday. The company has a quick ratio of 2.37, a current ratio of 2.37 and a debt-to-equity ratio of 0.01. The company has a market cap of $57.03 million, a P/E ratio of -0.76 and a beta of -0.16. Connect Biopharma has a 52 week low of $0.85 and a 52 week high of $3.82. The business has a 50-day simple moving average of $1.76 and a two-hundred day simple moving average of $2.19.

Connect Biopharma (NASDAQ:CNTB) last announced its quarterly earnings results on Wednesday, August 12th. The company reported ($0.27) earnings per share for the quarter, beating the consensus estimate of ($0.31) by $0.04. The company had revenue of $2.75 million for the quarter, compared to the consensus estimate of $0.74 million. Research analysts anticipate that Connect Biopharma will post -1.09 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Connect Biopharma

Several institutional investors and hedge funds have recently added to or reduced their stakes in CNTB. ADAR1 Capital Management LLC bought a new stake in shares of Connect Biopharma during the 1st quarter valued at $1,945,000. Bank of America Corp DE purchased a new stake in shares of Connect Biopharma in the 1st quarter worth about $41,000. Knott David M Jr grew its position in shares of Connect Biopharma by 93.9% in the 1st quarter. Knott David M Jr now owns 387,835 shares of the company’s stock worth $1,016,000 after buying an additional 187,835 shares during the period. Finally, Simplify Asset Management Inc. bought a new position in shares of Connect Biopharma in the 1st quarter worth about $135,000. Hedge funds and other institutional investors own 58.72% of the company’s stock.

Connect Biopharma Company Profile

Connect Biopharma Corp. is a clinical-stage biopharmaceutical company focused on developing therapies for chronic inflammatory diseases driven by T-cell activity. The company uses its drug-discovery platform to identify and advance small-molecule and antibody-based treatments intended to selectively regulate immune responses while limiting broader immunosuppression.

Its pipeline has included ropsacitinib, formerly known as CBP-307, an oral selective sphingosine-1-phosphate receptor 1 modulator investigated for inflammatory bowel diseases such as ulcerative colitis and Crohn’s disease.