Wall Street Zen Upgrades Connect Biopharma (NASDAQ:CNTB) to “Hold”

Connect Biopharma (NASDAQ:CNTB) was upgraded by analysts at Wall Street Zen from a “sell” rating to a “hold” rating in a report released on Saturday.

CNTB has been the topic of a number of other reports. Canaccord Genuity Group set a $7.00 price target on shares of Connect Biopharma in a research report on Friday. HC Wainwright reaffirmed a “buy” rating and issued a $7.00 price target on shares of Connect Biopharma in a report on Thursday, June 25th. Weiss Ratings downgraded shares of Connect Biopharma from a “sell (d)” rating to a “sell (d-)” rating in a research report on Tuesday, June 30th. Oppenheimer began coverage on shares of Connect Biopharma in a research note on Thursday, July 9th. They set an “outperform” rating and a $8.00 price objective on the stock. Finally, Cantor Fitzgerald assumed coverage on shares of Connect Biopharma in a report on Thursday, May 21st. They issued an “overweight” rating and a $4.00 target price on the stock. Seven analysts have rated the stock with a Buy rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $7.43.

Connect Biopharma Stock Performance

CNTB stock opened at $2.55 on Friday. The company has a current ratio of 2.37, a quick ratio of 2.37 and a debt-to-equity ratio of 0.01. The firm has a market cap of $160.55 million, a P/E ratio of -2.14 and a beta of -0.23. Connect Biopharma has a 12-month low of $1.23 and a 12-month high of $3.82. The stock’s 50 day simple moving average is $2.21 and its 200 day simple moving average is $2.48.

Connect Biopharma (NASDAQ:CNTB) last announced its quarterly earnings data on Wednesday, August 12th. The company reported ($0.27) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.31) by $0.04. The firm had revenue of $2.75 million for the quarter, compared to the consensus estimate of $0.74 million. As a group, equities research analysts predict that Connect Biopharma will post -1.08 EPS for the current year.

Insider Activity

In other news, Director James Huang purchased 150,000 shares of Connect Biopharma stock in a transaction dated Friday, May 29th. The stock was bought at an average price of $2.48 per share, with a total value of $372,000.00. Following the completion of the acquisition, the director owned 13,310,000 shares in the company, valued at $33,008,800. The trade was a 1.14% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 22.60% of the company’s stock.

Institutional Trading of Connect Biopharma

A number of large investors have recently modified their holdings of the company. Bank of America Corp DE bought a new stake in Connect Biopharma in the 1st quarter valued at about $41,000. ADAR1 Capital Management LLC acquired a new position in Connect Biopharma during the 1st quarter valued at about $1,945,000. Knott David M Jr grew its position in 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 purchasing an additional 187,835 shares during the last quarter. Simplify Asset Management Inc. bought a new position in Connect Biopharma in the 1st quarter worth about $135,000. Finally, Perceptive Advisors LLC bought a new position in Connect Biopharma in the 4th quarter worth about $2,235,000. 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.