Connect Biopharma’s (CNTB) “Buy” Rating Reaffirmed at HC Wainwright

Connect Biopharma (NASDAQ:CNTB)‘s stock had its “buy” rating reaffirmed by equities research analysts at HC Wainwright in a research note issued on Wednesday, Benzinga reports.

CNTB has been the subject of several other reports. Leerink Partners initiated coverage on Connect Biopharma in a research report on Monday, October 12th. They issued an “outperform” rating and a $4.00 price target for the company. BTIG Research reduced their price target on Connect Biopharma to $5.00 and set a “buy” rating for the company in a research report on Wednesday, September 30th. Wall Street Zen raised Connect Biopharma from a “sell” rating to a “hold” rating in a research report on Saturday, August 15th. Weiss Ratings lowered Connect Biopharma from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Wednesday, October 21st. Finally, Canaccord Genuity Group reduced their price target on Connect Biopharma from $7.00 to $6.00 and set a “buy” rating for the company in a research report on Wednesday, September 16th. Eight equities research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $5.88.

Connect Biopharma Stock Up 0.3%

Shares of CNTB stock traded up $0.00 during mid-day trading on Wednesday, hitting $0.85. The stock had a trading volume of 357,716 shares, compared to its average volume of 1,415,229. Connect Biopharma has a 12-month low of $0.73 and a 12-month high of $3.82. The firm has a market capitalization of $53.23 million, a P/E ratio of -0.71 and a beta of -0.16. The firm’s 50-day moving average is $1.45 and its two-hundred day moving average is $2.21. The company has a debt-to-equity ratio of 0.01, a current ratio of 2.37 and a quick ratio of 2.37.

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

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. 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 increased its position 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 buying an additional 187,835 shares in the last quarter. Simplify Asset Management Inc. acquired a new position in Connect Biopharma during the 1st quarter valued at about $135,000. Finally, Bank of America Corp DE acquired a new position in Connect Biopharma during the 1st quarter valued at about $41,000. 58.72% of the stock is owned by institutional investors and hedge funds.

Connect Biopharma Company Profile

Connect Biopharma Holdings Limited is a clinical-stage biopharmaceutical company focused on developing therapies for inflammatory diseases driven by T-cell activity. The company’s research programs target conditions in immunology, including inflammatory bowel disease, atopic dermatitis and other immune-mediated disorders.

Its pipeline has included rademikibart, formerly known as CBP-201, an investigational monoclonal antibody designed to block the interleukin-4 receptor alpha pathway, and ropsacitinib, formerly known as CBP-307, an investigational oral TYK2 inhibitor.