Connect Biopharma (NASDAQ:CNTB) Stock Price Down 2.7% – Here’s What Happened

Shares of Connect Biopharma Holdings Limited Sponsored ADR (NASDAQ:CNTB) dropped 2.7% during trading on Friday . The company traded as low as $2.15 and last traded at $2.16. Approximately 125,407 shares were traded during mid-day trading, an increase of 39% from the average daily volume of 89,910 shares. The stock had previously closed at $2.22.

Analysts Set New Price Targets

CNTB has been the subject of a number of recent research reports. Wall Street Zen upgraded Connect Biopharma to a “hold” rating in a research note on Saturday, December 20th. Lake Street Capital initiated coverage on shares of Connect Biopharma in a report on Monday, December 1st. They issued a “buy” rating and a $9.00 price target on the stock. Weiss Ratings reissued a “sell (d-)” rating on shares of Connect Biopharma in a research note on Wednesday, October 8th. Finally, BTIG Research restated a “buy” rating and set a $10.00 price target on shares of Connect Biopharma in a research note on Thursday, November 13th. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $8.67.

Connect Biopharma Price Performance

The stock has a market capitalization of $120.75 million, a P/E ratio of -2.96 and a beta of -0.19. The company’s 50 day simple moving average is $2.46 and its two-hundred day simple moving average is $1.99. The company has a debt-to-equity ratio of 0.01, a current ratio of 5.48 and a quick ratio of 5.48.

Connect Biopharma (NASDAQ:CNTB) last posted its earnings results on Wednesday, November 12th. The company reported ($0.31) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.24) by ($0.07). As a group, equities analysts expect that Connect Biopharma Holdings Limited Sponsored ADR will post -0.22 EPS for the current fiscal year.

Institutional Trading of Connect Biopharma

A number of hedge funds and other institutional investors have recently made changes to their positions in CNTB. AlphaCore Capital LLC bought a new position in shares of Connect Biopharma in the second quarter valued at about $78,000. XTX Topco Ltd acquired a new stake in Connect Biopharma in the 2nd quarter valued at about $29,000. Finally, Koa Wealth Management LLC bought a new position in shares of Connect Biopharma in the second quarter worth about $49,000. 58.72% of the stock is currently owned by institutional investors and hedge funds.

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.