Connect Biopharma (NASDAQ:CNTB) Director James Huang Acquires 1,160,000 Shares

Connect Biopharma Holdings Limited Sponsored ADR (NASDAQ:CNTB) Director James Huang purchased 1,160,000 shares of the company’s stock in a transaction that occurred on Tuesday, March 31st. The stock was acquired at an average price of $3.45 per share, for a total transaction of $4,002,000.00. Following the purchase, the director owned 13,160,000 shares in the company, valued at $45,402,000. This trade represents a 9.67% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website.

Connect Biopharma Stock Performance

CNTB stock traded up $0.08 during midday trading on Thursday, reaching $2.80. 235,378 shares of the company were exchanged, compared to its average volume of 164,772. The company has a debt-to-equity ratio of 0.01, a current ratio of 5.48 and a quick ratio of 5.48. The business has a 50-day moving average price of $2.70 and a two-hundred day moving average price of $2.31. Connect Biopharma Holdings Limited Sponsored ADR has a one year low of $0.51 and a one year high of $3.82. The firm has a market capitalization of $156.31 million, a price-to-earnings ratio of -2.80 and a beta of -0.21.

Connect Biopharma (NASDAQ:CNTB) last released its quarterly earnings data on Tuesday, March 31st. The company reported ($0.27) EPS for the quarter, beating the consensus estimate of ($0.30) by $0.03. The company had revenue of ($0.05) million during the quarter, compared to analyst estimates of $0.00 million. Equities research analysts forecast that Connect Biopharma Holdings Limited Sponsored ADR will post -0.22 EPS for the current year.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on the company. Wall Street Zen raised Connect Biopharma to a “hold” rating in a research report on Saturday, December 20th. Weiss Ratings restated a “sell (d-)” rating on shares of Connect Biopharma in a research note on Wednesday, January 21st. Finally, BTIG Research reaffirmed a “buy” rating and issued a $10.00 price objective on shares of Connect Biopharma in a report on Tuesday. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $8.67.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in CNTB. SmartHarvest Portfolios LLC acquired a new stake in shares of Connect Biopharma in the fourth quarter valued at approximately $36,000. HRT Financial LP boosted its stake in shares of Connect Biopharma by 60.5% in the fourth quarter. HRT Financial LP now owns 16,785 shares of the company’s stock valued at $47,000 after buying an additional 6,328 shares during the period. Persistent Asset Partners Ltd acquired a new stake in Connect Biopharma during the fourth quarter worth approximately $76,000. XTX Topco Ltd bought a new position in Connect Biopharma during the 2nd quarter worth $29,000. Finally, Royal Bank of Canada bought a new position in Connect Biopharma during the 4th quarter worth $114,000. 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.