Connect Biopharma (NASDAQ:CNTB) Releases Earnings Results, Misses Expectations By $0.05 EPS

Connect Biopharma (NASDAQ:CNTB) released its quarterly earnings results on Tuesday. The company reported ($0.34) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.29) by ($0.05), Zacks reports.

Connect Biopharma Stock Performance

CNTB stock traded up $0.29 during trading on Tuesday, reaching $2.63. The company had a trading volume of 183,889 shares, compared to its average volume of 198,240. The firm has a 50-day simple moving average of $2.73 and a 200-day simple moving average of $2.50. The company has a market cap of $148.70 million, a price-to-earnings ratio of -2.62 and a beta of -0.21. The company has a debt-to-equity ratio of 0.01, a quick ratio of 3.74 and a current ratio of 3.74. Connect Biopharma has a twelve month low of $0.70 and a twelve month high of $3.82.

Insider Buying and Selling

In related news, Director James Huang bought 1,160,000 shares of the stock in a transaction that occurred on Tuesday, March 31st. The stock was bought at an average cost of $3.45 per share, for a total transaction of $4,002,000.00. Following the purchase, the director directly owned 13,160,000 shares of the company’s stock, valued at approximately $45,402,000. This trade represents a 9.67% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 22.60% of the stock is owned by company insiders.

Institutional Trading of Connect Biopharma

Institutional investors have recently bought and sold shares of the stock. XTX Topco Ltd acquired a new stake in Connect Biopharma in the 2nd quarter worth approximately $29,000. SmartHarvest Portfolios LLC acquired a new stake in Connect Biopharma in the 4th quarter worth approximately $36,000. HRT Financial LP boosted its stake in Connect Biopharma by 60.5% in the 4th quarter. HRT Financial LP now owns 16,785 shares of the company’s stock worth $47,000 after purchasing an additional 6,328 shares in the last quarter. Persistent Asset Partners Ltd acquired a new stake in Connect Biopharma in the 4th quarter worth approximately $76,000. Finally, Royal Bank of Canada acquired a new stake in Connect Biopharma during the 4th quarter valued at approximately $114,000. 58.72% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the stock. Weiss Ratings restated a “sell (d)” rating on shares of Connect Biopharma in a report on Monday, May 4th. BTIG Research restated a “buy” rating and issued a $10.00 price target on shares of Connect Biopharma in a report on Tuesday, March 31st. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $8.67.

Connect Biopharma Company Profile

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.