Connect Biopharma (NASDAQ:CNTB) Director Acquires $372,000.00 in Stock

Connect Biopharma Holdings Limited Sponsored ADR (NASDAQ:CNTB) Director James Huang purchased 150,000 shares of Connect Biopharma stock in a transaction dated Friday, May 29th. The shares were purchased at an average price of $2.48 per share, for a total transaction of $372,000.00. Following the completion of the acquisition, the director owned 13,310,000 shares of the company’s stock, valued at approximately $33,008,800. The trade was a 1.14% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is accessible through this hyperlink.

James Huang also recently made the following trade(s):

• On Tuesday, March 31st, James Huang purchased 1,160,000 shares of Connect Biopharma stock. The shares were purchased at an average price of $3.45 per share, for a total transaction of $4,002,000.00.

Connect Biopharma Trading Down 8.3%

Shares of NASDAQ:CNTB traded down $0.20 during midday trading on Tuesday, hitting $2.15. 124,922 shares of the stock were exchanged, compared to its average volume of 167,453. The business’s 50-day moving average price is $2.65 and its 200 day moving average price is $2.58. The company has a debt-to-equity ratio of 0.01, a quick ratio of 3.23 and a current ratio of 3.23. The stock has a market capitalization of $135.06 million, a price-to-earnings ratio of -2.04 and a beta of -0.22. Connect Biopharma Holdings Limited Sponsored ADR has a 12 month low of $0.73 and a 12 month high of $3.82.

Connect Biopharma (NASDAQ:CNTB) last posted its quarterly earnings data on Tuesday, May 12th. The company reported ($0.34) EPS for the quarter, missing analysts’ consensus estimates of ($0.29) by ($0.05). The company had revenue of $0.02 million during the quarter. Analysts predict that Connect Biopharma Holdings Limited Sponsored ADR will post -1 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on CNTB shares. Canaccord Genuity Group started coverage on Connect Biopharma in a research note on Tuesday, May 26th. They issued a “buy” rating and a $6.00 price target on the stock. Weiss Ratings reissued a “sell (d)” rating on shares of Connect Biopharma in a research note on Monday, May 4th. Wall Street Zen downgraded Connect Biopharma from a “hold” rating to a “sell” rating in a report on Saturday, May 16th. Cantor Fitzgerald assumed coverage on Connect Biopharma in a report on Thursday, May 21st. They set an “overweight” rating and a $4.00 price objective for the company. Finally, BTIG Research restated a “buy” rating and set a $10.00 price objective on shares of Connect Biopharma in a report on Tuesday, March 31st. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $7.20.

Institutional Investors Weigh In On Connect Biopharma

Institutional investors have recently bought and sold shares of the stock. Perceptive Advisors LLC bought a new position in Connect Biopharma in the 4th quarter valued at $2,235,000. ADAR1 Capital Management LLC purchased a new position in shares of Connect Biopharma during the 1st quarter valued at $1,945,000. Knott David M Jr lifted its holdings in Connect Biopharma by 93.9% during 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 in the last quarter. Richmond Brothers Inc. purchased a new stake in Connect Biopharma during the 4th quarter worth about $489,000. Finally, Marshall Wace LLP lifted its holdings in Connect Biopharma by 121.2% during the 4th quarter. Marshall Wace LLP now owns 128,368 shares of the company’s stock worth $362,000 after purchasing an additional 70,337 shares in the last quarter. Institutional investors 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.