Connect Biopharma (NASDAQ:CNTB) Announces Earnings Results

Connect Biopharma (NASDAQ:CNTB) announced its quarterly earnings data on Wednesday. The company reported ($0.27) EPS for the quarter, beating the consensus estimate of ($0.32) by $0.05, Zacks reports.

Connect Biopharma Stock Performance

CNTB stock traded up $0.09 during midday trading on Wednesday, reaching $2.33. The company had a trading volume of 371,963 shares, compared to its average volume of 283,595. The company has a quick ratio of 3.23, a current ratio of 3.23 and a debt-to-equity ratio of 0.01. The stock has a 50 day moving average price of $2.20 and a 200 day moving average price of $2.48. Connect Biopharma has a fifty-two week low of $1.23 and a fifty-two week high of $3.82. The firm has a market capitalization of $146.71 million, a PE ratio of -2.03 and a beta of -0.23.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on CNTB. Weiss Ratings downgraded Connect Biopharma from a “sell (d)” rating to a “sell (d-)” rating in a research report on Tuesday, June 30th. Canaccord Genuity Group initiated coverage on shares of Connect Biopharma in a research report on Tuesday, May 26th. They set a “buy” rating and a $6.00 target price for the company. Wall Street Zen cut shares of Connect Biopharma from a “hold” rating to a “sell” rating in a research report on Sunday, June 28th. Cantor Fitzgerald began coverage on shares of Connect Biopharma in a research note on Thursday, May 21st. They set an “overweight” rating and a $4.00 price objective on the stock. Finally, Oppenheimer initiated coverage on Connect Biopharma in a research note on Thursday, July 9th. They issued an “outperform” rating and a $8.00 price target for the company. Seven research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, Connect Biopharma currently has a consensus rating of “Moderate Buy” and an average target price of $7.29.

Insider Buying and Selling at Connect Biopharma

In related news, Director James Huang purchased 150,000 shares of the company’s stock in a transaction dated Friday, May 29th. The shares were acquired at an average cost of $2.48 per share, for a total transaction of $372,000.00. Following the transaction, the director owned 13,310,000 shares of the company’s stock, valued at $33,008,800. This trade represents a 1.14% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 22.60% of the company’s stock.

Hedge Funds Weigh In On Connect Biopharma

Several institutional investors have recently modified their holdings of the company. XTX Topco Ltd bought a new position in Connect Biopharma in the 2nd quarter worth about $29,000. SmartHarvest Portfolios LLC acquired a new position in shares of Connect Biopharma during the fourth quarter worth approximately $36,000. Knott David M Jr bought a new stake in Connect Biopharma during the 4th quarter valued at $564,000. HRT Financial LP boosted its position in Connect Biopharma by 60.5% during the 4th quarter. HRT Financial LP now owns 16,785 shares of the company’s stock worth $47,000 after acquiring an additional 6,328 shares during the period. Finally, Jane Street Group LLC acquired a new position in Connect Biopharma during the 4th quarter worth $232,000. 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.