Connect Biopharma (NASDAQ:CNTB) Posts Quarterly Earnings Results, Beats Estimates By $0.03 EPS

Connect Biopharma (NASDAQ:CNTB) posted its quarterly earnings results on Tuesday. The company reported ($0.27) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.30) by $0.03, Zacks reports. The firm had revenue of ($0.05) million during the quarter, compared to the consensus estimate of $0.00 million.

Connect Biopharma Trading Up 3.8%

NASDAQ:CNTB opened at $2.72 on Thursday. The company has a current ratio of 5.48, a quick ratio of 5.48 and a debt-to-equity ratio of 0.01. Connect Biopharma has a 1-year low of $0.51 and a 1-year high of $3.82. The firm has a market capitalization of $152.06 million, a price-to-earnings ratio of -2.72 and a beta of -0.21. The business’s 50-day moving average price is $2.70 and its two-hundred day moving average price is $2.31.

Wall Street Analyst Weigh In

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

Institutional Trading of Connect Biopharma

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

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.