Connect Biopharma (NASDAQ:CNTB) Rating Increased to Strong-Buy at Piper Sandler

Piper Sandler upgraded shares of Connect Biopharma (NASDAQ:CNTB) to a strong-buy rating in a report published on Friday,Zacks.com reports.

Other equities research analysts also recently issued reports about the stock. Weiss Ratings reissued a “sell (d)” rating on shares of Connect Biopharma in a research 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 research report on Tuesday, March 31st. Canaccord Genuity Group initiated coverage on shares of Connect Biopharma in a research note on Tuesday, May 26th. They set a “buy” rating and a $6.00 price target on the stock. Wall Street Zen upgraded shares of Connect Biopharma from a “sell” rating to a “hold” rating in a research report on Saturday, June 20th. Finally, Cantor Fitzgerald started coverage on Connect Biopharma in a research report on Thursday, May 21st. They issued an “overweight” rating and a $4.00 price objective for the company. Two analysts have rated the stock with a Strong Buy rating, five have given a Buy rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and a consensus target price of $7.17.

Connect Biopharma Price Performance

CNTB stock opened at $2.21 on Friday. The business’s fifty day moving average price is $2.33 and its 200 day moving average price is $2.52. Connect Biopharma has a 12-month low of $0.96 and a 12-month high of $3.82. The company has a current ratio of 3.23, a quick ratio of 3.23 and a debt-to-equity ratio of 0.01. The company has a market capitalization of $138.84 million, a PE ratio of -1.92 and a beta of -0.22.

Connect Biopharma (NASDAQ:CNTB) last announced its earnings results 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. On average, sell-side analysts anticipate that Connect Biopharma will post -1 EPS for the current year.

Insider Buying and Selling at Connect Biopharma

In other news, Director James Huang bought 150,000 shares of the business’s stock in a transaction on Friday, May 29th. The stock was purchased at an average price of $2.48 per share, with a total value of $372,000.00. Following the transaction, the director directly owned 13,310,000 shares in the company, valued at approximately $33,008,800. The trade was 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 the SEC website. Insiders own 22.60% of the company’s stock.

Institutional Trading of Connect Biopharma

A number of hedge funds have recently modified their holdings of CNTB. XTX Topco Ltd bought a new position in shares of Connect Biopharma during the 2nd quarter worth approximately $29,000. SmartHarvest Portfolios LLC bought a new stake in shares of Connect Biopharma during the fourth quarter worth $36,000. Richmond Brothers Inc. acquired a new position in Connect Biopharma during the 4th quarter worth about $489,000. Knott David M Jr bought a new stake in Connect Biopharma during the 4th quarter worth about $564,000. Finally, HRT Financial LP raised 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 worth $47,000 after acquiring an additional 6,328 shares during 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.