Brokerages Set Connect Biopharma Holdings Limited Sponsored ADR (NASDAQ:CNTB) PT at $7.29

Shares of Connect Biopharma Holdings Limited Sponsored ADR (NASDAQ:CNTB) have earned a consensus recommendation of “Moderate Buy” from the nine brokerages that are currently covering the stock, MarketBeat Ratings reports. One research analyst has rated the stock with a sell rating, seven have issued a buy rating and one has given a strong buy rating to the company. The average 1 year price target among analysts that have issued a report on the stock in the last year is $7.2857.

CNTB has been the topic of several research analyst reports. Piper Sandler initiated coverage on Connect Biopharma in a research note on Friday, June 26th. They set an “overweight” rating and a $7.00 target price on the stock. Canaccord Genuity Group assumed coverage on Connect Biopharma in a research note on Tuesday, May 26th. They issued a “buy” rating and a $6.00 price target for the company. Oppenheimer initiated coverage on Connect Biopharma in a report on Thursday, July 9th. They issued an “outperform” rating and a $8.00 price target for the company. BTIG Research restated a “buy” rating and set a $10.00 price target on shares of Connect Biopharma in a research note on Tuesday, March 31st. Finally, Wall Street Zen lowered shares of Connect Biopharma from a “hold” rating to a “sell” rating in a research report on Sunday, June 28th.

Insiders Place Their Bets

In related news, Director James Huang purchased 150,000 shares of the business’s stock in a transaction on Friday, May 29th. The shares were acquired at an average price of $2.48 per share, for a total transaction of $372,000.00. Following the purchase, 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 position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 22.60% of the company’s stock.

Institutional Investors Weigh In On Connect Biopharma

A number of large investors have recently made changes to their positions in the stock. XTX Topco Ltd acquired a new position in shares of Connect Biopharma in the 2nd quarter valued at $29,000. SmartHarvest Portfolios LLC purchased a new stake in Connect Biopharma during the 4th quarter valued at about $36,000. Bank of America Corp DE purchased a new stake in Connect Biopharma during the 1st quarter valued at about $41,000. HRT Financial LP increased its holdings 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 valued at $47,000 after purchasing an additional 6,328 shares during the period. Finally, Persistent Asset Partners Ltd acquired a new position in shares of Connect Biopharma in the fourth quarter valued at about $76,000. 58.72% of the stock is owned by hedge funds and other institutional investors.

Connect Biopharma Trading Down 7.6%

NASDAQ:CNTB opened at $2.20 on Tuesday. Connect Biopharma has a 52 week low of $1.23 and a 52 week high of $3.82. The firm has a 50 day moving average of $2.28 and a 200 day moving average of $2.50. 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 market capitalization of $138.51 million, a price-to-earnings ratio of -1.91 and a beta of -0.23.

Connect Biopharma (NASDAQ:CNTB) last released its quarterly earnings results on Tuesday, May 12th. The company reported ($0.34) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.29) by ($0.05). The business had revenue of $0.02 million for the quarter. As a group, sell-side analysts anticipate that Connect Biopharma will post -1.11 earnings per share for the current fiscal year.

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.